ATRAM PERA TERMS OF SERVICE
I. General
The following are the terms and conditions of the ATRAM Personal Equity Retirement Account (PERA). By clicking on ‘Confirm’ and proceeding in your access of this service, you are signifying that you have read, understood, and agree to be bound by these terms and conditions as well as the ATRAM Online Service Agreement and Privacy Policy. Further, by agreeing to these terms and conditions, you represent that you are an individual of at least 18 years of age and are not suffering from any legal disability upon ATRAM PERA application.
ATRAM Trust Corporation reserves the right to modify these terms and conditions at any time. You undertake to periodically visit and review these terms and conditions for updates and changes, and agree to be bound by its subsequent updates, revisions, or modifications. These terms and conditions are also available for viewing on the ATRAM PERA Website.
II. Definitions
1. ATRAM Trust Corporation “ATC” is a non-bank financial institution authorized to perform trust and investment management functions, duly organized and existing under and by virtue of the laws of the Republic of the Philippines with principal office at the 8th Floor, 8 Rockwell, Hidalgo Drive, Rockwell Center, Makati City
2. Anti-Money Laundering Council “AMLC” refers to the Philippines’ central AML/CTF authority and financial intelligence unit, which is the government instrumentality mandated to implement the AMLA and TFPSA. It also refers to the official name of the Council, which is the governing body of the said government agency.
3. Bangko Sentral ng Pilipinas “BSP” is the Philippine Central Bank and is the monetary authority of the Philippines.
4. Personal Equity Retirement Account PERA “PERA” is a voluntary retirement account established by the CONTRIBUTOR for the purpose of saving for his retirement. The CONTRIBUTOR shall be entitled to the tax benefits on his PERA contributions provided they comply with the eligibility requirements and conditions set forth in the PERA Act and PERA Rules.
5. ATRAM PERA Application is the mobile application on which clients can apply for, be approved, and enjoy the benefits and services provided for by an ATRAM PERA.
6. ATRAM PERA Website is the website which clients and prospective clients can view relevant information about ATRAM PERA.
7. ATRAM PERA is the PERA established by the CONTRIBUTOR where ATC was appointed as the ADMINISTRATOR.
8. Know-Your-Customer “KYC” refers to procedures undertaken by ATC to properly and sufficiently identify and verify the identity of clients according to the requirements of the BSP and the AMLC.
III. PERA
Eligibility
To be eligible to apply for digital PERA through ATRAM, you must:
· Be at least 18 years of age;
· Filipino citizen
· Be an individual who is a resident citizen of the Philippines;
· Have a valid Philippine TIN;
· Have at least one (1) valid Philippine government-issued identification document (“ID”) within the list of acceptable IDs stated on the ATRAM PERA Onboarding process;
· Have a present Philippine and/or Philippine permanent address;
· Have a valid local Philippine mobile number which is used exclusively by you and not shared with another person; and
· Have a valid e-mail address.
ATC has the sole prerogative to approve or deny any application and has no obligation to provide any explanation for such approval or denial, except as otherwise provided by law.
PERA Opening
Applying for PERA with ATC requires you to have an open and active PERA via the ATRAM Online Services and that you provide answers to standard account opening and pre-investing due diligence questions, such as Know-You-Customer (“KYC”) requirements of the BSP and the Anti-Money Laundering Council (AMLC). During the onboarding process, you represent and warrant that the information you provide are true, correct, and up-to-date. ATC may verify your registration information through a third-party verification vendor, as it deems necessary. In some cases, ATC may ask you to provide additional details or information that can aid in verifying your identity. You agree to provide all necessary information and render all reasonable assistance and cooperation that ATC may require in order to complete the verification process. You also agree that ATC will not be liable for any claims, liabilities, suits, actions, complaints, injuries, or damages, directly or indirectly arising from third party, caused by incorrect information that you provided.
Your ATRAM PERA application will be processed subject to the approval of ATC, after taking into consideration the presentation of references acceptable to ATC and after verification of your identity and/or authority to open PERA. ATC reserves the right to close, suspend or limit your PERA if ATC is unable to obtain or verify your information. All collection and use of your personal data by ATC is subject to the ATRAM Privacy Policy.
PERA Status
Upon successful account opening, you agree that you may be asked to make an initial deposit for an amount determined by ATC prior to being considered a PERA contributor, and prior to being able to invest via the ATRAM PERA mobile application.
Prohibition of use and Suspension of ATRAM PERA
ATC reserves the right to cancel, suspend, limit, or modify your access to your PERA if it finds you to be in violation of these terms and conditions, other relevant agreements, or any law, regulation, or issuance from a competent legal authority without need of any prior notice.
IV. PERA Fees
You authorize ATC to collect from you all applicable service charges, penalty charges, and other fees your PERA may incur. You acknowledge that ATC, with prior notice, may from time to time introduce or change fees and charges for the PERA Service.
Further you authorize ATC to debit from your Account the amount of fees and charges payable related to your PERA. Service charges, fees and penalties include but are not limited to, the following:
· Fees of the Administrator, Custodian, and Product Provider (subsequent to account opening) from PERA assets;
· Applicable taxes;
· Fees related to transfers to and from the PERA (Deposit and Withdraw), which are updated and displayed on the application.
· Other fees and charges ATC may impose or introduce from time to time, depending on the policy it may adopt within the limits allowed by law and regulations.
PERA with zero balance due to service charges or other causes may be closed by ATC, as provided in section “Closure of PERA and Termination of ATRAM PERA.”
Information on service charges and other charges are available on the ATRAM PERA website and detailed in the Application. ATC may change service and other fees and charges from time to time with prior notice as stipulated by applicable laws. ATC may suspend or terminate services if at any time there are insufficient funds in the said Account/s to cover applicable fees and charges, without ATC incurring any liability as a result thereof.
Additionally, you undertake to read and understand the relevant documents related to your investment purchases, which may be subject to other charges separate from the above service charges, fees and penalties.
V. Transactional Specifications
Deposits
You acknowledge, accept, and agree that any deposits to your PERA can only be made through such channels provided by or made available by ATC from time to time, such as, but not limited to, directly in the ATRAM PERA Channels or via bills payment and bank transfer using partner channels.
You represent and warrant that the account/s you will use to fund your PERA shall be legally under your sole name, control, and possession.
You acknowledge and agree that deductions, chargebacks, and/or reversals may be implemented on your Account, or your deposit may be invalidated, at the instance of the other bank/card issuer. ATC will not be liable for any amount or fees if the deposit is later invalidated by the other bank/card issuer for any reason including, but not limited to, chargebacks, claims, or for any reversal made by the other bank/card issuer.
You hereby authorize and allow ATC to communicate with your other bank/card issuer for the settlement of imposed amount or fees, or such chargebacks, claims, or reversals. Should such imposed amount or fees be charged to ATC by the other bank/card issuer, ATC may recover such amount due to the other bank/card issuer by debiting such imposed amount or fees from your PERA.
The initial deposit and the minimum subsequent deposits must be in such amounts as may be reasonably determined by ATC. ATC may, at its discretion, refuse to accept deposits or at any time return all or part of a deposit together with the interest due, as may reasonably be determined by ATC. Currently, the initial deposit determined by ATC to complete an ATRAM PERA Application is One Thousand Pesos (Php 1,000).
For each deposit made to your PERA, you warrant that you have full and absolute title and right of disposition over the money and funds in your Account.
Withdrawals
You acknowledge, accept, and agree that any withdrawals from your PERA can only be made through such channels provided by or made available by ATC from time to time, such as, but not limited to, directly in the ATRAM PERA Channels.
You acknowledge, accept, and agree that any Early Withdrawals, as defined by PERA Rules and in your PERA Administration Agreement, will be subject to penalties which ATC will deduct from the proceeds of your withdrawal and remit the said amount to the Bureau of Internal Revenue (BIR).
You represent and warrant that the account/s you will nominate to receive the withdrawn amount from your PERA shall be legally under your sole name, control, and possession.
For each withdrawal made from your PERA, you warrant that you have full and absolute title and right of disposition over the money and funds in your Account.
Purchase/Subscription of Investment Product
You acknowledge that in purchasing/subscribing to different PERA Investment Products, there will be varying initial and incremental purchase/subscription amount minimums. Further, cutoff times and settlement periods for different products may vary. Information on limits, cutoffs, and settlement periods are available on the ATRAM PERA Channels and/or the ATRAM PERA website.
Sale/Redemption of Investment Product
You acknowledge that in selling/redeeming your PERA Investment Products, there may be different minimum incremental sale/redemption amount. Further, cutoff times and settlement periods for different products may vary. Information on limits, cutoffs, and settlement periods are available on the ATRAM PERA Channels and/or the ATRAM PERA website.
VI. Non-Waiver of rights
Failure, omission, or delay on the part of ATC to exercise its rights or remedies under these Terms and Conditions shall not operate as a waiver of the same.
VII. Closure of PERA and Termination of ATRAM PERA
1. Withdrawal and Termination of PERA ASSETS - The CONTRIBUTOR may terminate his PERA upon written instruction given to the ADMINISTRATOR and withdraw the PERA ASSETS.
In case of Early Withdrawal as defined under BIR Revenue Regulations No.17-2011, the termination shall be subject to Early Withdrawal Penalty. The ADMINISTRATOR shall deduct such penalty from the proceeds of the termination and remit said amount to the BIR. The following, however, shall not be considered as premature termination which shall be subject to Early Withdrawal Penalty:
a. Immediate transfer of assets to another PERA Investment Product and/or another PERA Administrator, who have been disaccredited/disqualified by the BIR or the BSP, within fifteen (15) calendar days from the withdrawal thereof;
b. For payment of accident or illness-related hospitalization in excess of thirty (30) days as evidenced by a duly notarized doctor's certificate;
c. For payment to a Contributor who has been subsequently rendered permanently totally disabled under Employees Compensation Law, Social Security System Law or Government Service Insurance System as evidenced by a certification duly issued by the pertinent government agency; and
d. Deduction of fees of the administrator, custodian, and product provider (subsequent to account opening) from PERA assets, provided that such deduction is made with the consent of the Contributor.
For b and c above, the CONTRIBUTOR shall submit the required supporting documents together with his termination instruction to the ADMINISTRATOR so as not to subject his termination to Early Withdrawal Penalties.
Upon attaining the age of fifty-five (55) years and subject to the requirement that the CONTRIBUTOR has made contributions for at least five (5) years, the CONTRIBUTOR may elect to terminate the PERA and withdraw the assets therefrom. The CONTRIBUTOR shall inform the ADMINISTRATOR whether he elects to receive his PERA ASSETS either in lump sum or pension for a definite period or lifetime pension.
Upon the death of the CONTRIBUTOR, the ADMINISTRATOR shall terminate the PERA and release the PERA ASSETS to the designated beneficiary/ies. However, should there be no designated beneficiary/ies, the PERA ASSETS shall be paid to the estate of the deceased Contributor in accordance with the laws on succession and Rules of Court. The proceeds of the PERA distribution shall not form part of the Contributor's estate and therefore not subject to estate tax.
VIII. Non-assignability of PERA ASSETS
No portion of the PERA ASSETS may be assigned, alienated, pledged, encumbered, attached, garnished, seized or levied upon. The prohibition against involuntary attachment, garnishment, seizure or levy shall continue to apply to PERA ASSETS which have been distributed in accordance with Section 14 of the PERA Act. PERA ASSETS shall not be considered assets of the Contributor for purposes of insolvency and estate taxes.
IX. Separability Clause
Should any term or condition in this Agreement be rendered void, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining terms and conditions shall not be affected or impaired thereby.
X. Change of information
You shall notify ATC through an acceptable method specified by ATC if there is any change in your personal information (e.g. Mobile number, Postal Address, Marital Status, etc.). ATC, its officers and employees shall be held free from any harm for damages, claims and demands from your failure to do so. All correspondences relative to your PERA shall be sent to your email addresses indicated in ATC's record.