IDECO - Application Process

[OkiBum]

I'm not sure if there is a step by step guide for others to refer to about going through the application process for IDECO and since I just applied for IDECO I thought it might be a good idea to write it down and hopefully help others who might have similar questions.

Since I wanted to purchase the Emaxis Slim Funds in my IDECO, I decided to go with Monex.

Process:

• I visited their website, filled in the form online with my details such as name of employer, type of employee, type of funds I want to invest in etc. (Took about 5 minutes)

• I got an email saying that the application was successful and that I would receive some documents in a few days.

• Rightly so, 3 days later I received my pack with a whole bunch of documents. The documents my details already written based on what I had filled online. I just had to put my inkan (seal) and also ask my employer to put in some details including their seal.

• After I filled the required fields, put my inkan and sent it via the envelope which was enclosed in the pack. (January 25th, 2021)

• I got postcard with my username and password from JIS&T on April 15th, 2021 (took roughly 3 months)

• First payment will be deducted on April 26th, 2021 worth 2 months (Feb and March payments)

• Payments to be withdrawn from my account on the 26th of every month. April payment will be withdrawn on May 26th and so on.

Edited: April 23, 2021

Cheers!

[RetireJapan]

Great stuff -very useful. Thanks for posting.

I think it will take 2-3 months for the account to go through, then it might take a bit longer for payments to go though. So probably March, April, or May start?

[adamu]

Interesting you didn't have the name problems others have reported with the online process. Do you have a kanji name?

[JimNasium]

I’m in pretty much the exact same situation as you. Just got the paperwork and am about to send it off. Something I found strange is they didn’t seem to ask for any kind of copy of an ID at all.

[OkiBum]

Interesting you didn't have the name problems others have reported with the online process. Do you have a kanji name?

No I don't have a kanji name, I do however write my name in Katakana. I naturalized last year so all my documentation is in Katakana as well. Hence, no name issues I suppose.

[OkiBum]

I’m in pretty much the exact same situation as you. Just got the paperwork and am about to send it off. Something I found strange is they didn’t seem to ask for any kind of copy of an ID at all.

They ask for your pension number so I am guessing they do the check based on that? Unless, they ask for something later on...

[Gareth]

Seems like I’m about a month ahead of you. Got an email just after Christmas confirming it was being processed with the authorities. Not heard anything more since.

Seems the folk that have had issues with names and needing to send in ID are those that are opening a normal taxable account at the same time. I didn’t open a taxable account, just an IDeCo. Didn’t put my middle name in the application. There was a separate space to put the account name for my post office account which does contain a middle name.

Having said that, no payments have started yet so there is still time for further difficulties!

[OkiBum]

Seems like I’m about a month ahead of you. Got an email just after Christmas confirming it was being processed with the authorities. Not heard anything more since.

Seems the folk that have had issues with names and needing to send in ID are those that are opening a normal taxable account at the same time. I didn’t open a taxable account, just an IDeCo. Didn’t put my middle name in the application. There was a separate space to put the account name for my post office account which does contain a middle name.

Having said that, no payments have started yet so there is still time for further difficulties!

Good to know. How long till you got the email after submitting your documents via post?

[Gareth]

It was less than a week. Think they may have sent two emails, one to confirm receipt of the form and one to say the authorities were processing it.

[Gareth]

Got my username and password from JIS&T yesterday - a letter with the username and a postcard with the password, handily in the postbox the same day.

Tried logging in on the JIS&T website. It has the amount I want to spend each month and the allocation of the products I have selected. No money has been taken out of my bank account yet, and says it will be taken out on the 26th of the month.

Tried logging in on the Monex iDeCo site but that didn't work. However, I see from another post that you need to wait until after the 20th of the month for the account to be activated (the poster said this for Rakuten but presume it's the same for Monex too?). Will check it again after the 20th and will report back. There does seem to be two log-in IDs on the letter. I tried both but neither worked. I presume one is for the JIS&T site and the other is for Monex but with the same password?

Oh and no problems at all with my name. I didn't put my middle name on the application and it has been accepted by JIS&T. My name on their website is SURNAME GARETH.