Retirement Funds:

Structure Employee Benefits to take maximum advantage of tax and labour legislation

Whatever structures proposed should be as tax efficient as possible i.e. utilising non-contributory contributions for both medical and provident funds, thereby giving the employee the advantage of his rate of tax immediately. The use of company owned policy structures thereby giving the company tax write offs, once again is passed on to the employee. All items pertaining to tax-free pay-outs are specified within fund rules and receive the stamp of approval of Financial Services Board, Receiver of Revenue and the Registrar of Pension and Provident Funds, ensuring compliance as per current legislation.

Pension / Provident Funds - A sensible mechanism to provide for retirement

Adequate retirement or long-term planning is often seriously neglected. Only about one out of ten people are financially independent at the age of 65.

The core of our product offering enables business to choose a range of benefits and contributions that best suits its needs and expectations. The most significant features are:

Pension and Provident funds

• A define contribution retirement fund with both pension and provident fund options

Pension and Provident fund options

• Flexible and attractive retirement benefit options for members

In a pension fund, the choice is between:

• A full pension, and
• cash payment of up to a 1/3rd of the benefit accumulated with the balance payable as a pension.

In a provident fund, there are 3 choices:

• a cash payment of the full benefit accumulated, or
• a pension purchased with the full benefit accumulated, or
• transfer of an individual policy
  These options, each of which have attractive tax saving consequences, may be exercised in any proportion required. The mix need only be decided upon at retirement, precisely at the time when retiring member's financial circumstances are clear.

Wide range of investment choice

• An exceptionally wide range of retirement funding investment options, where the choice can be made for the retirement fund as a whole or per staff category or given to each individual member. These choices can be altered as required, as time passes, as needs change.

Umbrella or stand-alone retirement fund

• A choice of participation in either umbrella pension or provident fund is available. Larger funds can also choose to participate in these umbrella funds or to establish their own separately registered arrangements.

Contributions

• Contributions may be based upon either a fixed percentage of salary or a fixed rand amount.
• Both inclusive and exclusive costing is available for funds where contributions are based on a fixed percentage of salary. Exclusive costing is not available for funds where contributions are based on a fixed rand amount.

Death and Disability benefit options

• A wide range of death, disability and other benefits are available to supplement and compliment the selected retirement benefits. These benefits essentially supply financial relief to members and their families in the event that the member dies, becomes temporarily or permanently disabled or contracts a life threatening disease. Fund members enjoy very competitive medical free limits.