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Closure of the Pension Fund to New Business
Regulatory reforms in recent years have seen the harmonisation of tax treatments, annuitisation and preservation rules for pension and provident funds. Sanlam has therefore taken the decision to close the Sanlam Umbrella Pension Fund to new business with effect from 1 April 2025.
Notice of Endorsement to the Unapproved Group Risk Insurance Umbrella Policy
We have made some changes to the insured benefits policy covering the employers participating in the Sanlam Umbrella Pension or Provident Fund that provide unapproved insurance benefits for their employees, which are insured by either Sanlam Life Insurance Limited or Absa Life. Attached is the notice to all such employers. A summary of the main changes are: Increases in maximums, addition of comprehensive critical illness and minor amends to conversion options.
Recent Adjudicator Ruling Reinforces Compliance with Section 37D When Withholding Pension Benefits
A recent determination by the Pension Funds Adjudicator underscores the necessity for retirement funds to act within the constraints of Section 37D of the Pension Funds Act when withholding benefits at an employer’s request. In the case of A Buys v Sentraal Suid Aftree Fonds, the Adjudicator ruled that a fund improperly withheld a member’s withdrawal benefit based solely on an employer’s allegations and a criminal investigation, without a civil judgment or admission of liability. This ruling reaffirms that funds must exercise discretion carefully, act impartially, and ensure that withholding benefits is legally justified to avoid undue prejudice to members.