Sanlam Umbrella Fund Consultant Toolkit
This monthly toolkit is a communication channel between the Sanlam Umbrella Fund trustees, the Fund’s Administrator and supporting intermediaries. It contains all Fund related information and updates that intermediaries will require.
Quick links
Fund updates
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.
Sanlam Corporate Investments Q4 2024 Performance Update
At Sanlam Corporate Investments, we leverage over 100 years of experience to provide comprehensive investment solutions to employers, retirement funds, and consultants, with the purpose of empowering our members to confidently achieve their desired financial retirement outcomes. Our series of quarterly investment performance videos for Q4 of 2024 allows us to share valuable information with our clients, ultimately assisting them in making more informed retirement and investment decisions.
Important Update from The Investment Committee – Changes to SIM Cash Fund
The Sanlam Umbrella Fund offers a range of risk-profiled investment options ranging from passive, smoothed bonus, multi-managed and single manager balanced funds. After consulting with the Fund’s appointed Investment Consultants and investigating various alternative solutions, a decision has been made to replace the SIM Cash Fund with the SIM Enhanced Cash Fund.
Industry updates
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.
Umbrella Fund Masterclass with Independent Trustee Jolly Mokorosi
In a recent Umbrella Fund Master Class on Asset TV South Africa, Jolly Mokorosi, Independent Trustee of the Sanlam Umbrella Fund, joins host Mosidi Modise and industry peers to explore emerging trends and themes surrounding two-pot withdrawals—and much more.
Sanlam Benchmark 2024: Accelerating a better working South Africa
On 11 July 2024, Sanlam revealed its findings from its much-anticipated Benchmark Research. Given that Two-pot and the NHI are top of mind, the research focuses on healthcare and wealthcare – two levers for accelerating a better working South Africa.
An Economic Overview and Update on the Two-Pot System
Watch this Sanlam Corporate webinar session to learn about inflation, interest rates, economic growth, and the Two-Pot System—hot themes that are relevant to both the industry and the nation.
