Finance Minister Malusi Gigaba’s maiden budget speech was keenly anticipated by South Africans wanting clarity on how he proposes to plug the gaping budget deficit. In his own words “This is a tough, but hopeful budget”.
Sanlam’s Employee Benefits has partnered with 27four Investment Managers to launch South Africa’s first, black managed, smoothed bonus product.
The annual rate review for all three underlying funds being the Sanlam Umbrella Pension Fund, the Sanlam Umbrella Provident Fund and the Sanlam Unity Umbrella Fund is now completed. Fees for all participating employers will be adjusted with 15% VAT where applicable.
The Trustees of the Sanlam Umbrella Fund and Sanlam Plus Preservation Fund has decided to close the SIM Inflation Plus Fund and transfer all the assets to the SIM Moderate Absolute Fund during the month of April.
The default pension fund regulations could persuade many employer-sponsored funds to move their employees to an umbrella fund.
The trustees continuously evaluate the portfolios available to the members of the Sanlam Umbrella Fund and are informing consultants about a number of changes coming into effect on 1 April 2018.