Change of default strategy for paid-up member category
The default investment strategy for members who default into the paid-up member category has been reviewed and will change to the Volatility Protection Strategy with effect from 1 July 2021. Click here
for further details.
Change in unapproved policies
The provision in the Insurance Act that allowed an employer to use its discretion in determining the beneficiaries to receive a payment for unapproved benefits is no longer allowed. Click here to read more.
How will the retirement reforms affect you?
The long-awaited retirement reforms came into effect on 1 March 2021. The reforms, also known as T-Day, mean that retirement benefits under provident funds and provident preservation funds will be subject to compulsory annuitisation.
Retirement reforms a step in the right direction to improving retirement outcomes
Avishal Seeth, Head of Sanlam Umbrella Solutions, Reinier Van Gijsen, Head of Pricing, Sanlam Corporate: Group Risk and Michele Jennings, CEO of Sanlam Corporate: Group Risk, recently hosted a webinar discussing the legislative framework relating to vested rights of members over the age of 55 and the impact of COVID-19 on group insurance.
Sanlam 2020 Annual Results
In dealing with the Covid-19 pandemic Sanlam was guided by its purpose: Empowering Generations to be Financially Confident, Secure and Prosperous. The Group rolled out technology and support to ensure that clients could be provided with appropriate advice to deal with the financial impacts of the pandemic.
Effective Annual Cost
The Effective Annual Cost (EAC) disclosure is a standardised disclosure methodology for retirement savings that came into effect from 31 March 2021.