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. This the first step in the long-term goal to consolidate the Sanlam Umbrella Pension and Provident Funds, which would result in significant cost savings for the Umbrella Fund and its’ Employers and members. There is no immediate impact on clients currently participating in the Sanlam Umbrella Pension Fund who can continue to do so.
