The Sanlam Umbrella Fund allows members, upon leaving their employer, the option to remain invested in the Fund via one of the Individual Membership Options.
Members may choose to remain a paid-up member in the Fund, and confirm their ongoing investment portfolio selection from the range of institutionally priced investment portfolios within the trustee-approved investment menu. Should a member elect to preserve their entire member share in the Fund, and they do not provide confirmation of their elected investment portfolios, they will now be defaulted into the Fund’s elected default preservation strategy which is the Volatility Protection Strategy.
A revision of the Individual Membership fees was concluded since the previous review in April 2020. The new fees for these member groups are confirmed below with effect from 1 May 2024. The Individual Membership options remain very cost effective for members when compared to retail equivalents.
| Existing fee | New fee from 1 May 2024 | |
| Paid-up members and Pending Claims | R26.50 per member per month (excluding VAT). | R30.00 per member per month (excluding VAT). |
| Phased Retirees | R26.50 per member per month (excluding VAT). | R30.00 per member per month (excluding VAT). |
| Trustee endorsed In-Fund Living Annuity | 0.05% per annum (excluding VAT), recovered monthly, in respect of the first R1 500 000 of each member share (and nil in respect of the portion of each member share above this threshold) subject to a minimum fee of R26.50 per member per month (excluding VAT). | 0.05% per annum (excluding VAT), recovered monthly, in respect of the first R1 800 000 of each member share (and nil in respect of the portion of each member share above this threshold) subject to a minimum fee of R30.00 per member per month (excluding VAT). |
| Extended range In-Fund Living Annuity | 0.10% per annum (excluding VAT), recovered monthly, in respect of the first R1 500 000 of each member share (and nil in respect of the portion of each member share above this threshold) subject to a minimum fee of R26.50 per member per month (excluding VAT). | 0.10% per annum (excluding VAT), recovered monthly, in respect of the first R1 800 000 of each member share (and nil in respect of the portion of each member share above this threshold) subject to a minimum fee of R30.00 per member per month (excluding VAT). |
Note: All members continue to pay the Contingency Reserve Account Levy of R3.00 per member per month including VAT.