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National Treasury’s paper Preservation, portability, and governance for retirement funds, released on 21st September 2012, described the low rate of preservation of retirement savings, both pre- and post-retirement, and presented various options to increase it. This is a major problem within the retirement funds industry, and we are working with our participating employers and supporting intermediaries to improve the situation. We announced at our 2012 AGM that our thinking was to launch preservation funds managed by the Sanlam Umbrella Fund trustees that could be a suitable and easily accessible preservation option for our existing Sanlam Umbrella Fund members. The latest proposals from Government, released together with the 2013 National Budget, support such forward thinking. Although we do not anticipate legislative changes before 2015, Government are clearly stating that