Sanlam Umbrella Fund has introduced and administration fee to maintain transparency in its operations and to cover the necessary administrative expenses associated with Emergency Savings Pot withdrawals.
The administration fee of R330.00 plus VAT, aims to cover the administrative costs associated with handling and processing these claims. This fee will be deducted from the total amount that the member wishes to withdraw. It is also important to remember that any debt the member owes to the South African Revenue Service (SARS) will also be deducted from the withdrawal amount.
While the fee may add to the expense of accessing emergency funds, it ensures the continued efficiency and sustainability of the Fund’s administrative processes. Members should be aware of these costs when considering filing an Emergency Savings Pot withdrawal. Understanding the costs involved helps in better financial planning and decision-making.