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.
Retiring members may choose to become a Phased Retiree 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 become a Phased Retiree and they do not provide confirmation of their elected investment portfolios, they will now be defaulted into the Fund’s elected Phased Retirement default investment strategy which is the Sanlam Stable Bonus portfolio. This portfolio aligns with the pre-retirement preservation portfolio of the various lifestage strategies where many members would already be invested.
Where a member retires from their employer, without informing the Fund about what they’ve decided to do with their retirement benefit, or without electing to become a Phased Retiree, the member will remain in their former employer’s member group and will be charged R100 per month (excl. VAT) from their second month in retirement.
The above changes will take effect on 1 April 2025.