In recent years, we have seen many digital transformations of other industries and specifically the financial services sector with online banking becoming the norm. This has resulted in members of retirement funds now expecting to have similar access to their retirement information in an engaging, easy to understand format. With 95% of people employed in South Africa retiring on less than 40% of their final salary, this new trend may well be the breakthrough the retirement industry need to get members engaged with their retirement planning from an early age.
In 2017, Sanlam Employee Benefits have launched our much improved member online portal as well as a mobile app and a number of our clients have already switched their members over to these new facilities with great success. Information on the online portal and mobile app is aligned which means that members have the same experience regardless of which digital medium they choose. Members will find easy access to:
- A view of their current retirement savings and benefits (including risk and insured benefits)
- What amount of money is being invested monthly for them and where
- Information on their current beneficiaries and the facility to update this when required (if their fund allows this option)
- A facility to make investment choices (if their fund allows this option)
- Updating their personal contact information
- Access to fund performance fact sheets and any other fund information that the trustees have chosen to provide to members
- Planning tools, videos and calculators to empower them towards a good retirement outcome
- Educational content of a general nature
Maintenance to the old Retirement Fund Web (member view) will be discontinued at the beginning of May 2018 and all members will automatically be routed to the new online member portal (unless you have made specific arrangements with your Client Relations Manager). This is a seamless process with no need for members (that are already registered) to re-register.
The challenge is of course that there are large numbers of members that have never registered before. We believe it is essential that the boards of trustees of every fund make it a priority to encourage registration of all members to either view their information on line or download the free mobile app. The new digital facilities are offered as part of our standard administration services and provides essential information that will ultimately empower members to make informed decisions when it comes their retirement planning. We can assist the fund by sending SMS’s or e-mails to all members to encourage this engagement and we can assist to obtain contact details for members.
You may view a demo version of the member app (keep in mind that the same information appears on the online portal):
Android version: Demo Sanlam My Retirement
IOS version: Demo Sanlam My Retirement