The research showed the deep impact that COVID-19 had on the retirement industry, with 27% of standalone retirement funds and 41% of umbrella funds’ employers having suspended retirement fund contributions last year. This resulted in an average suspension across all fund types of 4.5 months.
The Sanlam Benchmark Survey has driven thought leadership and collaboration in the industry for 40 years. This year, 90 standalone funds, 10 standalone union funds and 100 employers participating in umbrella funds were surveyed. The 10 union funds represented a total of R109 billion in assets and 512,200 members.