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At Sanlam, retirement fund administration is far more than collecting contributions and paying benefits.For us, it is about treating our clients’ life earnings with the respect it deserves, because we know what has gone into earning it.
Expertise that works for you.
Every aspect taken care of.
Dealing with unclaimed benefits.
Promoting financial awareness.
We strive to administer retirement funds in such a way that each fund member understands the reason for retirement savings, financial goal-setting and investment strategies to ensure financial independence at retirement.
Sanlam has been providing holistic retirement fund administration services for over 80 years. We administer more than 130 stand-alone retirement funds, with over 300 000 active members and a further 360 000 dormant members. Our list of top-tier clients confirms market confidence in our capabilities.
We are able to adapt our administration solution into flexible options to suit a client’s specific needs. This is evident from the variety of industry funds we administer – from the mining sector, unions, local government and central government to the manufacturing industry and financial services industry.
Our solution brings all the areas of the value chain together, ensuring data integrity that gives the trustees of a retirement fund access to relevant and instant information on their fund. This allows trustees to focus on the critical issues of governance and on their fiduciary duties. Our services empower the trustees to deliver effective communication to all stakeholders.
Having a South African-based administration platform means development costs are controlled. This is specifically important in the dynamic SA pension environment where new legislation can significantly contribute to the cost of administration. Sanlam’s buying power impacts the IT developer’s decision-making process and as a result improves our administration agility.
Our business model of daily balancing ensures the continuous matching of a fund’s assets and liabilities. All available cash is invested and the appropriate funds are used to pay benefits and fund expenses.
Daily pricing reduces delays between fund investment or disinvestment decisions and actual transactions. It further reduces the influence of volatile market movements on the value of members’ savings. As a result, member payments are based on daily market values.
With our unitised environment, our databases are completely transparent and of high integrity. With only a two-day price lag, we offer members and trustees total piece of mind with full access to all transactions and information via our interactive website.
Investment information is updated daily with information received from the asset managers via automated links. Unit prices are calculated automatically from the source information and fed directly into the member database.
Management attention is focused on the core administration function. As IT development is outsourced to a vendor, it allows the administration executives time to focus on client service and business process management and control. Skilled staff members with years of experience in the employee benefits industry underpin our success.
All transactions can be traced so that enquiries can be handled quickly, accurately and efficiently. Our work flow capability provides improved management and control, case tracking, proactive case management and service-level reporting.
A dedicated client services team ensures that employers are fully trained on our administration systems as well as the Retirement Fund Web facility, while our client-friendly call centre ensures improved convenience to members.
We are able to physically interact with our clients and provide prompt service. Our two campuses, in Bellville and Centurion, operate independently and provide our clients with enhanced business continuity in the event of a disaster affecting the operations of one campus.
Our offering comprises investment product, member record, as well as fund accounting administration.
Investment Product Administration (IPA) will act as the link between the fund’s administrator and asset managers, monitoring and managing cash flows between the service providers. The IPA function forms part of our basic administration model, but it can also be provided as a stand-alone service to a retirement fund that requires a unitised and daily or monthly priced administration environment.
Our offering includes the following options:
Our offering includes the administration of:
Sanlam’s Unclaimed Benefits Pension Preservation and Provident Preservation Funds offer a specialised solution for unclaimed benefits. This solution is available to any pension or provident fund’s board of trustees, whose objective is to preserve their fund’s unclaimed benefits in a suitable solution. The solution includes unclaimed benefits accrued in a fund in respect of members, former members, nominees or dependants.
We can draft a retirement fund’s rules and rule amendments, irrespective of whether or not the fund is administered by Sanlam. Our dedicated team of specialists keep abreast of all legislative changes affecting the retirement fund industry. The team assesses and interprets the impact of legislative changes and updates the fund rules accordingly. The team is also supported by a large network of Sanlam legal and drafting specialists.
In response to the requirements of Regulation 28 of the Pension Funds Act, we are able to provide trustees of a fund with a comprehensive monitoring and reporting service. This service is available to all funds that lack appropriate measures to ensure compliance with new legislative requirements.
We believe member communication and education are key to creating and raising awareness among employees about the need to start saving, or to increase their level of savings to the point where they can provide adequately for their own retirement. Our flexible communication product can assist a fund in achieving this with a tailor-made strategy.
Our member and pensioner communication service includes a variety of communication solutions such as:
Our research has indicated that the first day of employment can be crucial in terms of retirement provision as employees are in most cases also required to pick a contribution level which can have a material impact on their standard of living in retirement. To assist with this decision-making process, Sanlam has put together a video and calculator that helps provide the necessary context and insight.
Find out how saving for retirement can be easy.
Find out how much you should put away for retirement each month.