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Sanlam Plus Preservation Fund

A fund in which to preserve, and grow, transferred retirement benefits.

A preservation fund is a fund into which retirement fund benefits may be transferred and preserved when a member of a pension or provident fund terminates his services (but does not retire), or when a fund is dissolved in terms of section 28 of the Pension Funds Act, No. 24 of 1956.

The Sanlam Plus Preservation Fund prioritises the preservation of members’ benefits when leaving a retirement fund as it’s critical to ensure that their benefits at retirement are sufficient to purchase a sustainable pension.

Why Choose This Fund?

There are many reasons to choose the Sanlam Plus Preservation Fund to preserve your retirement benefits. Some of the key benefits include:

  • Solid offer: A highly competitive administration offering with superior service and competitive rates
  • Trusted partner: As a leading financial institution, we’ll provide the best solutions to meet your needs
  • Cost-effective: Clients benefit directly from economies of scale by being part of a significant Fund backed by a major financial institution
  • Communication: Communication is overseen by the Fund’s sub-committee and is conducted (mostly) online
  • Advanced systems and processes: Our innovative administration platform offers two key advantages:
    • Daily pricing: Because benefit payments are based on daily unit prices, the investment instructions can be effected according to the values on the specific day of the instruction
    • Daily balancing: By balancing assets, liabilities and ledgers daily, there is complete accuracy in administering funds
  • Workflow Any transaction can be traced so that enquiries can be handled quickly, accurately and efficiently. Our real-time reporting, which can be accessed online, will always provide members with the latest available information.

How the Fund Works

Membership

The minimum requirement for a new member to belong to the Fund is an initial transfer from an approved fund to the value of R25 000. This minimum amount is not applicable on any subsequent transfers from an approved fund to the Fund. Read more

Retirement date

The retirement date is 70 years but members are permitted to retire early – from age 55 and onwards.

Retirement benefits

Members’ retirement benefits consist of an annuity policy purchased with the member’s share. Members may convert the benefit or part thereof to a lump sum payment. Members, who belong to the Sanlam Plus Pension Preservation Fund, may only convert a maximum of one-third of the retirement benefit to a lump sum.

Disability benefits

A member’s retirement benefit becomes payable if the member, in the opinion of the Board, becomes permanently incapable of carrying on his or her occupation due to sickness, accident, injury or incapacity through infirmity of mind or body.

Death benefits

The member’s share in the Fund is payable when he or she dies. The death benefit is payable in the form of an annuity policy purchased with the member’s share. Dependants or nominees may request to convert the benefit or part thereof to a lump sum payment. Read more

Withdrawal before retirement

A member may apply to make one preretirement withdrawal (for each transfer made into the Fund) from the Fund at any date before the retirement date, provided the rules of the transferring fund do not prohibit this. Read more

Investments

The Trustees have approved a range of institutionally priced investment portfolios, including smoothed bonus, single manager and multi-manager investment options.

Fund Governance

The Sanlam Plus Preservation Fund is managed by a Board of five trustees – three of them are appointed by Sanlam, and two are elected from a panel of suitably qualified industry professionals who are independent of Sanlam. A Principal Officer supported by a Fund Secretariat manages the day-to-day operations and ensures compliance with regulatory requirements.

The appointed administrator of the Fund is Sanlam Life Insurance Limited. Sanlam Corporate, a division of Sanlam Life Insurance Limited, is responsible for the administration of the Fund and maintains the records of each member, and processes and settles all exit benefits payable to members.

Fund Fees

The Fund’s operating expenses comprise the following:

Administration fees

Administration fees cover the cost of administering the Fund. No initial administration fee is payable, but please note that the administration fees do not include the investment management fees charged.

Consulting fees

Consulting fees to financial advisers are only payable upon agreement between the member and his or her financial adviser.

Contingency Reserve Account

The Contingency Reserve Account is used to pay expenses related to the following: FSCA levies and fees, fidelity insurance premiums, actuarial services, audit services, independent trustee expenses, member communication expenses, and other fees and disbursements.

Revision of fees

Administration fees and the Contingency Reserve Account are subject to review at any time with a three month written notice period of any changes. For a comprehensive overview of all operating expenses, including investment management fees, please download the Sanlam Plus Preservation Fund guide.

Member Communication

We recognise that appropriate communication is key to assisting members in taking control of their finances, and to help ensure good retirement outcomes.

The Fund has a formal communication strategy in place, and our aim to ensure that members are educated on all aspects related to their retirement so that they may make informed decisions regarding their retirement planning and savings.

Members can contact a financial adviser, or make contact in any of the following ways:

  • Our Member Portal
  • Sanlam’s My Retirement App
  • Sanlam’s Client Care Offices
  • Event-based communication

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