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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.
A benefit becomes unclaimed if it is not paid within 24 months after it is legally due and payable to a member. An unclaimed benefit will remain in the retirement fund and may only be transferred to an unclaimed benefit fund if it is not claimed within the 24 month period.
The board of trustees of the Funds are responsible for managing and tracing the unclaimed benefits. The board of trustees adopted an official tracing policy with the following features:
The Funds do not impose a minimum unclaimed fund credit on transfer.
Unclaimed benefits transferred to the Funds are invested in the SIM Active Income Fund for no more than two years after commencement and thereafter phased into the SIM +5% (Global) Absolute Return Fund.
The board of trustees may alter this investment strategy from time to time, depending on the market performance and capital available in the Funds.
The Funds may receive pre and post-tax benefits.
Benefits that have been taxed or are exempt from taxation will retain this status. Benefits that were not taxed on transfer will be taxed when claimed.
Sanlam Employee Benefits, as the appointed fund administrator, will issue the annual required IRP5 certificates once the unclaimed members are paid.
The contribution (included in the admin fee) to the contingency reserve account is utilized for:
Should there be a shortfall in the contingency reserve account, amounts required to settle fees and costs may be recovered from the member records.
The Unclaimed Benefits Pension Preservation and Provident Preservation Funds are registered in terms of the Pension Funds Act no. 24 of 1956 and were approved by the Financial Services Board (FSB) on 18 February 2009.
The South African Revenue Service (SARS) approved the Funds on 23 April 2010.
RademeyerWessen Auditors is the Funds’ appointed auditor.
The Funds are currently exempt from actuarial valuation.
Professional indemnity cover is in place to cover possible errors, omissions or fraud committed by the trustees or employees:
Two tracing agents have been appointed:
The Funds are administered by Sanlam Employee Benefits, a business unit within Sanlam Life Insurance Limited.
Sanlam Employee Benefits’ administration systems are supplied and supported by MIP Holdings (Pty) Ltd. MIP is a locally developed co-sourced solution specifically designed for the South African pension fund administration market.
MIP-EB and MIP-FINANCIALS are the core modules of the MIP stand-alone system, designed specifically for employee benefits administration. MIP-EB is used to perform member record administration tasks, while MIP-FIN is a fully integrated financial system used for recording all transactions triggered by events in MIP-EB.
The system also integrates with other systems in use, namely:
The rules of the Funds provide for the individual member account to be:
Should these costs exceed the size of the benefit in the fund, the benefit could be depleted.
All depleted member values will be reported on to the FSB each year when the financial statements are submitted.
In order to transfer unclaimed benefits into these Funds, the board of trustees of the transfering fund must make a resolution and inform their adminstrator thereof.
The trustees of the Fund hereby resolve: