Mosaic Defined Contribution Umbrella is an administration capability that supports a defined contribution umbrella retirement fund structure.
Designed to deliver optimal service, this administration capability is suitable for sponsors of Pension or Provident umbrella funds.
Key Features
- The sponsors will be involved in providing the fund mission statement, appointing the trustees and necessary service providers with appropriate service agreements, operating mandates and agreed remuneration contracts and initiating a process for the evaluation of trustee performance.
- Large retirement fund benefits - Mosaic Defined Contribution Umbrella arrangement offers the benefits and economies of scale of a large retirement fund. The bulking of participating employers can result in overcoming any barriers to entry for investment houses, lower chargers fromo the investment houses, lower administration charges and reduced benefit premiums.
- Members are able to view their personal details online. They have access to relevant and timely information about their retirement fund, benefit and account balances and issues that could impact their retirement planning.
Delivering peak performance
In choosing a Mosaic Defined Contribution Umbrella arrangement a sponsor chooses an umbrella fund administration capability that facilitates:
- Reduced turnaround times on member transactions due to the use of technology, for example the notification of exits via the Internet.
- A range of services and frequencies of service provision for trustees to select from, in order to manage the fund effectively and to assist with meeting their fiduciary duties.
- The use of one of several electronic data and income solutions and business processes to help the participating employer with the provision of timely and accurate data.
- Members and participating employers benefiting through the economies of scale accessed by the bulking of assets and services.
- Reporting at both the participating employer level and the fund level.