What is Retirement Savings Costs Disclosure Standard?

The Association for Savings and Investment South Africa (ASISA) standardised the cost disclosure used by commercial umbrella funds to be effected no later than the 1st of September 2019. The new standard commits members of ASISA to present all costs (based on certain assumptions) relating to umbrella fund solutions in a standardised manner, enabling employers to compare like with like when considering quotations from different companies. It is therefore an indication of the costs relevant at company level and not at individual umbrella fund member levels.