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Comprehensive, third party, fire and theft or third party only car insurance. Premium based on risk profile.
Ideal for any business still operating a standalone Defined Benefit fund for its employees.
This targeted Umbrella Fund solution is designed to meet the precise needs of employers who currently operate standalone Defined Benefit funds, but who want to experience the convenience, cost savings and risk reduction benefits of an umbrella fund arrangement.
When transferring to the SuperFund Defined Benefit umbrella arrangement, the employer is able to retain all its existing benefit structures for both active members and pensioners. The employer, via the Management Committee, may also improve benefits from time to time, if required.
The employer also retains control over its own investment strategy. An investment consultant is appointed and the Management Committee recommends the appropriate investment strategy to the Management Board of the Old Mutual SuperFund Defined Benefit Fund. The only requirement is that this investment strategy must be Regulation 28 compliant at sub-fund level and will need to be approved by the Management Board.
On transfer, the employer that previously offered the standalone fund becomes a participating employer in the SuperFund Defined Benefit. The Board of Trustees of the previous standalone fund is replaced by a Management Committee, which includes representatives of the employer and members. The fiduciary duties of the Fund will now be performed by the Superfund Defined Benefit Management Board members.
These are all experienced and proven professionals who are jointly and severally liable in their personal capacities. This removes the burden of trusteeship from the employer and from those employees who might otherwise have been required to act as member-elected trustees in a standalone fund arrangement.
These professional trustees also have industry-specific knowledge that enhances decision-making by the fund and substantially reduces the risk to the employer in terms of the management of the retirement fund.
As set out in King III, the Management Board is responsible for the strategic direction and control of the fund with the interests of members, employers and pensioners top of mind. For this reason, all Trustee actions are informed by good governance principles and a clearly defined board charter.
A key advantage of transferring a standalone Defined Benefit fund to the SuperFund Defined Benefit Fund is the level of administrative and service support the employer will receive. These services include, but are not limited to:
Fund members also benefit from the vast range of services offered by the SuperFund Defined Benefit Fund, such as:
For more information please download the Defined Benefit brochure, speak to your personal financial adviser or email us.