Why a Pension or Provident Fund?
When an employee reaches retirement age or a catastrophic event occurs and the employee can not provide financial income to his/her family, it can put an additional burden on the employer if the employee did not make provision for such events. The employer can ensure that an employee or his/her dependants are financially taken care of in unforeseen circumstances and offer his/her employees the added benefit of a Pension or Provident Fund.
Why Umbrella Funds?
The cost of running an Umbrella Fund is generally much lower than that of a Private Fund. Some of these cost benefits include the following:
- Scale of Economy benefits regarding investments;
- Actuarial and auditing costs are divided among all the participating employers;
- Administration costs are lower;
- More affordable risk benefits can be negotiated with Risk Management Service Providers.
Legislation has significantly increased the responsibility of Trustees. The importance of an expert Board of Trustees is therefore vital. Both Funds are managed by a professional Board of Trustees, which means that the employer does not have the added burden of managing a fund and can continue with his/her core business.
Management of the Funds
The Funds are managed by a Board of Trustees. The Board of Trustees is made up, at any time, of at least six (6) Trustees:
- Two (2) Trustees are Sponsors appointed. These trustees will typically have expertise specific to the retirement fund industry.
- At least three (3) trustees (50%) will be appointed by the members of the Fund in terms of the rights afforded to them by the General Rules of the Fund.
- At Least one (1) independent Trustee at any given time, chosen by the Board for his/her expertise in the financial or legal aspects surrounding the Funds.
The Dynamic Wealth Umbrella Funds
The Dynamic Wealth Suite of Employee Benefit Solutions offer a wide range of Retirement Benefits, Risk Benefits and Investment Products that are designed for employers with Regional or National Branch Networks, while still creating an ideal solution for small employee groups.
A set of General Rules is registered with the Registrar of Retirement Funds and is approved by the Commissioner of Inland Revenue.
A set of Special Rules is registered for each participating employer to provide for their specific requirements.
What Dynamic Wealth Offers
The Dynamic Wealth Suite offers four (4) plans which consist of three (3) standard options with some flexibility and a customized option for employees who want to create their own unique arrangement.
Our plans are:
- The Sonata: a core plan;
- The Concerto: a core-plus plan;
- The Symphony: a comprehensive plan; and
- The Rhapsody: the customized plan.
The above plans, excluding The Rhapsody, are structured in such a way that a member should save approximately 70% of the total contributions for his/her retirement. Risk benefit and administration costs should therefore only make up approximately 30% of the total contribution.
The Funds are administered on the Dynamic Wealth Administrators Platform, designed for state-of-the-art processes and exceptional service delivery.
Our services include:
- Service Level Agreements;
- Financial and Legal Compliance;
- Integrated Accounting and Administration System;
- Regular Investment and Administration Reports;
- Annual member Benefit Statements;
- Risk Benefit Administration and Reviews;
- Online facilities for Employers and Members.
Cornerstones of our Company
PEOPLE of the highest calibre:
- for whom INTEGRITY is a way of life;
- who are SKILLED and INNOVATIVE;
- with PASSION for the industry and client service;
- using state-of-the-art TECHNOLOGY that supports our business processes.
Contact Us
Please contact us to discuss our Product Offerings or to request a proposal.
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