the UK experience principles 6 designed to deliver good outcomes governance framework fit and proper management effective monitoring administration, processes and records member communication
the UK experience designed to deliver good outcomes targeted benefits horsepower consumption default strategies contribution rate preservation investment portfolio annuitisation SANLAM approach schemes are designed to be durable, fair and deliver good outcomes for members 1.
the UK experience governance framework a comprehensive scheme governance framework is established at set-up, with clear accountabilities and responsibilities agreed and made transparent fund governance and risk management plan (FGRMP) duties and accountabilities when and by whom SANLAM approach 2.
the UK experience fit and proper management those who are accountable for scheme decisions and activity understand their duties and are fit and proper to carry them out enhanced PF130 documentation minimum training done FGRMP actively managed by principal officer (PO) enhanced PO duties SANLAM approach 3.
the UK experience effective monitoring schemes benefit from effective governance and monitoring through their full lifecycle governance assurance FGRMP risk schedule assessments of all officers, subcommittees and service providers King III (TCF) assessment of complaints and general fund activities SANLAM approach 4.
the UK experience administration, processes and records schemes are well administered with timely, accurate and comprehensive processes and records comply with SLA fees competitive SANLAM approach 5.
the UK experience member communication communication to members is designed and delivered to encourage member engagement so that they are able to make informed decisions about their retirement savings. guidance member information sessions and tools support financial advice to members on joining, termination and 5- years before retirement facilitated / offered by fund SANLAM approach 6.
EMPLOYERSTRUSTEES are required to run the fund in accordance with the rules and the law are the ones who establish funds in the first place and will live with its shortcomings for longer than any stakeholder
RECLAIM LEADERSHIP POSITION UMBRELLA FUND AND STAND-ALONE EMPLOYER E