Unique Features
Flexible Solutions and Benefit Design

eFund offers a very flexible benefit design structure to suit the needs of various employee groups within the same employer.

How eFund flexible solution works:

INPUT

One point of Entry

Choosing an Administrator

Trustees evaluate the administrator annually and will reappointment them if their performance meets the negotiated service level agreement at a reasonable cost.

Sanlam (current choice)

Others (constantly evaluated)

Choosing the death and disability cover WITH AN insurer

eFund has arrangements with all the major insurers in South Africa and with their approved consultant, participating employers can choose an insurer and product of choice. eFund’s extensive offering ensures that insurers remain competitive with each annual review of costs. The death, disability and funeral benefits can also be divided amongst different insurers.

Life cover

Capital disability

Income disability

Severe illness

Old Mutual

Sanlam

Liberty (Capital Alliance)

Discovery

Forbes

Others

Choosing the investment manager platform

eFund has arrangements with all the major investment houses and with their approved consultant, participating employers can choose which manager and what type of platform they want. These investments can be spread across a number of platforms.

Multi manager

Single manager

Life Stage

Capital guarantees

IS (Alexander Forbes)

MOM (momentum)

SMMI (Sanlam)

Symmetry (Old Mutual)

Sygnia

Others

Choosing AN investment pooled product and manager

Once the platform is chosen, participating employers can then, with the help of their approved consultant, select what pool and which asset managers to use.

Various investment pools

Various investment managers

Seamless integration of the parts: These parts are then seamlessly combined to provide the employer with the comfort of a single point of entry, with full cost disclosure of each component of the employee benefit programme.

OUTPUT

  • Cost-effective
  • Superior risk related investment returns
  • Easy access to information
  • Relevant and customised benefits

Understanding these Unique features

1. eFund’s Philosophy of open architecture and no cross subsidisation​

Apart from the administrator (whose appointment is reviewed annually) eFund is not limited to using only certain service/product providers. This approach is cost-effective and prevents cross subsidisation of costs between the administration of the fund, group risk benefits and investments that is so typical of the industry. 

Unbundled solutions that are then repackaged typically provide for a more cost-effective solution.

2. Flexible Benefit Design as well as a “low cost Trustee Limited Choice Option”

  • eFund offers a very flexible benefit design structure to suit the needs of various employee groups within the same employer. Employee benefits can be structured in such a way as to provide a number of contribution options, risk benefit options and investment choices for employees.
  • Benefits can also be accommodated on either a defined contribution (DC) or defined benefit (DB) basis and/or a combination of both.
  • The participating employer can choose between offering its employees a pension or provident fund or allow for a combination.
  • For participating employers with primarily low income earners there is a specialist-designed low cost option that limits structure and product provider choice (contact your approved consultant for more detail).

3. Independence from product and service providers

  • Independent from administrators (takes you to the web page –
  • Independent from risk providers (INDEPENDENCE FROM
  • Independent from asset managers  (PRODUCT AND SERVICE PROVIDERS)

INDEPENDENT FROM ADMINISTRATORS

The Trustees appointed Sanlam Employee Benefits as the administrator of eFund. Sanlam Employee Benefits is the proud winner of several retirement industry awards. Their appointment is reviewed annually to ensure effectiveness, compliance and a satisfactorily high level of administration of eFund.

Administration by Sanlam Employee Benefits

The following functions are performed in respect of eFund:

  • member administration
  • fund accounting
  • investment administration

The combined value means that the assets, liabilities and accounting records are balanced on a daily basis.

Web-enabled access

  • The Retirement Fund Web
    (www.retirementfundweb.co.za) provides clients with state of the art retirement fund administration processes and employee communication tools.
  • The web facility allows participating employers and employees to access their retirement fund benefits and related information.
  • This tool also enables participating employers to streamline the administration of their retirement fund considerably, eliminating tedious volumes of paperwork while providing easy access to employee information.
  • A pin-code for each user ensures the confidentiality and security of employee information on Administrator-, Viewer- and Employee access levels.

Understanding eFund’s other
Unique features

Employees save on TRANSFER COSTS

MONTHLY PENSION ANNUITIES

Retiring employees have the option to keep their money in eFund and to receive a monthly pension. A wide range of annuity options are available.

PRESERVATION of employee savings

When a withdrawal benefit is payable, employees have the option of preserving their benefit as a paid-up benefit in eFund, as opposed to transferring to a preservation fund.

The advantages of these options

  • Low administration and investment fees.
  • Moving to this option within eFund does not incur an additional administration fee.
  • Save on commission charges payable when transferring benefits to a preservation fund or an annuity outside of the fund.
  • Giving more value to the employees.

(Contact your approved consultant for more details on any other new developments)

Contact your approved consultant

for more information on the eFund’s Unique Features.

Learn more