FundsAtWork Public Menu



FundsAtWork umbrella fund

Acceptance of quotation and installation documentation

|Name of employer | | | | | |

|Sections on installation form |

|Employer details |MD, FD or authorised |Employer or Broker |Yes |2 | |

| |signatory of employer | | | | |

|Broker details |N/A |Broker |Yes |3 | |

|Advisory body details |Advisory body |Advisory body |Yes |4 | |

|Transfers from previous fund |MD, FD or authorised |Employer or Broker |Yes – if applicable |7 | |

| |signatory of employer | | | | |

|Take-over of existing insurance cover |MD, FD or authorised |Letter from |Yes – if applicable |7 | |

| |signatory of employer |existing | | | |

| | |underwriter | | | |

|Advisory body investment choice |MD, FD or authorised |Employer or Broker | |8 | |

| |signatory of employer | | | | |

|Contribution collection: |Authorised signatory on bank |Employer or Broker |Yes |9 | |

|Automatic fund transfer details |account | | | | |

|Member communication request form |MD, FD or authorised |Employer or Broker |Yes |14 | |

| |signatory of employer | | | | |

|Mandatory additional documentation and annexure |

|Acceptance of FundsAtWork quotation (quotations |MD, FD or authorised |Employer or fund |Yes | |

|are valid for 3 months). If quotation has expired|signatory of employer or |trustees | | |

|please re-quote |existing fund trustees | | | |

|Copy of employer’s certificate of registration or|N/A |N/A |Yes | |

|any other official document that proves the | | | | |

|existence of the employer eg if school then a | | | | |

|registration certificate or letter from the | | | | |

|department of education showing school’s | | | | |

|registration number | | | | |

|Cancelled cheque or letter from the bank on the |N/A |N/A |Yes | |

|bank’s letterhead | | | | |

|Copy of letter appointing broker |MD, FD or authorised |N/A |Yes | |

| |signatory of employer or | | | |

| |existing fund trustees | | | |

|Broker (key individual) accreditation from FSB |N/A |N/A |Yes | |

|website | | | | |

|Member data in MS Office Excel format |N/A |Employer |Yes | |

Acceptance of quotation and installation documentation

|Name of employer | | | | | | | |

|Version number | | | | | | | |

|Benefit structure number | | | | | | | |

|For participation in the FundsAtWork Umbrella |Pension Fund | | |Provident Fund | |

Employees have been informed in writing of the eligibility requirements, contributions that will be paid and the benefits that will be provided according to the accepted FundsAtWork quotation. If members are joining FundsAtWork from another fund they have also been informed of the impact of the transfer. If the previous fund was a stand alone fund then the trustees have to sign below. If the previous fund was an umbrella fund or if this is a new arrangement, no signatures are required.

|Signature: Chairperson of the Board of Trustees | |

|Signature: Trustee | |

|Signature: Trustee | |

Employer duly authorised signatory and employer details

By signing this quotation you, the employer, are confirming that you have read, understood and accept all the conditions of the booklet entitled “Your FundsAtWork quote in detail” as it applies to your proposed participation in the FundsAtWork umbrella fund/s and that you have been fully appraised under the Disclosure in terms of the Financial Advisory and Intermediary Services Act (the FAIS Act).

Special rules and policies will be prepared based on this acceptance.

|Name of employer | |

|Date |

|Physical address | | | | |

|Have you received the letter for the |Yes | |No | |

FundsAtWork website registration?

|Are you in service with Momentum? |Yes | |No | |

If out of service please contact your marketing adviser as soon as possible.

|Broker signature | |

Momentum Distribution Service — Marketing adviser

|Name | |

|Initials of the signatory | |

|ie MD or FD or authorised signatory of employer | |

Momentum Distribution Service — Specialist marketing adviser / Business development manager

|Name | |

Delivery details

All communication (special rules, policy documents and member packs) will be emailed / delivered to the employer’s address (as shown on page 2). If this does not apply please indicate below where these documents must be sent to:

|The marketing adviser | |The broker | |(address as on page 3) | | |

|If the marketing adviser please provide internal code | | | | |

|Do you require the registered and approved special rules? |Yes | |No | |

Advisory body details

The following members form the advisory body and they are authorised to sign documentation in respect of the employer's participation in the FundsAtWork Umbrella Pension / Provident Fund. Please note that you may not have more employer representatives than member representatives. The minimum number of advisory body members is two: either two member representatives or one member and one employer representative.

The advisory body as indicated below undertakes to notify Momentum in writing if there are any changes to the details provided below.

|Name and surname | |

|Representing (please tick applicable)) | |Member | |Employer |

|Email address | |

|Cellphone number | |

|Signature | |

|Name and surname | |

|Representing (please tick applicable)) | |Member | |Employer |

|Email address | |

|Cellphone number | |

|Signature | |

|Initials of the signatory | |

|ie MD or FD or authorised signatory of employer | |

Advisory body details (continued)

|Name and surname | |

|Representing (please tick applicable)) | |Member | |Employer |

|Email address | |

|Cellphone number | |

|Signature | |

|Name and surname | |

|Representing (please tick applicable)) | |Member | |Employer |

|Email address | |

|Cellphone number | |

|Signature | |

|Name and surname | |

|Representing (please tick applicable)) | |Member | |Employer |

|Email address | |

|Cellphone number | |

|Signature | |

|Name and surname | |

|Representing (please tick applicable)) | |Member | |Employer |

|Email address | |

|Cellphone number | |

|Signature | |

|Name and surname | |

|Representing (please tick applicable)) | |Member | |Employer |

|Email address | |

|Cellphone number | |

|Signature | |

|Initials of the signatory | |

|ie MD or FD or authorised signatory of employer | |

Advisory body details (continued)

The Financial Advisory and Intermediary Services Act No. 37 of 2003 (FAIS)

The main objectives of the FAIS Act are as follows:

• to create a regulatory framework which ensures the protection of the consumer;

• to make sure that consumers are given sufficient information to enable them to make informed decisions;

• to regulate the selling of financial products and the advice-giving activities of financial services providers and their representatives.

The legislation applies to any person (both natural and legal) that falls within the definition of a financial services provider or a representative who gives advice or provides an intermediary service in respect of a wide range of financial products to members of the public. This includes financial products such as securities, participation in collective investment schemes (eg unit trusts), insurance contracts, and benefits provided by pension funds and medical schemes as well as investments in foreign currency and deposits.

Investment choices under FundsAtWork

1. When a scheme is first installed the advisory body is requested to choose the default product option or options where applicable (ie Founder, Narrator, Provider and Entrepreneur) and the investment portfolio or portfolios within these product options, as they know the profile of the employees. This choice by the advisory body does not constitute advice as it is made outside the fund. It is advisable that the advisory body in making this choice work with the broker to the scheme and a written record of advice is provided by the broker. The record of advice must include a brief summary of the information and material the advice was based on, the products that were considered and the products recommended, with an explanation of why the products selected satisfy the identified needs and objectives.

2. Under the FundsAtWork umbrella funds each member may then decide to stay in the default product option or change the product option and / or the investment portfolio/s.

3. If the advisory body following the installation of the scheme requests a bulk switch, ie an investment switch for the whole membership, they must seek advice from the broker and must insist on a written record of advice to be provided by the broker.

4. If an individual member approaches a member of the advisory body and asks for advice on which portfolio to invest in or whether they will have enough money to retire on, the advisory body member should not provide any advice on these matters and should refer the member to the broker. If the advisory body member does provide the member with advice then they can be sued in their personal capacity.

5. The Momentum Multi-Manager Smooth Growth Fund Global is the trustee choice portfolio for the Founder, Provider and Entrepreneur product options. The portfolio does not offer a full capital guarantee; a market value adjustment might apply on non-benefit payments like full or partial terminations and investment switches. Employers on the Founder, Provider or Entrepreneur product option and their employees should be made aware of the market value adjustment before the scheme is installed and afterwards if they choose to invest in this portfolio. The advisory body and members who prefer not to invest in a portfolio with a market value adjustment should not select the Founder product option and on the Provider and Entrepreneur product options they can elect to invest in another portfolio.

|I have read and understood the section titled “Advisory body details” |Yes | |No | |

|Anniversary month | | | |

FundsAtWork offers housing guarantees for members, who need to renovate their home, buy a house, buy land to build a house or pay off another housing loan debt. If you would like to make this facility available to the members please ensure that the necessary paperwork has been completed and submitted to the bank so that your members can apply for a non-mortgaged home loan.

The contact details of the relationship managers are:

|Ulana Simpson |Regina Sidwell |

|FNB |Standard Bank |

|Email address usimpson@fnb.co.za |E mail address: regina.sidwell@standardbank.co.za |

|Telephone number 087 577 9763 |Telephone number 011 981 0291 |

|Cellphone number 083 296 0343 |Cellphone number 083 274 3868 |

|Initials of the signatory | |

|ie MD or FD or authorised signatory of employer | |

Transfers from previous fund (Section 14)

|Name of transferring fund | | | | |

|Administrator of transferring fund | |

Details of contact person at previous administrator

|Name | | | | |

If yes, please add these members on the installation data template indicating that they are disability claimants.

FlexiCovers

Members in the Provider or Entrepreneur product options may only flex their insurance benefits after the first month’s payment of contributions and premiums have been processed.

|Initials of the signatory | |

|ie MD or FD or authorised signatory of employer | |

Advisory body’s investment choice (If other than Narrator product option)

The Momentum Multi-Manager Smooth Growth Fund Global is the trustee choice default portfolio for the Founder, Provider and Entrepreneur product options. The portfolio does not offer a full capital guarantee; a market value adjustment might apply on non-benefit payments like full or partial terminations and investment switches. Employers on the Founder, Provider or Entrepreneur product option and their employees should be made aware of the market value adjustment before the scheme is installed and afterwards if they choose to invest in this portfolio. The advisory body and members who prefer not to invest in a portfolio with a market value adjustment should not select the Founder product option and on the Provider and Entrepreneur product options they can elect to invest in another portfolio.

Founder product option:

| |Please tick one |

|Momentum Multi-Manager Smooth Growth Fund Global | |

|FundsAtWork Passive +4 | |

If no choice is made them the contributions will be invested in the Momentum Multi-Manager Smooth Growth Fund Global investment portfolio.

Provider product option:

| |Percentage of contributions |

|Momentum Multi-Manager Smooth Growth Fund Global |% |

|Momentum Secure Bonus |% |

|Momentum Lifestages (if chosen then 100% of the contributions have to be invested in the portfolio) |% |

|Momentum Enhanced Factor 7 (CPI+7%) |% |

|Momentum Enhanced Factor 6 (CPI+6%) |% |

|Momentum Enhanced Factor 5 (CPI+5%) |% |

|Momentum Enhanced Factor 4 (CPI+4%) |% |

|Momentum Enhanced Factor 3 (CPI+3%) |% |

| |100% |

Entrepreneur product option (please state portfolios):

|Full name of investment portfolio |Portfolio number |Percentage of contributions |

| | |% |

| | |% |

| | |% |

| | |% |

| | |% |

| | |% |

| | |% |

| | |% |

| | |100% |

Notes

• This instruction will be effective after the 1st month’s contributions have been paid.

• Momentum will not be liable for any losses the members incur if the information is unclear, illegible or incorrect in any way.

• You will receive a copy of the group holdings report as confirmation of the implementation of this investment choice. Please inform us within 10 calendar days of sending this instruction to Momentum if your instruction was not executed or was executed incorrectly. Momentum will not accept any liability or responsibility whatsoever of any losses incurred resulting from the non-execution or incorrect execution of your instruction.

Please note that only the managing director or financial director of the employer may sign here. Alternatively the managing director or financial director may appoint an authorised signatory.

|Name | |

|Date | | | | | |

|Preferred deduction day * |

|Signature | |

|Date | | | | |

|Title, first name| | | | |

|and surname | | | | |

|ID number | | | | |

|Level of access | |All changes | |All changes |

|Email address | | | | |

|(more than one | | | | |

|user can’t have | | | | |

|the same email | | | | |

|address) | | | | |

|Contact number | | | | |

|Existing user ID | | | | |

|Instruction | |

| | |

| |OR |

|Date | |

|Date | |

|Date | |

|Date | | | |

| | | | |

| | | | |

| | | | |

| | | | |

The contact person specified will be contacted by the client educator to arrange sessions at the employer’s site specified.

If no member communication session is required, kindly specify the reason below:

| |

Done by the broker

| |

Other:

Minimum Disclosure Requirements Pension Funds Circular 86:

All new employees joining a retirement fund must be given an explanatory booklet or pamphlet within three months of joining. Existing members must be given a benefit statement containing the following minimum information:-

• The name of the fund and its registered address

• Details of the contact person for queries

• Fund reference number with the FSB

• Names of trustees

• Member’s name and personal details such as date of birth, pensionable salary and date of admission

• Date of statement

• Date of calculation of benefits

• Current contribution paid by member and frequency

• Current contribution paid by employer and frequency

• A statement of benefits payable on:

o normal retirement

o death

o disability

o ill health early retirement

o withdrawal

• Statements to the effect that:

o fund documents can be inspected at the registered office of the fund or at the employer and copies can be obtained at a cost

o if the benefit statement conflicts with the rules, the rules will prevail

o procedure for internal dispute resolution and access to the Pension Funds Adjudicator

o it is important to obtain professional advice before electing benefits on cessation of membership

o benefits are subject to tax

o a note stressing the importance of updated beneficiary nominations

Members are to be notified of specific events such as conversions of status of the fund, transfers in terms of section 14 of the Act, restructuring of the fund.

Please note that only the managing director or financial director of the employer may sign here. Alternatively the managing director or financial director may appoint an authorised signatory.

|Name | |

Date | | | | | | | | | | | | | | | | | | | | | | | |

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download