Umbrella Fund
Quotation Request (For use only by accredited intermediaries with a FAIS procedure independent from Sanlam)
Name of Client Solutions Specialist/Consultant currently assigned to intermediary:Section A: Employer Information (Compulsory)
Date requesting quotation
Name of Business & Business Entity
(e.g. Pty Ltd / CC)
Physical Business Address
If national operation, provide geographical split of members
Nature of business & Type of industry
Do the employees belong to Union / Bargaining Council? / Yes No / NB: If YES, please note that exemption will need to be obtained by the Employer
Details:
Employer contact person: Name / Cell number / Office Tel number
E-mail address / Fax number
Salaries to be quoted / Pensionable salaries onlyPensionable & Risk salaries
Total number of employees / *Total number of eligible employees
*All new eligible employees who enter service on or after the commencement date must be registered as members of the Fund.
Specify categories of members being excluded
Is weekly paid staff included? / Yes No / NB: If yes, provide annual salaries for these members. If not provided please indicate factor (52/26) that must be used
Do you require a quotation for associated entities? / Yes No / NB: Please read the document for more information. Associated entities
Number of pay points
Are all members residing in SA? / Yes No / If No, specify the countries members are residing in
Number of members residing outside the borders of SA?
Are any non-SA citizens included in the quotation? / Yes No / NB: If yes, provide actual date of birth for these members
Type of fund / Pension fundProvident fundHybrid Fund
Benefit design option (Please select ONE of the options listed below)
Option required / Yes/No
Unity Option / YesNo
Standard Option / YesNo
Optimal Option / YesNo
Comprehensive Option / YesNo
Cost of Insured benefits and expenses
(Optimal option: Fund operating expenses will be recovered from members shares outside of the monthly contribution receipting cycle) / Included inExcluded from employer’s contributions
Method of costing Administration fees
(Excludes Optimal option which will be expressed as a % of assets.) / % of salariesFixed Rand amount per member
Retirement Optimisation Premium Service / YesNo
Preferred Insurer for risk / Sanlam onlyBest of Sanlam/CAL
Comments
Section B: Intermediary Information (Compulsory)
Brokerage Name
Intermediary Name / Office Tel / Cell number / E-mail
Channel of business / Sanlam Financial AdvisorSanlam BrokerNon Sanlam BrokerDS Client ConsultingSimeka
SFA Branch / SBD Branch
Does the intermediary’s FSP licence allow them to market and provide advice relating to pension fund benefits? / Is the SFA licensed in terms of the FAIS Act to provide pension fund advice? / Yes No
FAIS license number / Sanlam Commission Code: (if applicable)
For Sanlam Umbrella Fund quotations
Method of costing consulting fees / % of salariesFixed Rand amount per member / Negotiated rand amount consulting fee
Is the intermediary offering a discount on the standard consulting fee?
(minimum of 50% allowed) / YesNot applicable / If “yes’ – supply details below
CBC % discount offered / CFA % discount offered
For Sanlam Unity quotations / CFA consulting fee is 0.50% of salaries
(unless otherwise authorised) / 0%0.50% of salaries
Section C: Take-over of existing fund (Compulsory)
Name of existing fund / PF Reg. No.
Current total fund value (this has an effect on admin. fees) / Select name of Previous Insurer/ Administrator / If “other” previous administrator was selected, please supply name
SEB Umbrella conversionSEB Stand-alone conversionABSAAlexander ForbesCedar EBGrant ThorntonHollardLibertyMetropolitanMomentumOld MutualSouth CitySUFVersoOther
Current number of active members / Number of fully paid-up members
Reason for change
Section D: Benefits
1. / Categories (insert description if applicable)
1.1 Member Contributions: / % / % / % / %
1.2 Employer Contributions: / % / % / % / %
The minimum net monthly member plus employer contribution rate is 5% of salaries and is subject to the net employer contribution rate being positive for all members.
2. / Normal Retirement Age
3. / Death Benefits (Combined Core plus Flex Cover may not exceed 15 x annual salary)
3.1 Option to continue to age 70 / YesNo
3.2 Group Core Life insurance
(Core Cover may not exceed 10 x annual salary) / Multiple of salary
3.2.1 Approved (under Fund): / Yes No
3.2.2 Unapproved (separate policy): / Yes No
3.3 Reinforced Group Life insurance
3.4 Group Flexible Life insurance (Minimum of 50 members are required)
3.4.1 Approved (under Fund):
3.4.2 Unapproved (separate policy)
4. / In the event of Group Income Disability insurance/Group Temporary Income Disability insurance
4.1 Continuation of life cover during disability / YesNo / YesNo / YesNo / YesNo
4.2 Growth on death benefits / YesNo / YesNo / YesNo / YesNo
Please note: The growth rate will increase at a rate equal to the selected disability increase growth rate subject to a maximum between the lesser of 10% or the increase in the Consumer Price Index.
5. / Are we taking over the life cover of existing and pending disability claims? (supply details, including date of disability) / YesNo
6. / Conversion Option / YesNo
7. / Group Accident insurance - Death / YES NO
50% or 100% of Group Core Life insurance / 50%100% / 50%100% / 50%100% / 50%100%
8. / Group Lump Sum Disability insurance (Cover cannot exceed the death cover.)
NB! Your lump sum disability is a rider benefit of the Group Life Insurance; therefore,you are restricted to the exact same choice as in section D.3.2 (approved/unapproved).
8.1 / Approved (under Fund): / Yes No
8.2 / Unapproved (separate policy) / Yes No
8.3 Conversion Option / YesNo
9. / Group Spouse’s Life insurance
Marital status of members plus DOB of spouses to be provided at quotation stage / Not applicable1 x salary2 x salary / Not applicable1 x salary2 x salary / Not applicable1 x salary2 x salary / Not applicable1 x salary2 x salary
10.1 Conversion Option / YesNo
10. / Group Income Disability insurance / 100%75%75% scale (tax modified benefit)Not applicable / 100%75%75% scale (tax modified benefit)Not applicable / 100%75%75% scale (tax modified benefit)Not applicable / 100%75%75% scale (tax modified benefit)Not applicable
10.1 Waiting Period / 3 months6 months12 months / 3 months6 months12 months / 3 months6 months12 months / 3 months6 months12 months
10.2 Conversion Option / YesNo
10.3 Growth Rate for Income Benefits / 0%3%5%6%7.5%10%
10.4 Waiver of Employer Contribution / Included
NB: If no disability has been selected, please indicate if Group Income Disability insurance is provided outside the umbrella. / Yes No
11. / Group Temporary Income and Lump Sum Disability insurance / YesNot applicable / YesNot applicable / YesNot applicable / YesNot applicable
12. /
Group Critical Illness insurance
/ YesNot applicable / YesNot applicable / YesNot applicable / YesNot applicable12.1 / Multiple of Salary
13. / Group Family Funeral insurance / YesNot applicable
13.1
/ Number of Units for quotation purposes (min 5 units, max 55 units)Section E: Benefits (as proposed) and tender request for Unity option
1. / Categories (insert description if applicable)
1.1 Member Contributions: / % / % / % / %
1.2 Employer Contributions: / % / % / % / %
2. / Group Life and Lump Sum Disability insurance / 0 x salary1 x salary2 x salary3 x salary
3. / Group Family Funeral insurance / YesNo
3.1 / Cost of Group Family Funeral insurance / Included inExcluded from employer’s contributions
4. / Normal Retirement Age
(will be 65 unless otherwise stipulated)
Sanlam Umbrella Fund Intermediary Quote Request April 2017 Page 4 of 4