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RETIREMENT FUND SOLUTION We assist employers in designing and implementing tailor made retirement fund and group benefit solutions for any size organisation based on independent professional recommendations which we obtain from leading experts in each discipline to suit the needs and requirements of the organization. This includes: Open EB-HUB website > Group Risk benefits: We develop customised death and disability benefits and have risk pools with most underwriters and Insurers. We also do product assessment on existing schemes and offer annual re-broking. Investment consulting: We offer dedicated asset consulting services with stockbrokers direct and the top asset managers in South Africa via a state of the art Investment Platform. Personalized share portfolio: We offer direct access to the equity market for retirement fund members, individually structured for the more astute and sophisticated investor thereby avoiding asset manager, platform and financial advisor fees which is a unique offering not accessible for members of most retirement funds. Financial planning services for individuals, which includes financial needs analyses, estate planning, retirement planning. Seminars: Financial Planning and retirement seminars and workshops for employees. The retirement funding landscape is changing rapidly in South Africa. Government has already published two interim white papers dealing with retirement reform issues. Since 2004, the South African Retirement Fund sector has managed more than R1 trillion worth of assets under administration - not surprisingly then that the industry is constantly challenged by ongoing change. The intended reforms create both threats and opportunities. Over the last three years TAXLEX Employee benefits have been conducting a significant amount of research and due diligence into the most efficient and appropriate retirement fund models and related disciplines and we developed a model that we think will become a major role-player in the industry. This project is known as the Extra Dimension Umbrella Funds or EDUF. As a supplementary service we offer a state of the art remuneration package structuring service which will be integrated with your payroll to ensure that all retirement and risk fund premiums are treated correct for Income Tax purposes and affording employers a opportunity to structure the remuneration packages of their employees tax effectively. This offering is unique to our solution and not offered by any other Retirement Fund in the industry. EXTRA DIMENSION UMBRELLA FUND A clear distinction should be drawn between product providers (Insurers, fund managers and administrators) and solution providers, i.e. private consulting companies. The conflicts of interest that exist in “One Stop Shops” are incestuous and not in the members best interest. The Extra Dimension Umbrella Pension and Provident Funds are uniquely and independently structured, complimented by the specialist skills of independent parties who demonstrated technical mastery and expertise in their respective disciplines. Systems, processes, people, economies of scale, broker supporting services and team work were harmonised to bring an efficient and long term sustainable solution to participating employers and their members. The main differences can be summarised as follows:
THE EXTRA DIMENSION UMBRELLA PENSION AND PROVIDENT FUNDS: The Principal Officers are full time professionals appointed by several of the largest funds in the South African Retirement Fund Industry. This ensures that the necessary experience is employed to monitor the fund in line with best practice and good fund governance. The Secretarial services are performed by an independent employee benefit consulting firm. This ensures that records of Trustee meetings are a true reflection of proceedings. In addition to TAXLEX Employee Benefits, tax, payroll and human resources services are provided by professional practitioners. In addition to TAXLEX Employee Benefits, an independent Senior Consultant monitors the services provided by the administrator. No cross shareholdings exist between any of service providers employed by the fund. Each participating employer receives an Investment Strategy Document prepared by an independent investment consultant compliant with circular PF130 issued by the Financial Services Board relating to Good Fund Governance. Each participating employer also enjoys the economies of scale achieved by the administrator who administers 150,000 members with R 5 billion assets under management. The Extra Dimension Umbrella Provident is the most cost effective solution whilst maintaining the highest level of quality administration services. Quality is never sacrificed for price as we are interested in seeking sustainable long term relationships with clients. Each participating employer receives bi-annual benefit statements whereas the industry provides only for annual statements. Each member registered for this service, will receive a sms with their individual fund credit values on a quarterly basis. The auditor is independent from any of the services providers employed by the fund. The umbrella fund is independently audited on an annual basis. All service providers have black empowerment credentials. The administrator deals directly with each participating employer on administrative matters, which promotes ownership and responsibility. Service level agreements are signed by the fund (Trustees), administrator, consultant, investment consultant and participating employer confirming the duties of each party. SPECIALIST PROVIDERS In line with our vision to provide “best of breed and uniquely independent retirement protection solutions”, we have built strong relations with specific partners, whom we feel are all industry leaders:
Administrator: RFS Administrators
Their economy of scale is passed on to the clients of TAXLEX/EB-HUB, who benefit from lower costs and system efficiency. The system offers complete flexibility which includes:
Asset Consulting: Investment Consulting Services
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