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Chamber Provident Fund

Fund Registration Number 12/8/36320

The connection between FIG and The Chamber Provident Fund:
Jenny Hall assumed the Sponsorship of the Chamber Provident Fund in 2006 when she acquired the practice of an existing Financial Advisor. Having completed an extensive due diligence, a new Board, with Board members offering specific professional skill in identified areas, was constituted. A professional Principal Officer was appointed to oversee the management and operation of the fund.

FIG is the Board appointed Consultant to the fund, and also serves as a Trustee.

Why a Retirement fund for Employees?
Employees play important roles in the success of Small, Medium Enterprises. Their motivation and concern with the success of their employer/business enterprise is key to the ongoing growth and achievement of the strategic plans for the business.

Rewarding and retaining such employees cannot always be achieved by incentives, and the provision of additional benefits can be important to the employees’ package.

The National Security Savings Scheme initiative is inter alia motivated by the fact that only 6% of South Africans retire financially independent and employers are encouraged to help instil the culture of saving by way of a formalised retirement plan in the workplace.

Contributions into to a Registered Employee Benefit Fund is tax deductible in the Employer’s hands in terms of the South African Income Tax Act.

How does an Umbrella Fund benefit the employer?
A properly constituted Retirement Fund, registered under the Pensions Fund Act, is managed by a Board of Trustees, noted and registered with the Financial Services Board. By regulation Trustees are individually and personally liable for any actions of the fund.

An Employer, participating in a registered Umbrella fund, is released from this obligation by the professional Board of Trustees appointed to the Umbrella fund and can thus focus on their own profession: growing their businesses.

Economies of scale, as a result of multiple participating employers, ensure cost effective access for employers with a staff complement as small as 5 members and as large as 2000+ members.

Who administers the Chamber Provident Fund?
Broksure Administrators (Pty) Ltd was established in 1999 and is appropriately licensed under the FAIS and Pension Fund Acts. Broksure administers 24 Pension and Provident funds with assets of R140M. They administer the benefits of at 1600 members.

Broksure was appointed by the board of Chamber during 2008 to administer the Provident Fund.

What happens if a loyal and dedicated employee dies?
Each Employer designs its own specific Rules and thus group life cover, calculated as a multiple of salary, can be designed to meet specific requirements.

Should an employee then die, accidentally or naturally, the elected sum assured is paid to the beneficiaries as nominated by the member. This very often is the only payment received by the families of the deceased and forms a vital part of the retirement fund.

How do I deal with disabled staff?
Medical science has developed to allow victims to survive incidents and thus disability, either temporary or permanently, is most likely the result. The large number of members on an umbrella fund makes access to an excellent disability pension possible, providing benefits like:

• Payment of 75% of salary, escalating by 5% per annum;
• Continued membership on the employers fund, providing life cover and investment into the retirement fund, paid for by the insurer;
• The ability to retire from the fund, as if the member remained employed, at age 65.