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BULLY SINGH
•Chairman, Iscor Retirement Fund &Iscor Unclaimed Benefits Preservation Pension Fund
•24 years’ knowledge & experience as Trustee
BULLY SINGH
•Chairman, Iscor Retirement Fund &Iscor Unclaimed Benefits Preservation Pension Fund
•24 years’ knowledge & experience as Trustee
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A Personal Experience
Moving deferred pensioners from the retirement Moving deferred pensioners from the retirement
fund to an unclaimed benefits preservation
fund for the benefit of existing pensioners
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Administration expenses were going up
Why?
– 40 000 Deferred Pensioners on the Iscor Retirement
Fund in January 2010
– Proving to be a massive burden on existing
pensioners in the same fund
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65% of the administration costs were for the
Deferred Pensioners
– These 40 000 Deferred Pensioners were on the
books but were “not doing anything”
– State of affairs could not be allowed to continue and
had to be remedied
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Steps that were taken:
– Approached the Actuary
– Asked for a breakdown of the age groups
– Asked for the detailed benefit entitlement of each
Deferred Pensioner
– A startling fact: the first 15 000 Deferred Pensioners
had benefits of less than R500 each
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Steps that were taken:
– Examined all who were 65 and older with help of
the Actuarythe Actuary
– Found that they were due for a pension
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– Having to get hold of 40 000 people
– Made use of 4 or 5 tracing agents
From Challenge to Windfall Opportunity
– The retirement fund was running its surplus – The retirement fund was running its surplus
apportionment exercise at the same time
– Able to use the same results of the tracing agents
for the apportionment exercise
– Cost-effective use of tracing agents – using the same
results for two fund projects
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– The FSB was involved from the start
– The FSB gave advice as well as assurance that the
Iscor Retirement Fund was on the right path
– Actuary, Investment Consultant and Administrator
also involved from the startalso involved from the start
Success flowing from Stakeholder Involvement
– Rules for Preservation Fund drawn up and
registered within one month
– Approved by SARS within 2 days of FSB registration
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Thank youThank you