Your Retirement - Our Passion

Pensioner Benefit Statement Pensioner Benefit Statement

Brochure 2019Brochure 2019

Pensioner Benefit Statement

Brochure 2019

Ÿ Your 2019 Benefit Statement Explained

Ÿ Extract from the 2019 Integrated Annual Report

Ÿ Newsflashes

Ÿ Sentinel’s New Website is live

Ethics Hotline 0800 000 594

The following detail is provided:

A. PERSONAL PARTICULARS OF PENSION RECIPIENT

This section reflects the personal particulars of the person who receives a pension(s) from Sentinel Retirement Fund. Please verify that it is your statement and that the information is correct.

B1. PENSION BENEFIT DETAILS

This section reflects details of all pension(s) in payment as at 16 October 2019 and includes the 2019 pension increase. The following detail is provided:Originating Fund refers the Fund structure and dispensation that applied when the pension originated. References to MEPF (Mine Employees' Pension Fund) are purely for ease of reference as all the pensions are paid by Sentinel Retirement Fund. Pensions that originated in the MOPF (Mine Officials Pension Fund), Sentinel Mining Industry Retirement Fund and Sentinel Retirement Fund are referenced as Sentinel.Benefit Description confirms the originating cause of the benefit. References to “Retirement” include early, at normal retirement age and late retirements.Pension Type confirms that type of pension. The term “Guaranteed” means a life-long pension, payable for as long as the legal recipient is alive. Flexible pensions and Child pensions are not guaranteed for life.Benefit Commencement Date is the date on which the pension originally became payable.Current Pension Value reflects the post 2019 pension increase value of the pension(s) in payment.

B2. EXTENDED BENEFIT PROVISIONS

This section reflects details of extended benefits that were provided for when the pension became payable on the Benefit Commencement Date, as indicated in section B1.

Category refers to the dispensation that applied when the pension originated. The Category code reflected, links with an explanation of the dispensation that applied in section C below.Potential spouse pension value reflects the current value (as at 16 October 2019) of this provision. Please refer to the appropriate description provided in section C for the qualification criteria and remember that this provision can only be considered for payment after the death of the pension recipient.

Term Certain Guarantee Expiry Date refers to the expiry date of the term certain guarantee that was elected at retirement by pensioners who retired after 1/7/2001 in Sentinel and 1/7/2003 in MEPF. In the event that a future date is reflected and the pensioner dies before the expiry date, the full pension will become payable to the qualifying nominated spouse for the remaining term before the spouse pension provided for by the pensioner will become payable, or in the event that both the pensioner and his/her nominated spouse pass away before the expiry date, capitalisation of the remaining pensions will occur and be paid in a lump sum. If the pensioner and/or the nominated spouse outlive the term certain guarantee period, the applicable pension will remain payable for life.

Potential DBS Lump Sum Value (R) reflects current values of preserved DBS lump sum provisions that pensioners elected at retirement before 1/7/2001 in MOPF and before 1/7/2003 in MEPF.

C. EXTENDED BENEFIT DESCRIPTIONS AND QUALIFICATION CRITERIA

The description and qualification criteria that applied in terms of the Rules at the time that benefit(s) initially become payable is reflected in this section. Please link the Category indictor in section B2 with the appropriate content in section C for a better understanding of the provisions that apply to these extended benefits. The complete list of possible dispensations contains 14 different categories but only those that are applicable to your benefits are reflected in your statement. Your applicable categories will therefore not necessarily follow in alphabetical or numerical sequence.

YOUR BENEFIT STATEMENT EXPLAINEDYOUR BENEFIT STATEMENT EXPLAINEDYOUR BENEFIT STATEMENT EXPLAINED

2 3

Please also read the important notes, which are printed on the overleaf of your benefit statement.

The generic template published below is for illustrative purposes only and will not necessarily replicate your personalised statement. Please read your statement and use this article for a better understanding of the benefit dispensation that was in force when payment of your pension(s) commenced.

Sentinel Retirement Fund provides pensioners with an annual benefit statement that reflects current as well as extended benefit(s) that have been provided for in terms of the Rules of the Fund that were in force at the time that benefit(s) originally became payable.

The current value of pension(s) and extended benefit provisions are reflected, together with benefit descriptions and qualification criteria.

Your Benefit Statement reflects details of all pension(s) in payment as at 16 October 2019 and includes the 2019 pension increase.

The following detail is provided:

A. PERSONAL PARTICULARS OF PENSION RECIPIENT

This section reflects the personal particulars of the person who receives a pension(s) from Sentinel Retirement Fund. Please verify that it is your statement and that the information is correct.

B1. PENSION BENEFIT DETAILS

This section reflects details of all pension(s) in payment as at 16 October 2019 and includes the 2019 pension increase. The following detail is provided:Originating Fund refers the Fund structure and dispensation that applied when the pension originated. References to MEPF (Mine Employees' Pension Fund) are purely for ease of reference as all the pensions are paid by Sentinel Retirement Fund. Pensions that originated in the MOPF (Mine Officials Pension Fund), Sentinel Mining Industry Retirement Fund and Sentinel Retirement Fund are referenced as Sentinel.Benefit Description confirms the originating cause of the benefit. References to “Retirement” include early, at normal retirement age and late retirements.Pension Type confirms that type of pension. The term “Guaranteed” means a life-long pension, payable for as long as the legal recipient is alive. Flexible pensions and Child pensions are not guaranteed for life.Benefit Commencement Date is the date on which the pension originally became payable.Current Pension Value reflects the post 2019 pension increase value of the pension(s) in payment.

B2. EXTENDED BENEFIT PROVISIONS

This section reflects details of extended benefits that were provided for when the pension became payable on the Benefit Commencement Date, as indicated in section B1.

Category refers to the dispensation that applied when the pension originated. The Category code reflected, links with an explanation of the dispensation that applied in section C below.Potential spouse pension value reflects the current value (as at 16 October 2019) of this provision. Please refer to the appropriate description provided in section C for the qualification criteria and remember that this provision can only be considered for payment after the death of the pension recipient.

Term Certain Guarantee Expiry Date refers to the expiry date of the term certain guarantee that was elected at retirement by pensioners who retired after 1/7/2001 in Sentinel and 1/7/2003 in MEPF. In the event that a future date is reflected and the pensioner dies before the expiry date, the full pension will become payable to the qualifying nominated spouse for the remaining term before the spouse pension provided for by the pensioner will become payable, or in the event that both the pensioner and his/her nominated spouse pass away before the expiry date, capitalisation of the remaining pensions will occur and be paid in a lump sum. If the pensioner and/or the nominated spouse outlive the term certain guarantee period, the applicable pension will remain payable for life.

Potential DBS Lump Sum Value (R) reflects current values of preserved DBS lump sum provisions that pensioners elected at retirement before 1/7/2001 in MOPF and before 1/7/2003 in MEPF.

C. EXTENDED BENEFIT DESCRIPTIONS AND QUALIFICATION CRITERIA

The description and qualification criteria that applied in terms of the Rules at the time that benefit(s) initially become payable is reflected in this section. Please link the Category indictor in section B2 with the appropriate content in section C for a better understanding of the provisions that apply to these extended benefits. The complete list of possible dispensations contains 14 different categories but only those that are applicable to your benefits are reflected in your statement. Your applicable categories will therefore not necessarily follow in alphabetical or numerical sequence.

YOUR BENEFIT STATEMENT EXPLAINEDYOUR BENEFIT STATEMENT EXPLAINEDYOUR BENEFIT STATEMENT EXPLAINED

2 3

Please also read the important notes, which are printed on the overleaf of your benefit statement.

The generic template published below is for illustrative purposes only and will not necessarily replicate your personalised statement. Please read your statement and use this article for a better understanding of the benefit dispensation that was in force when payment of your pension(s) commenced.

Sentinel Retirement Fund provides pensioners with an annual benefit statement that reflects current as well as extended benefit(s) that have been provided for in terms of the Rules of the Fund that were in force at the time that benefit(s) originally became payable.

The current value of pension(s) and extended benefit provisions are reflected, together with benefit descriptions and qualification criteria.

Your Benefit Statement reflects details of all pension(s) in payment as at 16 October 2019 and includes the 2019 pension increase.

SPOUSE PENSIONS IN A NUTSHELL SPOUSE PENSIONS IN A NUTSHELL SPOUSE PENSIONS IN A NUTSHELL

Effective Date Qualifying Spouse Spouse Pension

MOPF

Pre 31/5/1981

MEPF

Pre 21/3/1982

MOPF

From 1/6/1981

MEPF

From 1/4/1982

Sentinel

From 1/3/2001

MEPF

From 1/3/2003

Sentinel

&

MEPF

From 1/8/2005

Sentinel

Post 19/4/2007

MEPF

Post 8/10/2007

If a spouse pension was elected at retirement, the pension will become payable to the person that the pensioner was married to at the date of retirement, irrespective if they are still married at the time of the pensioner's death.

A spouse's pension, if provided for at retirement, will become payable to:

Ÿ The person that was nominated as the pensioner's spouse at retirement provided that they were living together from retirement throughout until death.

Ÿ MOPF spouse pensions are not payable to persons who became the spouse of a pensioner after retirement.

Ÿ From 1/1/1991 until 28/2/2003, MEPF provided reduced spouse pensions to post retirement spouses.

The spouse for whom a spouse pension was provided at the time that the pensioner retired will qualify for this benefit irrespective if they are still married at the time of the pensioner's death.

The spouse for whom a spouse pension was provided at the time that the pensioner retired will qualify for this benefit irrespective if they are still married at the time of pensioner's death.

Guaranteed pensions: The spouse for whom a pension was provided at retirement will qualify for this benefit irrespective if they are still married at the pensioner's death.

Flexible pensions: The person nominated as the spouse before the flexible pensioner's death, will receive benefits.

The spouse pension equates to 50% of the pensioner's pension at death, excluding lump sum and early retirement reductions that applied at the date of retirement.

The spouse pension equates to 50% of the pensioner's pension at date of death, excluding lump sum and early retirement reductions.

The reduced MEPF spouse pension equates to 33% of the pensioner's pension at date of death, excluding lump sum and early retirement reductions.

A term certain guarantee of 5 years applied. If the pensioner died within the first 5 years of retirement, the spouse would have received the full pension for the remainder of the 5 years, where after a spouse pension of 75% will become payable.

The pensioner elected between 5 and 25 years as a term certain guarantee, and a 75% or 100% spouse pension. If the pensioner dies within the term certain period, the spouse will receive the full pension for the remainder of the term selected, where after a spouse pension of either 75% or 100%, will become payable.

If the pensioner dies within the term certain period, the spouse will receive the full pension for the remainder of the term selected, where after a spouse pension of either 75% or 100% will become payable.

The spouse for purposes of the flexible pension becomes eligible to receive benefits from the flexible pension capital account.

4 5

The extended weakness of our domestic economy and its inability to produce meaningful growth, extremely high levels of unemployment and poverty, a highly volatile rand coupled with high fuel prices, continued turmoil surrounding a number of state-owned enterprises and the ongoing financial drain of these on the fiscus, talk of an increase in taxes and the negative impact flowing from the ongoing state capture debacle, weighs heavily on all South Africans.

The above factors, among others, further compromised the domestic investment markets as international investors sought safety and acceptable risk-based returns elsewhere. A rise in US dollar commodity prices, although beneficial to some local industries, did little to stabilise an already jittery investment environment.

Emerging markets globally, including our local market, have again been particularly hard hit. The domestic economy and investment markets have been further negatively impacted by, among others, the 2019 national elections, internal strife and factionalism within the governing party, various ongoing high profile court battles and commissions, and policy uncertainty that remains around important issues such as the independence of the South African Reserve Bank, expropriation of land without compensation and National Health Insurance.

Over the reporting period, SA nominal bonds (11,5%) and international equities (8,7%) were the best performing asset classes while Africa equities (-8,1%) and SA-listed properties (-5,1%) were the worst performing.

Sentinel, however, managed to generate positive returns (net of all administration and asset manager fees) across all 'life-stage' portfolios and the pensioner portfolio over the financial year, through its prudent investment model that is based on risk mitigation principles from a widely diversified portfolio of local and international assets that spreads risk across various asset classes and specialist investment manager mandates. This investment model remains an effective mechanism for countering some of the volatility and uncertainty experienced by markets over the recent past.

Investment markets

The past financial year has been an extremely difficult one as investment market volatility increased to unprecedented levels. The negative impact on the domestic market brought about by continued global uncertainty resulting from a protracted Brexit, an escalation in the USA/China trade war, extreme weather conditions specifically in Europe and political tension spanning many parts of the globe, has been deeply felt by local investors.

The size of South Africa in world markets dropped to around 0,4% of global GDP and will decline even further with projected economic growth rates that fall far short of what is required to address and alleviate poverty and unemployment.

EXTRACT OF 2019 INTEGRATED EXTRACT OF 2019 INTEGRATED

ANNUAL REPORT: JOINT REVIEW BY ANNUAL REPORT: JOINT REVIEW BY

THE CHAIRMAN OF THE BOARD AND THE CHAIRMAN OF THE BOARD AND

CHIEF EXECUTIVE OFFICERCHIEF EXECUTIVE OFFICER

EXTRACT OF 2019 INTEGRATED

ANNUAL REPORT: JOINT REVIEW BY

THE CHAIRMAN OF THE BOARD AND

CHIEF EXECUTIVE OFFICER

Sentinel has, over a number of years, implemented various industry leading governance structures and reporting methodologies. The Fund continually strives to improve its governance mechanisms and the principles embodied in King IVTM and PF Notice 130.

On 1 July 2018, the Board of Trustees was reduced in size from 19 Trustees to 11 Trustees including an independent Trustee who is also the Board Chairperson. The Fund also appointed a number of appropriately skilled and experienced individuals to the Board committees on this date to further broaden the skill sets and experience of these committees.

While the Fund has always incorporated sustainability considerations into both its investment and operating model, local and global events in 2019 once again highlighted that further efforts and consideration is required.

Fees and costs

Sentinel welcomes the publication of Guidance Notice 1 of 2019 from the FSCA. While Sentinel mostly complies with the requirements, it will work towards an expansion of existing sustainability initiatives and further improvements in monitoring and associated reporting.

Sustainability

Although Sentinel already complied with the majority of default regulations (Regulation 37 – Default Investment Portfolios, Regulation 38 – Default Preservation and Portability, and Regulation 39 – Annuity Strategy) the Rules of the Fund were amended, effective 1 March 2019, to fully comply specifically with Regulation 38, that deals with paid-up membership concerning the preservation of retirement capital and portability of such capital. This Rule amendment resulted in Sentinel's 'deferred members' and 'interim members' being reclassified as paid-up members, from 1 March 2019.

The Fund has, for a number of years, reported portfolio returns both gross and net of all costs in support of our commitment to transparency. Sentinel has further enhanced this cost reporting and now reports all costs and fees separately including indirect fees and costs levied on products such as fund-of-fund investments.

Default regulations

Governance

During the period under review, both the Financial Sector Conduct Authority and South African Reserve Bank conducted formal inspections of Sentinel. The Fund values and appreciates the constructive engagement these inspections provided.

The Fund sadly lost its Principal Officer on 28 April 2019 after a period of illness, and subsequently appointed its Deputy Principal Officer, Mr JS Fouché, as Principal Officer on 13 July 2019.

Combined assurance

The combined assurance framework has also been further expanded to ensure that optimal assurance is obtained from all four lines of defence. These lines of defence include management, a dedicated risk and compliance function, internal and external audit as well as external specialist service providers such as the Fund's actuary.

Sentinel has enhanced its risk management process to include a causal methodology in identification and reporting of risks. The major Fund risks continue to be evaluated and monitored with the risk register being updated and reported on at all meetings of the Audit and Risk Committee and the Board of Trustees.

SPOUSE PENSIONS IN A NUTSHELL SPOUSE PENSIONS IN A NUTSHELL SPOUSE PENSIONS IN A NUTSHELL

Effective Date Qualifying Spouse Spouse Pension

MOPF

Pre 31/5/1981

MEPF

Pre 21/3/1982

MOPF

From 1/6/1981

MEPF

From 1/4/1982

Sentinel

From 1/3/2001

MEPF

From 1/3/2003

Sentinel

&

MEPF

From 1/8/2005

Sentinel

Post 19/4/2007

MEPF

Post 8/10/2007

If a spouse pension was elected at retirement, the pension will become payable to the person that the pensioner was married to at the date of retirement, irrespective if they are still married at the time of the pensioner's death.

A spouse's pension, if provided for at retirement, will become payable to:

Ÿ The person that was nominated as the pensioner's spouse at retirement provided that they were living together from retirement throughout until death.

Ÿ MOPF spouse pensions are not payable to persons who became the spouse of a pensioner after retirement.

Ÿ From 1/1/1991 until 28/2/2003, MEPF provided reduced spouse pensions to post retirement spouses.

The spouse for whom a spouse pension was provided at the time that the pensioner retired will qualify for this benefit irrespective if they are still married at the time of the pensioner's death.

The spouse for whom a spouse pension was provided at the time that the pensioner retired will qualify for this benefit irrespective if they are still married at the time of pensioner's death.

Guaranteed pensions: The spouse for whom a pension was provided at retirement will qualify for this benefit irrespective if they are still married at the pensioner's death.

Flexible pensions: The person nominated as the spouse before the flexible pensioner's death, will receive benefits.

The spouse pension equates to 50% of the pensioner's pension at death, excluding lump sum and early retirement reductions that applied at the date of retirement.

The spouse pension equates to 50% of the pensioner's pension at date of death, excluding lump sum and early retirement reductions.

The reduced MEPF spouse pension equates to 33% of the pensioner's pension at date of death, excluding lump sum and early retirement reductions.

A term certain guarantee of 5 years applied. If the pensioner died within the first 5 years of retirement, the spouse would have received the full pension for the remainder of the 5 years, where after a spouse pension of 75% will become payable.

The pensioner elected between 5 and 25 years as a term certain guarantee, and a 75% or 100% spouse pension. If the pensioner dies within the term certain period, the spouse will receive the full pension for the remainder of the term selected, where after a spouse pension of either 75% or 100%, will become payable.

If the pensioner dies within the term certain period, the spouse will receive the full pension for the remainder of the term selected, where after a spouse pension of either 75% or 100% will become payable.

The spouse for purposes of the flexible pension becomes eligible to receive benefits from the flexible pension capital account.

4 5

The extended weakness of our domestic economy and its inability to produce meaningful growth, extremely high levels of unemployment and poverty, a highly volatile rand coupled with high fuel prices, continued turmoil surrounding a number of state-owned enterprises and the ongoing financial drain of these on the fiscus, talk of an increase in taxes and the negative impact flowing from the ongoing state capture debacle, weighs heavily on all South Africans.

The above factors, among others, further compromised the domestic investment markets as international investors sought safety and acceptable risk-based returns elsewhere. A rise in US dollar commodity prices, although beneficial to some local industries, did little to stabilise an already jittery investment environment.

Emerging markets globally, including our local market, have again been particularly hard hit. The domestic economy and investment markets have been further negatively impacted by, among others, the 2019 national elections, internal strife and factionalism within the governing party, various ongoing high profile court battles and commissions, and policy uncertainty that remains around important issues such as the independence of the South African Reserve Bank, expropriation of land without compensation and National Health Insurance.

Over the reporting period, SA nominal bonds (11,5%) and international equities (8,7%) were the best performing asset classes while Africa equities (-8,1%) and SA-listed properties (-5,1%) were the worst performing.

Sentinel, however, managed to generate positive returns (net of all administration and asset manager fees) across all 'life-stage' portfolios and the pensioner portfolio over the financial year, through its prudent investment model that is based on risk mitigation principles from a widely diversified portfolio of local and international assets that spreads risk across various asset classes and specialist investment manager mandates. This investment model remains an effective mechanism for countering some of the volatility and uncertainty experienced by markets over the recent past.

Investment markets

The past financial year has been an extremely difficult one as investment market volatility increased to unprecedented levels. The negative impact on the domestic market brought about by continued global uncertainty resulting from a protracted Brexit, an escalation in the USA/China trade war, extreme weather conditions specifically in Europe and political tension spanning many parts of the globe, has been deeply felt by local investors.

The size of South Africa in world markets dropped to around 0,4% of global GDP and will decline even further with projected economic growth rates that fall far short of what is required to address and alleviate poverty and unemployment.

EXTRACT OF 2019 INTEGRATED EXTRACT OF 2019 INTEGRATED

ANNUAL REPORT: JOINT REVIEW BY ANNUAL REPORT: JOINT REVIEW BY

THE CHAIRMAN OF THE BOARD AND THE CHAIRMAN OF THE BOARD AND

CHIEF EXECUTIVE OFFICERCHIEF EXECUTIVE OFFICER

EXTRACT OF 2019 INTEGRATED

ANNUAL REPORT: JOINT REVIEW BY

THE CHAIRMAN OF THE BOARD AND

CHIEF EXECUTIVE OFFICER

Sentinel has, over a number of years, implemented various industry leading governance structures and reporting methodologies. The Fund continually strives to improve its governance mechanisms and the principles embodied in King IVTM and PF Notice 130.

On 1 July 2018, the Board of Trustees was reduced in size from 19 Trustees to 11 Trustees including an independent Trustee who is also the Board Chairperson. The Fund also appointed a number of appropriately skilled and experienced individuals to the Board committees on this date to further broaden the skill sets and experience of these committees.

While the Fund has always incorporated sustainability considerations into both its investment and operating model, local and global events in 2019 once again highlighted that further efforts and consideration is required.

Fees and costs

Sentinel welcomes the publication of Guidance Notice 1 of 2019 from the FSCA. While Sentinel mostly complies with the requirements, it will work towards an expansion of existing sustainability initiatives and further improvements in monitoring and associated reporting.

Sustainability

Although Sentinel already complied with the majority of default regulations (Regulation 37 – Default Investment Portfolios, Regulation 38 – Default Preservation and Portability, and Regulation 39 – Annuity Strategy) the Rules of the Fund were amended, effective 1 March 2019, to fully comply specifically with Regulation 38, that deals with paid-up membership concerning the preservation of retirement capital and portability of such capital. This Rule amendment resulted in Sentinel's 'deferred members' and 'interim members' being reclassified as paid-up members, from 1 March 2019.

The Fund has, for a number of years, reported portfolio returns both gross and net of all costs in support of our commitment to transparency. Sentinel has further enhanced this cost reporting and now reports all costs and fees separately including indirect fees and costs levied on products such as fund-of-fund investments.

Default regulations

Governance

During the period under review, both the Financial Sector Conduct Authority and South African Reserve Bank conducted formal inspections of Sentinel. The Fund values and appreciates the constructive engagement these inspections provided.

The Fund sadly lost its Principal Officer on 28 April 2019 after a period of illness, and subsequently appointed its Deputy Principal Officer, Mr JS Fouché, as Principal Officer on 13 July 2019.

Combined assurance

The combined assurance framework has also been further expanded to ensure that optimal assurance is obtained from all four lines of defence. These lines of defence include management, a dedicated risk and compliance function, internal and external audit as well as external specialist service providers such as the Fund's actuary.

Sentinel has enhanced its risk management process to include a causal methodology in identification and reporting of risks. The major Fund risks continue to be evaluated and monitored with the risk register being updated and reported on at all meetings of the Audit and Risk Committee and the Board of Trustees.

DEATH BENEFIT LUMP SUMS DEATH BENEFIT LUMP SUMS

IN A NUTSHELLIN A NUTSHELL

DEATH BENEFIT LUMP SUMS

IN A NUTSHELL

Effective Date Death Benefit

DBS cover is based on the pensioner's pension, excluding lump sum and early retirement reductions.

At retirement you had the option to preserve a DBS lump sum equivalent to 24 months' pensions, or to convert your full DBS in favour of an additional retirement benefit.

At retirement you had the option to preserve a DBS lump sum equivalent to 30 months' pensions, or to convert your full DBS in favour of an additional retirement benefit.

From 1/9/1994, MEPF compelled retirees to preserve a DBS lump sum equivalent to at least 12 months' pensions and to convert the balance in favour of an additional retirement benefit, while MOPF allowed retirees to convert the full DBS in favour of an additional retirement benefit.

DBS cover is based on the pensioner's pension, excluding lump sum and early retirement reductions.

The dispensation that applied from 1/8/2005 still applies to guaranteed pensions (please see above). The remaining balance in the flexible pension account at death, may become payable as a lump sum.

If both you and your spouse die within the term selected at retirement (5, 10, 15, 20 or 25 years), the monthly pensions for the remainder of the term will be capitalised and paid in a lump sum.

If both you and your spouse died within the first 5 years of retirement, the monthly pensions for the remainder of the term will be capitalised and paid in a lump sum.

Section 37C of the Pension Funds Act regulates the distribution of death benefits paid by retirement funds. Dependents, Nominees or the Estate may share in the benefit. You may express your wishes by completing and submitting a Nomination Form to the Fund.

MOPF

Pre 31/5/1981

MEPF

Pre 21/3/1982

MOPF

From 1/6/1981

MEPF

From 1/4/1982

Sentinel

From 1/3/2001

MEPF

From 1/3/2003

Sentinel

&

MEPF

From 1/8/2005

Sentinel

Post 19/4/2007

MEPF

Post 8/10/2007

6 7

Please take the time to access and read this important document.

Sentinel Retirement Fund's 2019 Integrated Annual Report is available at: www.sentinel.za.com

2019 INTEGRATED ANNUAL REPORT

On 1 October 2018, the Fund appointed PricewaterhouseCoopers Inc (PwC) as its internal auditors to replace KPMG Services (Pty) Limited. On this date, the Fund also appointed Deloitte & Touche as its external auditors to replace PwC.

Operations

Operationally Sentinel performed well again. Our goal of providing excellence in client service within acceptable cost parameters has driven further enhancements to IT platforms and the strengthening of control processes. In addition, the Fund has enhanced its benefit statements to not only reflect regulatory requirements, but also an income replacement measurement and the potential shortfall a member may have in achieving a 75% replacement income at retirement.

The roll-out of a new self-help member and pensioner secure portal with enhanced benefit estimate calculator is progressing well and will launch in the third quarter of 2019.

The continued uncertainty regarding the implementation of annuitisation for provident fund members and compulsory preservation for all retirement fund members remains a concern. It adds to the insecurity experienced by existing and prospective members and participating employers, and remains a major obstacle in our efforts to grow Sentinel's member and employer base.

As at 30 June 2019, 17 black investment management firms have completed the incubation programme, while a further 10 black investment management firms are being supported.

Sentinel remains one of only a few self-administered umbrella retirement funds that provides an in-house default annuity option to members at retirement in addition to an in-house living annuity option to qualifying retirees. This model supports a seamless and costless transition from being a member to becoming a pensioner in the Fund and continues to deliver excellent cost savings to retiring members. The option to elect the Sentinel in-house living annuity has been extended to the spouse of a deceased member, effective 1 March 2019, who qualifies for this option.

Ÿ Our internal employment equity (EE) plan, in which we develop employees from designated groups

The Fund continues to support black economic empowerment and transformation through the following channels:

Ÿ By recruiting promising candidates as interns and training them in the financial, investment and retirement fund fields

Mr Madula Mananye

Retirement reform

During the financial year under review, despite the total number of employees remaining the same, the number of African employees at Sentinel increased by over seven percent. Over the past five years the number of Sentinel employees has decreased from 94 to 83. Despite very low staff turnover, the Fund managed to increase the number of black African employees to 35% of total employees.

On 28 April 2019 Mr Madula Mananye, the Principal Officer and Chief Risk and Compliance Officer of Sentinel, sadly passed away. The Fund lost an exemplary member of its executive management team, a man of unquestionable integrity who made an enormous contribution to both the Fund and the broader industry during his tenure as Principal Officer.

Transformation

Ÿ By supporting a black investment manager incubation programme for the past 12 years. This highly successful programme assists start-up black investment management firms to establish themselves in the asset management industry

Ÿ By supporting established black investment managers.

We did not only lose a colleague, we lost a friend and expert in his field who touched the lives of the entire Sentinel team. Madula is sorely missed by us all.

As said in our 2018 review, the creation of an inclusive growth environment that is underpinned by a stable growing economy remains a major challenge. To achieve this, tough and sometimes unpopular decisions are required that support the establishment of policy certainty and setting the course to longer-term financial stability of all South Africans.

Outlook 2019/2020

Chairman of the Board Chief Executive Officer

We extend our gratitude to the Sentinel Board members, committee members, management and staff for their diligence and dedication to the Fund over the past year. In particular, we thank Mr John Liackman, the Chairman of the Investment Committee, Mr Francois Cooper, the Chairman of the Audit and Risk Committee, and Mr Abe Bardin, the Chairman of the Human Resource and Remuneration Committee for their commitment and guidance.

Investment market volatility and relative weakness is expected to continue into the foreseeable future accompanied by investor uncertainty especially within emerging markets. Our local economy is further anticipated to remain under pressure as economic growth will struggle to accelerate considering the negative impact of struggling SOEs, lack of clear economic policies and plans, and high levels of unemployment and poverty. The potential for a further sovereign rating downgrade combined with a negative outlook for emerging markets in general, places South Africa high on the risk spectrum for international investors which does not bode well for a quick recovery from current weakness.

Notwithstanding the difficulties experienced over the year, we have built an exemplary institution with a competitive cost base, high levels of governance and excellence in service as hallmarks over many years. We know we can always improve and to this end continually seek innovative solutions in our quest for excellence and providing Fund participants with a compelling value proposition.

We are confident that Sentinel's well-diversified asset base and strategic initiatives will enable the Fund to manage the challenges and risks that it is exposed to.

We would also like to thank all Sentinel service providers and business partners for their contribution over the past financial year.

Appreciation

We further sincerely thank our members, pensioners and participating employers for their continued loyalty and support.

AB la Grange FJ Visser

3 October 2019

DEATH BENEFIT LUMP SUMS DEATH BENEFIT LUMP SUMS

IN A NUTSHELLIN A NUTSHELL

DEATH BENEFIT LUMP SUMS

IN A NUTSHELL

Effective Date Death Benefit

DBS cover is based on the pensioner's pension, excluding lump sum and early retirement reductions.

At retirement you had the option to preserve a DBS lump sum equivalent to 24 months' pensions, or to convert your full DBS in favour of an additional retirement benefit.

At retirement you had the option to preserve a DBS lump sum equivalent to 30 months' pensions, or to convert your full DBS in favour of an additional retirement benefit.

From 1/9/1994, MEPF compelled retirees to preserve a DBS lump sum equivalent to at least 12 months' pensions and to convert the balance in favour of an additional retirement benefit, while MOPF allowed retirees to convert the full DBS in favour of an additional retirement benefit.

DBS cover is based on the pensioner's pension, excluding lump sum and early retirement reductions.

The dispensation that applied from 1/8/2005 still applies to guaranteed pensions (please see above). The remaining balance in the flexible pension account at death, may become payable as a lump sum.

If both you and your spouse die within the term selected at retirement (5, 10, 15, 20 or 25 years), the monthly pensions for the remainder of the term will be capitalised and paid in a lump sum.

If both you and your spouse died within the first 5 years of retirement, the monthly pensions for the remainder of the term will be capitalised and paid in a lump sum.

Section 37C of the Pension Funds Act regulates the distribution of death benefits paid by retirement funds. Dependents, Nominees or the Estate may share in the benefit. You may express your wishes by completing and submitting a Nomination Form to the Fund.

MOPF

Pre 31/5/1981

MEPF

Pre 21/3/1982

MOPF

From 1/6/1981

MEPF

From 1/4/1982

Sentinel

From 1/3/2001

MEPF

From 1/3/2003

Sentinel

&

MEPF

From 1/8/2005

Sentinel

Post 19/4/2007

MEPF

Post 8/10/2007

6 7

Please take the time to access and read this important document.

Sentinel Retirement Fund's 2019 Integrated Annual Report is available at: www.sentinel.za.com

2019 INTEGRATED ANNUAL REPORT

On 1 October 2018, the Fund appointed PricewaterhouseCoopers Inc (PwC) as its internal auditors to replace KPMG Services (Pty) Limited. On this date, the Fund also appointed Deloitte & Touche as its external auditors to replace PwC.

Operations

Operationally Sentinel performed well again. Our goal of providing excellence in client service within acceptable cost parameters has driven further enhancements to IT platforms and the strengthening of control processes. In addition, the Fund has enhanced its benefit statements to not only reflect regulatory requirements, but also an income replacement measurement and the potential shortfall a member may have in achieving a 75% replacement income at retirement.

The roll-out of a new self-help member and pensioner secure portal with enhanced benefit estimate calculator is progressing well and will launch in the third quarter of 2019.

The continued uncertainty regarding the implementation of annuitisation for provident fund members and compulsory preservation for all retirement fund members remains a concern. It adds to the insecurity experienced by existing and prospective members and participating employers, and remains a major obstacle in our efforts to grow Sentinel's member and employer base.

As at 30 June 2019, 17 black investment management firms have completed the incubation programme, while a further 10 black investment management firms are being supported.

Sentinel remains one of only a few self-administered umbrella retirement funds that provides an in-house default annuity option to members at retirement in addition to an in-house living annuity option to qualifying retirees. This model supports a seamless and costless transition from being a member to becoming a pensioner in the Fund and continues to deliver excellent cost savings to retiring members. The option to elect the Sentinel in-house living annuity has been extended to the spouse of a deceased member, effective 1 March 2019, who qualifies for this option.

Ÿ Our internal employment equity (EE) plan, in which we develop employees from designated groups

The Fund continues to support black economic empowerment and transformation through the following channels:

Ÿ By recruiting promising candidates as interns and training them in the financial, investment and retirement fund fields

Mr Madula Mananye

Retirement reform

During the financial year under review, despite the total number of employees remaining the same, the number of African employees at Sentinel increased by over seven percent. Over the past five years the number of Sentinel employees has decreased from 94 to 83. Despite very low staff turnover, the Fund managed to increase the number of black African employees to 35% of total employees.

On 28 April 2019 Mr Madula Mananye, the Principal Officer and Chief Risk and Compliance Officer of Sentinel, sadly passed away. The Fund lost an exemplary member of its executive management team, a man of unquestionable integrity who made an enormous contribution to both the Fund and the broader industry during his tenure as Principal Officer.

Transformation

Ÿ By supporting a black investment manager incubation programme for the past 12 years. This highly successful programme assists start-up black investment management firms to establish themselves in the asset management industry

Ÿ By supporting established black investment managers.

We did not only lose a colleague, we lost a friend and expert in his field who touched the lives of the entire Sentinel team. Madula is sorely missed by us all.

As said in our 2018 review, the creation of an inclusive growth environment that is underpinned by a stable growing economy remains a major challenge. To achieve this, tough and sometimes unpopular decisions are required that support the establishment of policy certainty and setting the course to longer-term financial stability of all South Africans.

Outlook 2019/2020

Chairman of the Board Chief Executive Officer

We extend our gratitude to the Sentinel Board members, committee members, management and staff for their diligence and dedication to the Fund over the past year. In particular, we thank Mr John Liackman, the Chairman of the Investment Committee, Mr Francois Cooper, the Chairman of the Audit and Risk Committee, and Mr Abe Bardin, the Chairman of the Human Resource and Remuneration Committee for their commitment and guidance.

Investment market volatility and relative weakness is expected to continue into the foreseeable future accompanied by investor uncertainty especially within emerging markets. Our local economy is further anticipated to remain under pressure as economic growth will struggle to accelerate considering the negative impact of struggling SOEs, lack of clear economic policies and plans, and high levels of unemployment and poverty. The potential for a further sovereign rating downgrade combined with a negative outlook for emerging markets in general, places South Africa high on the risk spectrum for international investors which does not bode well for a quick recovery from current weakness.

Notwithstanding the difficulties experienced over the year, we have built an exemplary institution with a competitive cost base, high levels of governance and excellence in service as hallmarks over many years. We know we can always improve and to this end continually seek innovative solutions in our quest for excellence and providing Fund participants with a compelling value proposition.

We are confident that Sentinel's well-diversified asset base and strategic initiatives will enable the Fund to manage the challenges and risks that it is exposed to.

We would also like to thank all Sentinel service providers and business partners for their contribution over the past financial year.

Appreciation

We further sincerely thank our members, pensioners and participating employers for their continued loyalty and support.

AB la Grange FJ Visser

3 October 2019

Regulations 37 and 39, which became effective on 1 March 2019, require that all fees and charges, whether borne directly or indirectly by the Fund, implicit or explicit, are disclosed to members in a clear and understandable manner.

*Investment Charges contain a component of indirect, implicit fees and charges, which are not budgeted for. These are incorporated into the unit price or Net Asset Value of the relevant investment product.

In line with this requirement, Sentinel adopted a concept of Total Retirement Savings Charges, which comprises four components:

The following table reflects the budgeted retirement savings charges per portfolio for the 2020 financial year applicable from 1 July 2019:

# - These portfolios' asset management fees are levied by the third party service provider.

During the year, the recovery of cost is based on year to date actual cost incurred. This fee is charged individually to member and flexible pensioner accounts and on a pooled basis to the Pensioner Portfolio and Risk Benefit Portfolios.

Investment returns communicated monthly reflect net returns, after Total Retirement Savings Charges have been deducted.

Total Retirement Savings Charges, inclusive of the indirect, implicit fees and charges, are communicated monthly through portfolio fact sheets (published on the Fund's website at www.sentinel.za.com).

RETIREMENT SAVINGS CHARGES 2019/2020

9

SIGNIFICANT RULE CHANGES DURING

THE PAST FINANCIAL YEAR

The General Rules of the Fund had to be amended to incorporate the new Default Regulations that will become into effect on 1 March 2019.

These new Default Regulations followed the Retirement Reform consultation process that focused on the improvement of retirement outcomes of members who are saving for the retirement and therefor has no impact on pensioners.

The Board of Trustees approved amendments to the Rules, which have been submitted to the FSCA for approval.

8

YOUR LAST WILL AND TESTAMENTYOUR LAST WILL AND TESTAMENTYOUR LAST WILL AND TESTAMENT

3. A guardian, whom may be a different to the person that you would have preferred to look after your minor children's' affairs, may be appointed by the Master of the Supreme Court.

Why should I have a Will?

It is important to have a person with the necessary knowledge and experience draw up your Will. A lawyer, your bank or a trust company can help you to draw up a Will.

1. According to the law of intestate succession, property will be distributed amongst the deceased's family and children. This may include beneficiaries who you want to exclude and may exclude beneficiaries who you want to include.

So that you can decide who your beneficiaries and the executor of your estate should be when you pass away. It will also allow you to appoint a guardian to take care of your children.

No, money held in any approved retirement fund, like Sentinel, will not form part of your estate (can't be bequeathed in a will) when you die and will be allocated and paid in terms of the Rules of the Fund and section 37C of the Pension Funds Act.

What will happen if I die without a Will?

If you die without a Will, your estate (this is your net worth, i.e. the difference between what you own and what you owe) will be distributed in terms of the law of intestate succession:

In terms of the Pension Funds Act, your pension fund money may only be paid to your Estate if you did not have any legal, financial or other dependants.

The responses to some of the questions that we are often asked during individual and group consultations are important and worth sharing with all our members.

2. If there are no family or children of the deceased, the property will be forfeited to the State.

The old saying, “when a Will speaks, the person who made it is no longer there” applies. Wills drafted by those with little or no relevant experience usually lead to problems.

Why can't I do my own Will?

To express your wishes with regard to retirement fund savings, you must complete a Nomination Form that must be submitted to the Fund before death.

4. The Master will appoint an executor of the estate.

Will my pension fund money be paid in terms of my Will?

Investment Charges*

Advice Charges

Administration Charges

Other Charges

Investment management fees, including all charges of underlying investment funds and transaction costs.

Administration costs, which in Sentinel's self-administered model will include personnel, information technology and operational costs. These costs include member and pensioner communication, counselling and advice.

Advice fees, including investment consulting fees not included in investment charges.

Other costs and fees, including legal & consulting fees, audit fees, Board fees, FSCA levies, insurance, valuation costs and annual report costs.

Risk Benefits

Pensioner

Money Market

Inflation Protector

Pension Protector

Shari'ah & CPP #

Wealth Builder

0.59%

0.51%

0.50%

0.62%

0.44%

0.05%

Investment Management

Charges

0.20%

0.20%

Admin Charges

0.20%

0.20%

0.20%

0.20%

0.20%

0.85%

Total Charges

0.82%

0.73%

0.28%

0.74%

0.67%

0.23%

0.02%

0.02%

0.02%

Other Charges

0.02%

0.02%

0.02%

0.02%0.01%

0.01%

Advice Charges

0.01%

0.01%

0.01%

0.01%

0.01%

Portfolio

Regulations 37 and 39, which became effective on 1 March 2019, require that all fees and charges, whether borne directly or indirectly by the Fund, implicit or explicit, are disclosed to members in a clear and understandable manner.

*Investment Charges contain a component of indirect, implicit fees and charges, which are not budgeted for. These are incorporated into the unit price or Net Asset Value of the relevant investment product.

In line with this requirement, Sentinel adopted a concept of Total Retirement Savings Charges, which comprises four components:

The following table reflects the budgeted retirement savings charges per portfolio for the 2020 financial year applicable from 1 July 2019:

# - These portfolios' asset management fees are levied by the third party service provider.

During the year, the recovery of cost is based on year to date actual cost incurred. This fee is charged individually to member and flexible pensioner accounts and on a pooled basis to the Pensioner Portfolio and Risk Benefit Portfolios.

Investment returns communicated monthly reflect net returns, after Total Retirement Savings Charges have been deducted.

Total Retirement Savings Charges, inclusive of the indirect, implicit fees and charges, are communicated monthly through portfolio fact sheets (published on the Fund's website at www.sentinel.za.com).

RETIREMENT SAVINGS CHARGES 2019/2020

9

SIGNIFICANT RULE CHANGES DURING

THE PAST FINANCIAL YEAR

The General Rules of the Fund had to be amended to incorporate the new Default Regulations that will become into effect on 1 March 2019.

These new Default Regulations followed the Retirement Reform consultation process that focused on the improvement of retirement outcomes of members who are saving for the retirement and therefor has no impact on pensioners.

The Board of Trustees approved amendments to the Rules, which have been submitted to the FSCA for approval.

8

YOUR LAST WILL AND TESTAMENTYOUR LAST WILL AND TESTAMENTYOUR LAST WILL AND TESTAMENT

3. A guardian, whom may be a different to the person that you would have preferred to look after your minor children's' affairs, may be appointed by the Master of the Supreme Court.

Why should I have a Will?

It is important to have a person with the necessary knowledge and experience draw up your Will. A lawyer, your bank or a trust company can help you to draw up a Will.

1. According to the law of intestate succession, property will be distributed amongst the deceased's family and children. This may include beneficiaries who you want to exclude and may exclude beneficiaries who you want to include.

So that you can decide who your beneficiaries and the executor of your estate should be when you pass away. It will also allow you to appoint a guardian to take care of your children.

No, money held in any approved retirement fund, like Sentinel, will not form part of your estate (can't be bequeathed in a will) when you die and will be allocated and paid in terms of the Rules of the Fund and section 37C of the Pension Funds Act.

What will happen if I die without a Will?

If you die without a Will, your estate (this is your net worth, i.e. the difference between what you own and what you owe) will be distributed in terms of the law of intestate succession:

In terms of the Pension Funds Act, your pension fund money may only be paid to your Estate if you did not have any legal, financial or other dependants.

The responses to some of the questions that we are often asked during individual and group consultations are important and worth sharing with all our members.

2. If there are no family or children of the deceased, the property will be forfeited to the State.

The old saying, “when a Will speaks, the person who made it is no longer there” applies. Wills drafted by those with little or no relevant experience usually lead to problems.

Why can't I do my own Will?

To express your wishes with regard to retirement fund savings, you must complete a Nomination Form that must be submitted to the Fund before death.

4. The Master will appoint an executor of the estate.

Will my pension fund money be paid in terms of my Will?

Investment Charges*

Advice Charges

Administration Charges

Other Charges

Investment management fees, including all charges of underlying investment funds and transaction costs.

Administration costs, which in Sentinel's self-administered model will include personnel, information technology and operational costs. These costs include member and pensioner communication, counselling and advice.

Advice fees, including investment consulting fees not included in investment charges.

Other costs and fees, including legal & consulting fees, audit fees, Board fees, FSCA levies, insurance, valuation costs and annual report costs.

Risk Benefits

Pensioner

Money Market

Inflation Protector

Pension Protector

Shari'ah & CPP #

Wealth Builder

0.59%

0.51%

0.50%

0.62%

0.44%

0.05%

Investment Management

Charges

0.20%

0.20%

Admin Charges

0.20%

0.20%

0.20%

0.20%

0.20%

0.85%

Total Charges

0.82%

0.73%

0.28%

0.74%

0.67%

0.23%

0.02%

0.02%

0.02%

Other Charges

0.02%

0.02%

0.02%

0.02%0.01%

0.01%

Advice Charges

0.01%

0.01%

0.01%

0.01%

0.01%

Portfolio

1110

PERSONAL NOTESPERSONAL NOTESPERSONAL NOTES

PLEASE REMEMBER :

FREQUENTLY ASKED QUESTIONS ABOUT PENSIONER DEATH BENEFITS

AMENDMENTS TO THE GENERAL RULES

Ÿ To notify the Fund if your marital status changes.

a. You must notify the Funds if your relationship with your spouse changes, i.e. your spouse pre-deceases you, you are separated or divorced, etc.

The Funds' Client Service Centres in Welkom, Klerksdorp, Carletonville, Witbank and Johannesburg as well as the National Contact Centre (telephone 011 481 8000) is equipped to assist. A person that knows you well (ideally your spouse, child or other dependant) must notify the Fund, through any of these Centres, of your death and our dedicated staff will assist with all the relevant information, requirements and procedures.

2. Notify the Fund when your circumstances change:

b. You must update your Nomination Form if your circumstances change to such an extent that this influences your dependants and/or nominated beneficiaries.

What benefits will become payable in the event of my death?

Please refer to your latest Benefit Statement pack for your current pension and death benefits detail.

Please contact the Fund for further assistance or guidance.

The following questions are regularly asked by Pensioners and hopefully this article will clarify uncertainties.

What can I do to assist?

What must my loved ones do when I pass away?

1. Maintain a personal file with information about your pension, executor, assets, liabilities, banking details, insurance policies, funeral policy, and relevant contact details and tell someone where to find it when they need it!

The General Rules of the Fund had to be amended to incorporate the new Default Regulations that will become into effect on 1 March 2019.

These new Default Regulations followed the Retirement Reform consultation process that focused on the improvement of retirement outcomes of members who are saving for the retirement and therefor has no impact on pensioners.

The Board of Trustees approved amendments to the Rules, which have been submitted to the FSCA for approval.

Ÿ To update your nomination form if your dependants or wishes change.

Ÿ To notify the Fund if your contact details (address, telephone number, etc.) change.

Ÿ To quote your PF number and/or identity number, initials, surname and signature on all written correspondence with the Fund.

NEWSFLASHESNEWSFLASHESNEWSFLASHES

ACCESS TO YOUR FUND AFFAIRS – WHENEVER IT SUITS YOU!

You can access Communication, Payslips, Annual Benefit Statements and regular updates electronically!

To find a form that must be completed and submitted with a copy of you ID or Passport to: info@sentinel.za.com or fax to 011 481 8111

Register to access your personal information by accessing our web-site www.sentinel.za.com

Go to “User Login” and click on “Signup”

1

2

3

PENSION INCREASE 2019

Taking into account the extremely difficult economic and investment environment, and that this is expected to continue into the foreseeable future, the Board of Trustees in considering their duty to ensure the long-term sustainability of the pensioner pool, have awarded a pension increase of 3.6% effective 16 October 2019. This increase equates to 80% of CPI as at 30 June 2019 (the minimum target pension increase in terms of the Fund's pension increase policy).

The Board has also awarded an ad-hoc discretionary payment of 3% of current annual pension (pension before the 2019 increase).

The Fund's investment strategy has proven to be successful over the longer term in ensuring the sustainability of pensioner assets. However, it must again be highlighted that the ongoing lower economic growth conditions and investment market weakness, resulting in lower investment returns, is anticipated to continue.

The above awards are applied pro-rata to pensioners who retired within the 12 months prior to 16 October 2019.

The Board of Trustees remain committed to ensure that the longer-term goals of Sentinel are achieved.

Ÿ When you register for access to your personal records in the secure portal, you will also be added to our electronic distribution list and receive all Fund communication via email or SMS.

Sentinel is pleased to announce the launch of our brand new website, still at www.sentinel.za.com

Most importantly, the new website is easy to navigate and responsive to all platforms, including desktops, laptops, tablets and smartphones.

Ÿ You are invited to visit the website and experience the improvements.

By registering for access to the “self-service” secure portal, members and pensioners can access their personal fund records. This provides:

Personal Invitation to all Sentinel Members & Pensioners

The website serves as a central source of information, rich with useful content such as all the latest communication material, explanatory brochures, the Rules of the Fund, Integrated Annual Reports as well as monthly updated investment portfolio fact sheets.

Ÿ If you have not already registered for access to their personal records please click on LOGON on the home page (top right corner) and follow the steps to register or contact us at (011) 481 8000 for assistance.

Ÿ Pensioners access to their personal monthly pension payslips, latest and previous annual benefit statements as well as annual tax certificates in this domain.

Ÿ Members access to their daily updated personal investment accounts as well as a new and improved benefit calculator for estimated future benefit simulations. Copies of their latest and previous annual benefit statements are also filed in this domain.

SENTINEL'S NEW WEBSITE IS LIVESENTINEL'S NEW WEBSITE IS LIVESENTINEL'S NEW WEBSITE IS LIVE

1110

PERSONAL NOTESPERSONAL NOTESPERSONAL NOTES

PLEASE REMEMBER :

FREQUENTLY ASKED QUESTIONS ABOUT PENSIONER DEATH BENEFITS

AMENDMENTS TO THE GENERAL RULES

Ÿ To notify the Fund if your marital status changes.

a. You must notify the Funds if your relationship with your spouse changes, i.e. your spouse pre-deceases you, you are separated or divorced, etc.

The Funds' Client Service Centres in Welkom, Klerksdorp, Carletonville, Witbank and Johannesburg as well as the National Contact Centre (telephone 011 481 8000) is equipped to assist. A person that knows you well (ideally your spouse, child or other dependant) must notify the Fund, through any of these Centres, of your death and our dedicated staff will assist with all the relevant information, requirements and procedures.

2. Notify the Fund when your circumstances change:

b. You must update your Nomination Form if your circumstances change to such an extent that this influences your dependants and/or nominated beneficiaries.

What benefits will become payable in the event of my death?

Please refer to your latest Benefit Statement pack for your current pension and death benefits detail.

Please contact the Fund for further assistance or guidance.

The following questions are regularly asked by Pensioners and hopefully this article will clarify uncertainties.

What can I do to assist?

What must my loved ones do when I pass away?

1. Maintain a personal file with information about your pension, executor, assets, liabilities, banking details, insurance policies, funeral policy, and relevant contact details and tell someone where to find it when they need it!

The General Rules of the Fund had to be amended to incorporate the new Default Regulations that will become into effect on 1 March 2019.

These new Default Regulations followed the Retirement Reform consultation process that focused on the improvement of retirement outcomes of members who are saving for the retirement and therefor has no impact on pensioners.

The Board of Trustees approved amendments to the Rules, which have been submitted to the FSCA for approval.

Ÿ To update your nomination form if your dependants or wishes change.

Ÿ To notify the Fund if your contact details (address, telephone number, etc.) change.

Ÿ To quote your PF number and/or identity number, initials, surname and signature on all written correspondence with the Fund.

NEWSFLASHESNEWSFLASHESNEWSFLASHES

ACCESS TO YOUR FUND AFFAIRS – WHENEVER IT SUITS YOU!

You can access Communication, Payslips, Annual Benefit Statements and regular updates electronically!

To find a form that must be completed and submitted with a copy of you ID or Passport to: info@sentinel.za.com or fax to 011 481 8111

Register to access your personal information by accessing our web-site www.sentinel.za.com

Go to “User Login” and click on “Signup”

1

2

3

PENSION INCREASE 2019

Taking into account the extremely difficult economic and investment environment, and that this is expected to continue into the foreseeable future, the Board of Trustees in considering their duty to ensure the long-term sustainability of the pensioner pool, have awarded a pension increase of 3.6% effective 16 October 2019. This increase equates to 80% of CPI as at 30 June 2019 (the minimum target pension increase in terms of the Fund's pension increase policy).

The Board has also awarded an ad-hoc discretionary payment of 3% of current annual pension (pension before the 2019 increase).

The Fund's investment strategy has proven to be successful over the longer term in ensuring the sustainability of pensioner assets. However, it must again be highlighted that the ongoing lower economic growth conditions and investment market weakness, resulting in lower investment returns, is anticipated to continue.

The above awards are applied pro-rata to pensioners who retired within the 12 months prior to 16 October 2019.

The Board of Trustees remain committed to ensure that the longer-term goals of Sentinel are achieved.

Ÿ When you register for access to your personal records in the secure portal, you will also be added to our electronic distribution list and receive all Fund communication via email or SMS.

Sentinel is pleased to announce the launch of our brand new website, still at www.sentinel.za.com

Most importantly, the new website is easy to navigate and responsive to all platforms, including desktops, laptops, tablets and smartphones.

Ÿ You are invited to visit the website and experience the improvements.

By registering for access to the “self-service” secure portal, members and pensioners can access their personal fund records. This provides:

Personal Invitation to all Sentinel Members & Pensioners

The website serves as a central source of information, rich with useful content such as all the latest communication material, explanatory brochures, the Rules of the Fund, Integrated Annual Reports as well as monthly updated investment portfolio fact sheets.

Ÿ If you have not already registered for access to their personal records please click on LOGON on the home page (top right corner) and follow the steps to register or contact us at (011) 481 8000 for assistance.

Ÿ Pensioners access to their personal monthly pension payslips, latest and previous annual benefit statements as well as annual tax certificates in this domain.

Ÿ Members access to their daily updated personal investment accounts as well as a new and improved benefit calculator for estimated future benefit simulations. Copies of their latest and previous annual benefit statements are also filed in this domain.

SENTINEL'S NEW WEBSITE IS LIVESENTINEL'S NEW WEBSITE IS LIVESENTINEL'S NEW WEBSITE IS LIVE

12

CLIENT SERVICE CENTRES: CLIENT SERVICE CENTRES: CLIENT SERVICE CENTRES:

CONTACT DETAILS

Sentinel House • 1 Sunnyside Drive

Sunnyside Park • PARKTOWN 2193

Sentinel House, 1 Sunnyside DriveSunnyside Park

P O Box 61172 • MARSHALLTOWN 2107

Johannesburg • South Africa

(27)(11) 481-8000

(27)(11) 481-8000

(27)(11) 481-8111

(27)(11) 481-8111

info@sentinel.za.com www.sentinel.za.com

Welkom

Shop 24, The Strip, 314 Stateway

(057)352-2905/6

(057)352-2952

Klerksdorp54 Buffeldoring Street, Wilkoppies

(018)468-7309

(011)481-8111

CarletonvilleS Buys Office Park, Shop no. 10Corner Kaolin & Radium streets

(018)786-1118/9

(018)786-1114

Witbank

Parktown

WCMAS Building, Corner OR Tamboand Susanna streets, Emalahleni (Witbank)

(013)656-4214

(013)656-1693

WHERE TO GO FOR HELPWHERE TO GO FOR HELPWHERE TO GO FOR HELP

A footprint has been established to serve members and consist of a Client Contact Centre that provides telephonic support, Regional Client Service Centres in

Johannesburg, Carletonville, Klerksdorp, Welkom and Witbank as well as an Advisory Service to assist with Fund product options.

MEMBER ASSISTANCE

0800 000 594 086 066 2837

sentinel@thehotline.co.za www.pfa.org.za

SENTINEL'S

ETHICS HOTLINE

PENSION FUNDS

ADJUDICATOR

!