OLD MUTUAL SUPERFUND ORION TERMS AND CONDITIONS

Transcription

1 OLD MUTUAL SUPERFUND ORION

2 CONTENTS General Information 1. Contractual relationship Quotation validity Conditions of participation Fees and costs... 5 Terms and Conditions 1. Group Life Assurance (Death) Benefit Lump Sum Disability Benefit Disability Income Benefit Family Cover Contact Details... 15

3 GENERAL INFORMATION 1. Contractual relationship Old Mutual SuperFund is the brand that identifies a range of products and capabilities provided byold Mutual Life Assurance Company (South Africa) Limited (referred to as Old Mutual). Old Mutual Corporate, an operating division of Old Mutual, is responsible for ensuring that these products and capabilities continue to meet the requirements of Old Mutual s clients, regulators and other stakeholders. The Orion retirement funding and risk benefit arrangement is part of the Old Mutual SuperFund Pension Fund and Old Mutual SuperFund Provident Fund. These are registered and approved umbrella retirement funds administered by Old Mutual. ARRANGEMENTS CONTRACTUAL RELATIONSHIP Retirement Funds Defined Contribution Pension OR Defined Contribution Provident The General section of the Rules governing the Funds will apply to all Participating Employers and all Members. The benefits and special conditions applicable to the Participating Employer and members are reflected in the Rules of the Fund. Risk Policy Contracts Group Life Assurance cover (Fund Benefit) Group Life Assurance cover (another Retirement Fund Benefit) Group Life Assurance cover (Employer Benefit) Disability Income Cover Family Benefits (Family Benefits can only be selected in addition to another Orion arrangement) The benefits and special conditions applicable will be recorded in a Policy Contract issued by Old Mutual to the Old Mutual SuperFund. Where ancillary benefits like Lump Sum Disability Cover and Accident Death Cover is selected, these benefits will form part of the Policy Contract. The benefits and special conditions applicable will be recorded in a Policy Contract issued by Old Mutual to a fund other than the Old Mutual SuperFund. Where ancillary benefits like Lump Sum Disability Cover and Accident Death Cover is selected, these benefits will form part of the Policy Contract. The benefits and special conditions applicable will be recorded in a Policy Contract issued by Old Mutual to the Employer. Where ancillary benefits like Lump Sum Disability Cover and Accident Death Cover is selected, these benefits will form part of the Policy Contract. The benefits and special conditions applicable will be recorded in a Policy Contract issued by Old Mutual to the Employer. The benefits and special conditions applicable will be recorded in a Policy Contract issued by Old Mutual to the Employer. 1

4 2. Quotation validity All quotations provided are valid for a period of 90 days from date of issue. Should the actual membership data at application or scheme initiation differ from the data initially provided, Old Mutual reserves the right to reassess contributions, rates, costs and terms in accordance with the updated data. Old Mutual can accept or decline the Application in accordance with the authority delegated to it by the Fund and/ or in accordance with its risk underwriting principles. 3. Conditions of participation 3.1 New business arrangement If an application to participate is made to Old Mutual / and or the SuperFund, on the basis of a Quotation, and Old Mutual provides proof of its acceptance of such application, the Quotation will form the basis of the: Special Rules, and/or The Policy Contracts, where risk benefits have been selected or included in the benefit selection. 3.2 Transfer of fund business If an Application is in respect of a transfer scheme, please note that the Fund requires all the assets of the transfer fund to be paid over, in full, on approval of the transfer by the authorities. The Fund will not accept any transferring business where the assets will be paid over in instalments. The effective date of transfer should be the day following the date on which the previous fund terminates. 3.3 Application Application to participate may only be made by completing an Application Form and submitting the completed form to Old Mutual. 3.4 Date of commencement Commencement may only take effect on the commencement date reflected on the Quotation document. Should the date change from the date reflected on the Quotation document, a new Quotation will be required. 3.5 Commencement of risk cover and payment of premiums Where risk benefits have been selected, cover for this Scheme will commence on receipt of: a duly completed Application Form and signed and acceptance of the business, by Old Mutual; and the first premium. In good faith, Old Mutual will provide cover from the proposed date of commencement on (a) receipt of a completed Application Form; and (b) acceptance thereof by Old Mutual. This is conditional on the first premium being paid within 60 days from the date of commencement. Premiums are due monthly in arrear. If no premiums are received within 30 days of the due date, all cover shall be suspended as from the start of the month in which the premium was due, unless Old Mutual agrees otherwise in writing. 2

5 Should Old Mutual agree, in writing, not to terminate, and the first premium is received after this period has elapsed, cover will commence on the first day of the month within which the first premium is received. Subsequent premiums are due at the end of the month in arrear. Cover will be terminated if premiums are not received within 60 days of the due date. 3.6 Retirement Fund contributions If the employee is compelled to contribute to the Fund, the Participating Employer will deduct the contribution from his earnings at the end of each pay-period. The Participating Employer will pay the contributions deducted from the employees earnings and the employer contribution, due to the Fund in terms of the legislation governing the payment of contributions, to a retirement fund. Contributions in respect of retirement funds must be received into the Fund s bank account by the seventh day following the month in which the contributions become due. Failure to pay on time will result in the Employer being liable for penalty interest as legislated. The non-payment of contributions for a period of 90 days will result in the Employer being reported to the Registrar of Pension Funds. Thereafter the liquidation process will commence. 3.7 Members in receipt of disability income benefits Where a member of a transferring scheme is in receipt of a Disability Income Benefit, the Employer must ensure that contributions due, on behalf of such a member, are included in the contributions due to the Scheme. This is to ensure that the disability claimant qualifies as a member for retirement benefit purposes. If the Fund/Employer selects death benefits with Old Mutual, the Cover to Continue whilst on Disability option will be automatically included. If death benefits selected with another insurer, and the Cover to Continue whilst on Disability option is selected, the Employer must provide Old Mutual with the date of disability at Quotation stage to ensure that the disability claimants are covered for death benefits. 3.8 Evidence of health limit Each member will automatically receive cover up to the Evidence of Health Limit, also known as Scheme Free Limit. Should the member s cover exceed this amount, the cover will be limited to the Evidence of Health limit until such time as Medical Evidence has been received and accepted by Old Mutual in writing. Old Mutual s Underwriters will determine the type of medical evidence required. 3.9 Confidentiality of data Old Mutual will treat all data and information supplied by the client for the purpose of this quotation as confidential. Any information contained in a Quotation remains the property of Old Mutual and is for the benefit of the client and those persons listed in the document as participants in the Quotation process Investment options Participants in SuperFund (Orion) have the following choice of investment portfolios for their members: The Old Mutual Absolute Stable Growth Fund, which is a smoothed bonus investment portfolio offering guarantees (the trustee nominated default portfolio), and/or; One of the Symmetry range of multi-manager market linked investment portfolios: Symmetry Absolute Balanced Portfolio Symmetry Managed Portfolio Symmetry Aggressive Portfolio 3

6 In addition, a Participating Employer may also elect the Old Mutual Albaraka Balanced Fund provided that members, who invest in this portfolio, may not invest in any of the other portfolio(s) nominated by the Participating Employer. These investment vehicles are underwritten through Policies of Insurance effected by the Fund with Old Mutual, copies of which are available on request. Comprehensive details about the portfolios are available on the Fund Fact Sheets and can be obtained from your Intermediary, Old Mutual Consultant or on the Old Mutual website at: Changes to Scheme Benefits (Fund changes) A participating employer may require changing, or adding benefits available on the scheme. In order to implement such changes, the following is required: A quote request, detailing the desired changes, is submitted to Orion in writing; A signed acceptance of the quote; Member communication Copy of the notification to employees, on a company letterhead, indicating a future effective date of the change (changes cannot be backdated); and The information on the accepted quote must correspond with the member communication (ie. effective date). Quotations are valid for 90 days and can only be effected during this period. Where the 90 days has elapsed, a new quotation will be required. Note that benefit changes cannot be effected during the 2-month period immediately prior to the effective date of the Annual Rate and Fee Review or in the same calendar month as the Review month. 4

7 4. Fees and costs 4.1 Administration and Intermediary fees Administration fees are paid to the administrator for services rendered to the Fund, in terms of the service level agreement, as entered into by the Board of Trustees. These fees are levied by the Fund pro rata against the Participating Employer Scheme on a monthly basis and are reviewed annually. Administration fees are charged inclusive of VAT. Intermediary fees are charged to the Participating Employer Scheme on a monthly basis, using the scales recommended by the Association for Savings and Investment SA (ASISA) as a basis. These scales are available on request. Intermediary fees are charged inclusive of VAT. Intermediary fees consist of: a fee payable once to an Intermediary upon the introduction of new business (calculated separately in respect of the employer participation in the retirement fund and for each policy issued to the employer, and subject to a maximum of R5 000 for each calculation); an annual fee payable at commencement and thereafter, at the end of each annual review period. Administration fees and Intermediary fees are deducted from the Employer s contribution and are reflected on the member s account as administration fees. 4.2 Fund governance costs The Fund bears all costs relating to its operations, including, but not limited to governance costs, remuneration of Fund officials, audit fees, valuation fees and statutory levies and fees (included in the Administration Cost). These costs are funded by the Participating Employer s contribution and are reflected on the member s account as expense fees. 4.3 Investment management fees Investment management fees are charged by the Investment Managers for the management of the Funds investments. The administrator reduces the Funds investment balance by these fees on a monthly basis, and the fee is not necessarily reflected on the members statement. On a monthly basis, the trustees declare the Fund Interest earned by members who invest in the Absolute Stable Growth Fund. The declaration is net of certain investment and capital guarantee charges. Comprehensive details about the portfolios are available on the Fund Fact Sheets and can be obtained from your Intermediary, Old Mutual Consultant or on the Old Mutual website at: 5

8 1. Group Life Assurance (Death) Benefit 1.1 Eligible person Any eligible employee is obliged to be covered for Life Assurance Cover on the date on which the employee becomes eligible. For the purposes of eligibility, an Insured Person* who becomes entitled to an income in terms of the Disability Income Contract will continue to be regarded as an Insured Person provided that the Policyholder has elected the option for the Insured Person s Life Assurance Cover and Accident Death Cover to Continue and subject to the provisions governing the termination of the different Life Assurance Covers. 1.2 Take-over Life Assurance Cover If, on takeover, the Insured Person was covered for Life Assurance under a Previous Arrangement immediately before the commencement date, Old Mutual will take over the Insured Person s cover with health loadings, if applicable. Each employee s Evidence of Health Limits and cover accepted over and above the Evidence of Health Limit applicable to the employee immediately prior to takeover under the Previous Arrangement must be supplied to Old Mutual in order for Old Mutual to accept the previously underwritten cover. 1.3 Cover on Deferred Retirement If the Insured Person s membership continues, when he remains in the Employer s service beyond the Normal Retirement Date, the life assurance cover will continue based on his actual salary. 1.4 Exclusions A Life Assurance Benefit claim will be declined if such a claim arises from death directly or indirectly due to: Wilful self-inflicted injury or suicide during the 24 months immediately following the date on which the Insured Person is first insured. This condition only applies to schemes with less than 20 Insured Persons. Any active participation in activities relating to war and warlike operations and the use of nuclear, biological or chemical weapons. If the date on which the Insured Person first becomes an Insured Person is on or after 1 December 2009, and is later than the date on which he first qualified for insurance under the Contract, the claim will be declined if the Insured Person s death is directly or indirectly attributable to any injury that occurred, illness or condition that existed or surgical operation undergone during the 6 months (or 2 years in respect of an Insured Person employed by a Municipality or if the Participating Employer has less than 20 Insured Persons) immediately before the date on which the Insured Person first became an Insured Person, if death occurs within the 12 months (or 2 years in respect of an Insured Person employed by a Municipality or if the Participating Employer has less than 20 Insured Persons) immediately following such date. The following exclusion applies to Insured Persons who first became Insured Persons: In the case of new business, on or after the Commencement Date, and In the case of existing business, with effect from the 2012 review date; and for *Insured Person is an Eligible Person who is covered for Life Assurance Cover. 6

9 All Employer owned policies; and for Fund owned policies where the Participating Employer has less than 20 Insured Persons (for existing business as reflected in the last review). A claim arising from death will be declined if such death is directly or indirectly attributable to any injury that occurred, illness or condition that existed or surgical operation undergone during the 6 months (or 2 years in respect of an Insured Person employed by a Municipality) immediately before the date on which the Insured Person first became an Insured Person, if he dies within the 12 months (or 2 years in respect of an Insured Person employed by a Municipality) immediately following such date. If a person, who was covered immediately before the Participation Date for a life assurance benefit under the Previous Insurance Contract, becomes an Insured Person on the Participation Date, this exclusion will be backdated to the date on which he became covered under the Previous Insurance Contract. This backdating will only apply to the amount of life assurance benefit the Insured Person enjoyed under the Previous Insurance Contract. 1.5 Submission of claim The Proposer must lodge a claim with Old Mutual on Old Mutual s prescribed forms. The completed forms, together with the relevant supporting documents, and relevant specialist medical evidence, must be submitted to Old Mutual not more than 52 weeks after the Insured Person s death. 1.6 Death within 6 months If an Insured Person dies within 6 months of becoming an Insured Person and he was not actively at work on the first working day next following or coinciding with the date he qualified for insurance under the policy, Old Mutual may request proof to its satisfaction that the Insured Person was employed in good faith and not with the intention of obtaining a Life Assurance Benefit. If this proof is not provided within 8 weeks from the date on which the Proposer was notified of Old Mutual s requirements and Old Mutual does not agree to extend this period, the claim will lapse. 1.7 Payment of Life Assurance Benefit The Life Assurance Benefit will be paid in a lump sum in accordance with the following provisions: In the case of the Fund or another Retirement Fund, when a Sum Assured becomes payable, it will be paid by means of an electronic funds transfer to the Bank Account of the Proposer. In the case of a Risk Policy Contract where the Employer is the proposer, when a Sum Assured becomes payable, it will be paid by means of an electronic funds transfer to the Bank Account of a person or persons, who, in the opinion of the Proposer, are dependent upon the deceased. Where any of the persons for whom a benefit is due, is unable to take care of his own affairs or is a legal minor, the Sum Assured will be paid by means of electronic funds transfer to the Bank Account of the individual or institution duly appointed to take care of such person s affairs. 1.8 Unauthorised absence Should an Insured Person be absent from service, without authorisation for the Employer, the Insured Person s Life Assurance cover will cease immediately. 1.9 Authorised absence If the Insured Person s absence from work has been authorised by the Employer, the Life Assurance Cover applicable to him will remain in force (subject to the policy conditions in force at the time) for up to one year. 7

10 1.10 Insurance while outside South Africa If an Insured Person leaves South Africa, he will remain an Insured Person for a period of up to 90 days provided that the payment of premiums is continued for as long as he remains an Insured Person. At the end of the 90-day period he will automatically cease to qualify for insurance under the Contract unless he has returned to South Africa within this period Termination of cover An Insured Person s Life Assurance Cover terminates on the earliest of: the date on which the Insured Person ceases to satisfy the definition of Eligible Employee, the date of the Insured Person s withdrawal from service, the Insured Person s Retirement Date, the date a claim is admitted in respect of the Insured Person in terms of the Group Life Assurance Policy, the date of termination of the policy, such other date as may be specified in this Quotation (e.g. non-payment of premiums, temporary absence), provisions, continuation of cover while outside the Republic of South Africa), or the date on which he qualifies for a lump sum disability benefit Conversion option Where this benefit has been selected the following will apply: If the Life Assurance Cover applicable to the Insured Person ceases prior to his 80th birthday for reasons other than termination of the policy, he may apply to convert the cover lost to an individual policy with Old Mutual. The conditions of the individual policy will be as stipulated by Old Mutual from time to time in respect of all policies affected in terms of this option. The individual insurance contract will be subject to limited underwriting requirements. If the Insured Person wishes to exercise this option, he is to do so within 60 days from the date on which the Life Assurance Cover ceases. 8

11 2. Lump sum Disability Benefit 2.1 Ceasing date The benefit will cease at midnight on the last day of the month during which the Insured person attains the Ceasing Age, which will be the earlier of age 65 and the retirement age. 2.2 Reduction basis The disability benefit starts reducing 60 months prior to Normal Retirement Age. The amount of disability benefit is calculated on the following basis: M/60 x DC = DB, where M = the number of complete months (subject to a maximum of 60) between the date of disablement and the Insured Person s Ceasing Date DC = the Disability Cover applicable to the Insured Person immediately prior to the date of disablement DB = the Disability Benefit applicable to the Insured Person 2.3 Exclusions A Disability Benefit claim will be declined if disablement is directly or indirectly attributable to: wilful self-inflicted injury, or any active participation in activities relating to war and warlike operations and the use of nuclear, biological or chemical weapons, or any injury which occurred, illness or condition which existed or surgical operation undergone during the Prescribed Period A (defined below) immediately preceding the date on which the Insured Person s Disability Cover commenced, if the date of disablement falls within the Prescribed Period B (defined below), immediately following the date on which his Disability Cover commenced. Prescribed Period A will mean a period of: six months in respect of an Employer with 20 or more Insured Persons, or two years in respect of an Employer with less than 20 Insured Persons and employer that is a Municipality or such other period as Old Mutual in consultation with the Proposer may stipulate in writing. Prescribed Period B will mean a period of: twelve months in respect of an Employer, with 20 or more Insured Persons, or two years in respect of an Employer, with less than 20 Insured Persons and employer that is a Municipality, or such other period as Old Mutual in consultation with the Proposer may stipulate in writing. If on takeover, the Insured Person was covered for disability cover under a Previous Arrangement immediately before the commencement date, this exclusion will be backdated to the date on which he became covered under the Previous Arrangement, limited to the amount and description of disability enjoyed under the Previous Arrangement. 2.3 Submission of claim The Proposer must lodge a claim with Old Mutual on Old Mutual s prescribed forms. The completed forms, together with such other documentation as is specified in such forms, and relevant specialist medical evidence, must be submitted to Old Mutual no later than 7 months from the date of disablement or 13 weeks after having sustained the loss of both hands or both feet or one of each, whichever is applicable to the Insured Person s condition. 9

12 2.4 Unauthorised absence Should an Insured Person be absent from service without authorisation from the Employer, the Insured Person s Disability Cover will cease immediately. 2.5 Authorised absence If the Insured Person s absence from work has been authorised by the Employer, the Disability Cover applicable to him will remain in force (subject to the policy conditions in force at the time) for up to one year. 2.6 Insurance while outside South Africa If an Insured Person leaves South Africa, he will remain an Insured Person for a period of up to 90 days provided that the payment of premiums is continued for as long as he remains an Insured Person. At the end of the 90-day period he will automatically cease to qualify for insurance under the Contract unless he has returned to South Africa within this period. 2.7 Termination of cover The Insured Person s disability cover terminates on the earliest of: the date on which the Insured Person ceases to satisfy the definition of Eligible Employee, the date of the Insured Person s withdrawal from service, the Ceasing Date for Disability Cover, the Insured Person s retirement date, the date on which a disability claim is admitted by Old Mutual, the date of termination of the policy, or any other date as may be specified in the policy contract. 10

13 3. Disability Income Benefit 3.1 Eligible person Any eligible employee is obliged to be covered for Disability Income Cover on the date on which the employee becomes eligible provided that the employee is actively at work (present at the Employer s usual place of business, performing the material duties of the relevant job) on such date and is under the Ceasing Age which will be the earlier of age 65 and the retirement age. 3.2 Take-over cover If, on takeover, the eligible employee was covered for Disability Income Cover under a Previous Arrangement immediately before the commencement date, Old Mutual will take over the eligible employee s cover. Each Insured Person s Evidence of Health Limits applicable to the Insured Persons immediately prior to takeover under the Previous Arrangement must be supplied to Old Mutual in order for Old Mutual to accept the previously underwritten cover. 3.3 Disability income cover Orion offers only the following basis for disability income benefits: 75% of monthly earnings (or a reduced percentage of salary, e.g. 60%, 50%, etc, allowed for Orion clients) subject to a maximum monthly benefit as specified in the Special Rules/Policy and communicated from time to time by Old Mutual. 3.4 Employer waiver If the Disability Income Benefit claim is admitted and the claimant is a member of a Retirement Fund, Old Mutual will pay a monthly contribution to the Retirement Fund in respect of the Employer subject to such maximum as notified by Old Mutual to the Proposer. Where the Employer Waiver benefit has been selected, the maximum benefit payable per month will be as specified and communicated from time to time by Old Mutual. Payment will continue for as long as a Disability Income Benefit is payable. If the Retirement Fund is dissolved or deregistered, payment of the contribution in respect of the Employer will cease immediately. 3.5 Disability income benefit The monthly income payable in respect of a Claimant, will be calculated separately in respect of the Initial Period and Extended Period and will be equal to the insured amount applicable immediately before the start of the Waiting Period, subject to the escalation provisions, the restrictions with respect to pre-existing conditions on increases, forward underwriting and aggregation and the deduction in respect of additional income. 3.6 Waiting period A continuous period of absence, as selected by the Employer, from the Employer s usual place of business due to illness or injury during which the Insured Person does not perform the material duties of his job. Such period will be calculated from the first day that the Insured Person is absent from work. 3.7 Initial period The period of 24 months immediately following the expiry of the Waiting Period is known as the Initial Period. 11

14 3.8 Extended period The period that begins on the expiry of the Initial Period and ends on the date the Disability Income Benefit payments terminate is known as the Extended Period. 3.9 Ceasing date Midnight on the last day of the month during which the Insured Person attains the Ceasing Age, which will be the earlier of age 65 and the retirement age Exclusions A Disability Income claim will be declined if disablement is directly or indirectly attributable to: Wilful self-inflicted injury, or any active participation in activities relating to war and warlike operations and the use of nuclear, biological or chemical weapons, or any injury which occurred, illness or condition which existed or surgical operation undergone during the 6 months (or two years in respect of an Insured Person employed by a Municipality or if the Employer has less than 20 Insured Persons) immediately preceding the date on which the Insured Person s Disability Income Cover commenced, if disablement occurs within the twelve months (or two years in respect of an Insured Person employed by a Municipality or if the Employer has less than 20 Insured Persons) immediately following the date on which his Disability Income Cover commenced Submission of claim The Proposer must lodge a claim with Old Mutual on the prescribed forms. The completed forms, together with such other documentation as is specified in such forms, should be submitted to Old Mutual at any time during and up to 7 months from the start of the waiting period, failing which the claim may lapse Duration of payment Payment of the Disability Income will continue until the last day of the month in which the Insured Person attains the Ceasing Age, which will be the earlier of age 65 and the retirement age, or Old Mutual ceases to recognise the Insured Person s disablement, or the death of the Insured Person occurs, whichever is the earliest Escalation At the end of the 12-month period following the start of the claimant s disability income benefit payments, the disability income benefit will be escalated at a rate equal to the lesser of the selected escalation percentage and the percentage increase in the Measure of Inflation for the twelve-month period preceding each escalation calculation date, where this benefit has been selected. For the purpose of this clause, escalation calculation date will mean the date three months prior to the escalation date Unauthorised absence Should an Insured Person be absent from service without authorisation from the Employer, the Insured Person s Disability Cover will cease immediately Authorised absence If the Insured Person s absence from work has been authorised by the Employer, the Insured Person s Disability Income Cover will remain in force for up to one year subject to the policy conditions in force at the time. Premiums will remain due and continue to be paid while the Disability Income Cover remains in force. 12

15 3.16 Termination of cover An Insured Person s Disability Income Cover terminates on the earliest of: midnight on the day that the employee ceases to satisfy the definition of Eligible Employee (including but not limited to withdrawal from the Employer s service or retirement), the date of the Insured Person s withdrawal from service, midnight on the last day of the month in which the Insured Person attains the Ceasing Age, which is the earlier of age 65 and the retirement age, partial or non-payment of premiums, or such other date as may be specified in this policy contract Conversion option Where this benefit has been selected the following will apply: If the Disability Income Cover applicable to the Insured Person ceases (providing any such event takes place at least five years before the Insured Person s Ceasing Date and the Insured Person is actively at work on the last day of his service with the Employer), he may apply to convert the cover lost to an individual policy with Old Mutual. The conditions of the individual policy will be as stipulated by Old Mutual from time to time in respect of all policies effected in terms of this option. The individual insurance contract will be subject to limited underwriting requirements. If the Insured Person wishes to exercise this option, he is to do so within 60 days from the date on which the Disability Income Cover ceases CASH4 ONES (Beneficiary Assistance Benefit) Should a disability claimant die while receiving a Disability Income benefit, Old Mutual will pay a CASH4 ONES benefit of R

16 4. Family Cover 4.1 Eligible person Any eligible employee is obliged to be covered for Family Cover on the date on which the employee becomes eligible. 4.2 Terms and conditions The provisions, terms and conditions that apply to the Group Life Assurance Cover will apply equally to the Family Cover. 4.3 Special conditions If a deceased person simultaneously satisfies the definitions of Member and Insured Spouse (as defined in the Family Benefit Policy), the Proposer must submit separate claims in accordance with the conditions for the submission of a claim in respect of the deceased person in his capacity as Member and as Insured Spouse. Each such claim will be assessed and admitted or declined separately. The maximum Family Benefit payable in these circumstances will be the sum of the Family Benefit arising from the deceased person s participation in the policy as a Member, and the Family Benefit arising from the deceased person s participation in the policy as an Insured Spouse. If the parents of an Insured Child who has died are both Members in their own right, the Proposer must submit separate claims in accordance with the conditions for the submission of a claim in relation to each parent in his/her individual capacity as a Member. Each such claim will be assessed and admitted or declined separately. The maximum Family Benefit payable in these circumstances will be the sum of the individual Family Benefits arising from the Insured Child s relationship with each such parent. A maximum of 1 or 2 claims will be paid per review period for a Spouse. Where Old Mutual determines that the Family Benefit claim meets the requirements set out above, the claim will be admitted, subject to a maximum, per Review Period, of: in respect of a Primary Insured Persons with one Insured Spouse, one claim, or in respect of a Primary Insured Persons with more than one Insured Spouse, two claims. 14

17 CONTACT DETAILS Old Mutual contact details Postal address of Old Mutual Old Mutual SuperFund PO Box 728 Cape Town 8000 Postal address of the Issuing Office Old Mutual Life Assurance Company (Ltd) PO Box 66 Cape Town 8000 Physical address of the Issuing Office Jan Smuts Drive Mutualpark Pinelands 7405 Physical address of the Issuing Office Jan Smuts Drive Mutualpark Pinelands 7405 Compliance Department Compliance Officer PO Box 66 Cape Town 8000 Complaints procedure If you have any concerns regarding the service provided in terms of retirement fund administration, retirement fund consulting and retirement fund management, please submit all complaints in writing to either of the addresses below and your complaint will be routed to the relevant department in order that it is dealt with appropriately. Service Delivery Manager Old Mutual SuperFund PO Box 728 Cape Town address: OR The Principal Officer Old Mutual SuperFund PO Box 728 Cape Town 8000 Particulars of the Pension Funds Adjudicator If you do not get a satisfactory response or no response within 30 days of lodging a complaint you may contact the Pension Funds Adjudicator. Pension Funds Adjudicator PO Box 580 Menlyn 0063 Other contact details Particulars of Long-term Insurance Ombudsman PO Box Claremont 7735 Tel (021) Fax (021) Particulars of Registrar of Long-term Insurance Financial Services Board PO Box Menlo Park 0102 Tel (012) Fax (012)

18 omms L6833 Regulatory information: Old Mutual Corporate is a division of Old Mutual Life Assurance Company (South Africa) Limited, Jan Smuts Drive, Pinelands, 7405, South Africa. Registration no: 1999/004643/06. A licensed financial services provider authorized in terms of the Financial Advisery and Intermediary Services Act, 2002, to furnish advice and render intermediary services with regard to long-term insurance and pension fund benefits, as well as providing intermediary services as a discretionary investment manager. Please note that this license does not cover the marketing of this product by persons other than Old Mutual and its staff. Every effort has been made to ensure that this document and the products referred to, meet the statutory and regulatory requirements, pertaining to the manner and format in which information regarding financial products is presented. However, should you become aware of any breach of such statutory and regulatory requirements, please address the matter in writing to: The Compliance Officer, Old Mutual Corporate, P O Box 728, Cape Town, 8000, South Africa.