Smart Exit Digital Process for FundsAtWork

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Smart Exit Digital Process for FundsAtWork Help guide At Momentum we are always innovating and looking for ways to improve our processes and make our clients lives easier.

1 Smart Exit Digital Process for FundsAtWork Help guide At Momentum we are always innovating and looking for ways to improve our processes and make our clients lives easier. With that in mind we ve developed a new facility that helps employees to digitally manage their financial wellness when they leave their job. This new facility will be rolled out to FundsAtWork clients early in The facility is an exciting enhancement to our existing FundsAtWork employer portal. This is coupled with a new digital member experience, to guide them make the right decision for their financial wellness. Benefits to employees Understand "What I have" and "What I need" Empowered to make better decisions Supported end-to-end Easy and quick process, no paperwork! Benefits to the employer Reduced queries from members Reduced administration effort Empowered to support members Benefits to financial adviser Smart Exit Digital Process for FundsAtWork Help Guide Page 1 (12/2016) Overview Employer process Employee process Save with 1 click Compare options Able to help employees at the right time Less process-related questions allows you to delve deeper into employee s needs

2 High level overview Employer process Employer uses Tracking tool to monitor progress Employee resigns Employer informs Momentum via employer portal Employee process Smart Exit process sent to employee via Employee is informed of their current benefits Smart Exit process guides employee through their choices One time pin (OTP) used to validate employee Employee may request assistance from a client service consultant or financial adviser Smart Exit Digital Process for FundsAtWork Help Guide Page 2 (12/2016) Employee makes informed choice & sends instruction to Momentum Momentum processes instruction (stop or cash out benefits, or continue benefits)

Employer process Benefits to the employer Reduced queries from members Reduced administration effort Empowered to support members Smart Exit Digital Process for FundsAtWork Help Guide Page 3

3 Employer process Benefits to the employer Reduced queries from members Reduced administration effort Empowered to support members Smart Exit Digital Process for FundsAtWork Help Guide Page 3 (12/2016) To optimise the process, you need to notify the exit as early as possible in the month that the employee resigns. This will enable Momentum to communicate with the employee before they leave and help them make the right financial wellness decisions.

Employer process Log onto the employer portal to start the Smart Exit process Log in at

za with 3 easy clicks Click on Login (top right) Select FundsAtWork from the drop-down

consist of a personalised and secure Username, User ID and PIN that will be sent to you

If you are a new user, your login details will be sent to you via email.

4 Employer process Log onto the employer portal to start the Smart Exit process Log in at with 3 easy clicks Click on Login (top right) Select FundsAtWork from the drop-down list Insert your employer portal login details and click on Log In Your login details consist of a personalised and secure Username, User ID and PIN that will be sent to you after the employer portal access form has been signed. If you are a new user, your login details will be sent to you via . If you forgot your PIN you can set up a new one by calling Smart Exit Digital Process for FundsAtWork Help Guide Page 4 (12/2016) Use the Help Guide for more information on accessing and navigating the employer portal.

Employer process Select Smart Exits under Withdrawal or Retrenchment When a member resigns, is

Withdrawal menu option. When a member is retrenched, use Retrenchment.

due to his participating employer stopping or intending to stop carrying on the trade in which the

Exits to send the new digital process to the employee.

Full Employer Portal Use our existing functionality Use Full Employer Portal if the member has

email address to receive the link to the digital process.

redundant as a result of his employer having effected a general reduction in personnel or a

5 Employer process Select Smart Exits under Withdrawal or Retrenchment When a member resigns, is dismissed, becomes ineligible for membership or their contract of employment ends, select the Withdrawal menu option. When a member is retrenched, use Retrenchment. Retrenchment: A member is retrenched when: he loses his employment or his employment is terminated due to his participating employer stopping or intending to stop carrying on the trade in which the member was employed or appointed, or Smart Exits Easily exit members using our new tool Use Smart Exits to send the new digital process to the employee. The employee must have an address and cell number to receive the link to the digital process. Full Employer Portal Use our existing functionality Use Full Employer Portal if the member has already provided his withdrawal instruction to you in writing, or if the member does not have an address to receive the link to the digital process. Smart Exit Digital Process for FundsAtWork Help Guide Page 5 (12/2016) the member having become redundant as a result of his employer having effected a general reduction in personnel or a reduction in personnel of a particular class. Retrenchment is not applicable where the member s participating employer is a company and the member at any time held more than 5% of the issued shares or members interest in that company.

Employer process Withdrawal and retrenchment Select the member Part of the process is to notify

This means you must load the Smart Exit in the month the member leaves, or in the month immediately

You can only use the Smart Exit process for members with ID numbers on Momentum s records.

6 Employer process Withdrawal and retrenchment Select the member Part of the process is to notify Momentum that the member s contributions must stop. This means you must load the Smart Exit in the month the member leaves, or in the month immediately following the date of exit. You can only use the Smart Exit process for members with ID numbers on Momentum s records. Use the search facility with the member s ID number to find a member on the scheme or click on More search options. Smart Exit Digital Process for FundsAtWork Help Guide Page 6 (12/2016) Update the ID number first before starting the process. Use the normal withdrawal or retrenchment process if you do not have the employee s ID number or if the employee has a passport number. If the employee has already been exited, they will be listed at the end of the search results. You can resend the Smart Exit process to an employee previously exited by clicking on Resend . Click Start Exiting next to the applicable member to start the process.

Employer process Withdrawal and retrenchment Confirm the exiting employee s details The Smart Exit digital process can only be used by members who have an email address and cell number.

Check and update this information before proceeding. The email address provided will be used throughout the process, even after the member leaves employment.

Select the reason for leaving: Resignation Dismissal Ineligible for membership Contract of employment has ended You must only use Ineligible for membership if the member is no longer

Smart Exit Digital Process for FundsAtWork Help Guide Page 7 (12/2016) Damages caused to the employer: Indebtedness to the employer is regulated by Section 37D of the Pension Funds Act.

7 Employer process Withdrawal and retrenchment Confirm the exiting employee s details The Smart Exit digital process can only be used by members who have an address and cell number. It is mandatory to capture and confirm this information before proceeding. The member s existing address and cell number held on our records will be displayed. Check and update this information before proceeding. The address provided will be used throughout the process, even after the member leaves employment. For this reason, it s best to provide their personal address rather than their work . Select the reason for leaving: Resignation Dismissal Ineligible for membership Contract of employment has ended You must only use Ineligible for membership if the member is no longer eligible for membership of this scheme and now qualifies for membership of another fund. In this case the member s assets must be transferred to the new fund. Smart Exit Digital Process for FundsAtWork Help Guide Page 7 (12/2016) Damages caused to the employer: Indebtedness to the employer is regulated by Section 37D of the Pension Funds Act. The recovery of personal indebtedness to the employer is not permitted. If you indicate Yes to Any damages caused to the employer?, you will be asked to also provide an estimated Rand amount. In this case the claim will follow our manual claim payment process and a service consultant will contact you and the member for more information.

Employer process Withdrawal and retrenchment Confirm the last contribution for the exiting member Contributions must be paid up to the member s last working day.

8 Employer process Withdrawal and retrenchment Confirm the last contribution for the exiting member Contributions must be paid up to the member s last working day. If this is during the month, the contributions due will be a pro-rata amount based on the number of calendar days to date of exit. If the amount on your payroll is higher than the amount shown, you can increase the amount to match your payroll. You will not be able to change these values after you have loaded the exit. Smart Exit Digital Process for FundsAtWork Help Guide Page 8 (12/2016) Example: Month: June If a member leaves on 20 June, they will need to contribute for 20 out of the 30 calendar days in the month. A full contribution of R1 000 will therefore be reduced to the pro-rata amount R Formula applied R calendar days in the month X 20 calendar days to date of exit = R When you click Next an will be sent to the employee with instructions on how to log into the Smart Exit tool.

Employer process Withdrawal and retrenchment Start the employee Smart Exit process The details submitted will be displayed onscreen for confirmation.

2 nd Authoriser for Claims: If the pay point has a 2 nd Authoriser for Claims on employer portal, the 2 nd Authoriser will need to approve the claim before it will be notified on Momentum s system.

9 Employer process Withdrawal and retrenchment Start the employee Smart Exit process The details submitted will be displayed onscreen for confirmation. If correct, click the Start the exit process button. An will then be sent to the employee with instructions. 2 nd Authoriser for Claims: If the pay point has a 2 nd Authoriser for Claims on employer portal, the 2 nd Authoriser will need to approve the claim before it will be notified on Momentum s system. Smart Exit Digital Process for FundsAtWork Help Guide Page 9 (12/2016) A notification will be sent to the 2 nd Authoriser informing them that a claim needs to be approved. If the 2 nd Authoriser does not have an address on our records, you will be prompted to ask the 2 nd Authoriser to log into the employer portal to confirm the claims. The name of the 2 nd Authoriser will be displayed on-screen. The status of the exit will be indicated as Pending authoriser until the 2 nd Authoriser approves the claim.

Employer process Smart Exit tracking Tracking Use the Smart Exit Tracking menu option under the Claims and Exits sub-menu on the employer portal to track the progress of your employee s claims.

10 Employer process Smart Exit tracking Tracking Use the Smart Exit Tracking menu option under the Claims and Exits sub-menu on the employer portal to track the progress of your employee s claims. Only members loaded through the Smart Exit process will be listed, with an indication of how far they are in the process. Smart Exit Digital Process for FundsAtWork Help Guide Page 10 (12/2016) Statuses will only update when the browser page refreshes.

11 Employee process Benefits to the employees Understand "What I have" and "What I need" Empowered to make better decisions Supported end-to-end Easy and quick process, no paperwork! Smart Exit Digital Process for FundsAtWork Help Guide Page 11 (12/2016)

12 High level overview FundsAtWork retirement savings Your choices* Keep your savings invested in the retirement fund Keep Hello Doctor & Multiply You can withdraw your savings later or keep it invested until you retire. If you take part of your savings in a cash lump sum, you will not be able to leave the balance in the retirement fund. In this case you must move the balance to the Momentum Corporate Preservation Fund or to another fund. Best option for growth Keep your savings invested Transfer your savings to the Momentum Corporate Preservation Fund Keep Family Protector Funeral benefit, Hello Doctor and Multiply You can take a once-off withdrawal from your savings at any time and leave the rest invested until you retire. Part in cash / part saved Transfer your savings to another pension, provident, preservation or retirement annuity fund Ask your financial adviser to explain the rules to you. Take your savings in a cash lump sum You will pay tax on money cashed out * Any other employer deductions or pension backed home loans will also need to be taken into account. Smart Exit Digital Process for FundsAtWork Help Guide Page 12 (12/2016) Insurance benefits You can convert these to individual policies. Ask for a quote. Momentum Health You can remain a member of the medical scheme. Multiply You can keep Multiply if you keep another Momentum product.

Welcome email & OTP Getting started An email will be sent to you, prompting you to start the process.

Type the OTP on the sign-in screen in the space provided before you can start the process.

If you don t have an ID number, you need to ask your employer for a copy of the withdrawal form.

to receive the OTP (one time pin) for authentication after you click the Get Started button.

13 Welcome & OTP Getting started An will be sent to you, prompting you to start the process. Click Get Started when you re ready to start. An OTP (one time pin) will be sent to your cell phone. Type the OTP on the sign-in screen in the space provided before you can start the process. Important: You can t sign in with a passport number. If you don t have an ID number, you need to ask your employer for a copy of the withdrawal form. Smart Exit Digital Process for FundsAtWork Help Guide Page 13 (12/2016) You will need your cell phone to receive the OTP (one time pin) for authentication after you click the Get Started button. Phone the number displayed at the bottom of the to speak to a consultant. Sign in with the OTP (one time pin) sent to your cell phone or click Send me a new PIN for a new OTP.

Getting help There are a number of ways you can get help: Use the Contact Us button in

Click on Call Me Back if you want to talk to one of our service consultants for

Click on Connect with an Adviser for specific advice based on your needs.

These 4 steps will show you how far you are in the process and what s next.

14 Getting help There are a number of ways you can get help: Use the Contact Us button in the left column, below the 4 steps, if you want Momentum to phone you back. Click on Call Me Back if you want to talk to one of our service consultants for general information on your options. Momentum will phone you back. Click on Connect with an Adviser for specific advice based on your needs. An accredited financial adviser will call you back. These 4 steps will show you how far you are in the process and what s next. You can save your change at any time and log out. Smart Exit Digital Process for FundsAtWork Help Guide Page 14 (12/2016) Use Call me Back or Connect with an Adviser if you need help.

Compare options or Save with 1 click If you have already decided to save your benefits, you can fast track the process by clicking on Save with 1 click.

15 Compare options or Save with 1 click If you have already decided to save your benefits, you can fast track the process by clicking on Save with 1 click. Click Compare my options to proceed through the full process. Click Save with 1 click to fast track your savings. Smart Exit Digital Process for FundsAtWork Help Guide Page 15 (12/2016)

16 Save with 1 click Saving your retirement Use save with 1 click if you want to: Keep your savings in the retirement fund, or Move your savings to the Momentum Corporate Preservation Fund. Smart Exit Digital Process for FundsAtWork Help Guide Page 16 (12/2016) If you keep your savings in the retirement fund, you can always withdraw it later. You can also keep it invested until your retirement. If you take a portion of your savings in a cash lump sum, you will not be able to leave the balance in the retirement fund. You will not be able to select this option. You must move the balance to the Momentum Corporate Preservation Fund or to another fund. If you move your savings to the Momentum Corporate Preservation Fund, you can take a once-off withdrawal from your savings and leave the rest invested until your retirement.

Save with 1 click Saving your retirement If you selected the Momentum Corporate Preservation Fund, a document will be issued disclosing the effective annual costs of the preservation fund, based on

17 Save with 1 click Saving your retirement If you selected the Momentum Corporate Preservation Fund, a document will be issued disclosing the effective annual costs of the preservation fund, based on your savings value and investment portfolio. You must accept the effective annual cost before you can transfer to the Momentum Corporate Preservation Fund. Click here to open the effective annual cost disclosure document. This document will be sent to you via for record purposes. You do not need to sign and return this document if you have already accepted the effective annual cost with this tick-box. Smart Exit Digital Process for FundsAtWork Help Guide Page 17 (12/2016) Then click Confirm to continue. We recommend that you speak to a financial adviser. If we are unable to issue the effective annual cost disclosure document immediately, you will get this message confirming that the document will be ed to you. In this case the document must be printed, signed and returned to Momentum before we can proceed with the transfer to the preservation fund.

18 Save with 1 click Saving your retirement You will then be asked to confirm your contact details. The address provided will be used throughout the process, even after you leave your job. For this reason, it s best to give a personal address rather than a work address. You will get a confirmation message once done. You can download a pdf document with confirmation of your choices from this screen. This is the final confirmation screen. Smart Exit Digital Process for FundsAtWork Help Guide Page 18 (12/2016)

Compare my options (Full process) The landing screen shows your current pensionable salary and the estimated pension you could have at retirement, based on your current savings. Click Next to proceed.

19 Compare my options (Full process) The landing screen shows your current pensionable salary and the estimated pension you could have at retirement, based on your current savings. Click Next to proceed. Smart Exit Digital Process for FundsAtWork Help Guide Page 19 (12/2016) The steps required to complete the process are shown on the left. You can easily see how far you are in the process and how many steps are left. Your current benefits will be listed in the panel on the right.

20 Compare my options (Full process) Tell us about you Before you proceed, you will be asked four quick questions. Knowing more about your current situation helps us give you all the right information so that you can make the best choices for your financial future. Smart Exit Digital Process for FundsAtWork Help Guide Page 20 (12/2016)

Compare my options (Full process) Your benefit summary Your current retirement savings amount will be shown.

After deciding what to do with your retirement savings you will be able to access your other benefits (insurance,

Click on Make Choices next to the Retirement savings balance to choose what you want to do with your savings.

21 Compare my options (Full process) Your benefit summary Your current retirement savings amount will be shown. If you are on a pension fund and a provident fund, both values will be shown. After deciding what to do with your retirement savings you will be able to access your other benefits (insurance, Multiply and Momentum Health). Click on Make choices next to the Retirement savings benefit to proceed. Click on Make Choices next to the Retirement savings balance to choose what you want to do with your savings. Smart Exit Digital Process for FundsAtWork Help Guide Page 21 (12/2016) If you need help, use the Need Help icons and buttons to: Ask Momentum to call you back, or Connect to an adviser

Compare my options (Full process) Make your choice Your total savings will be shown. Move the sliders to choose the amount you want to save and how much you want to take in a cash lump sum.

Click Next after you ve chosen how much you want to take in cash and how much you want to save. This is an estimate of the tax that you will pay on the amount you take in cash.

If you need help, use the Need Help icons and buttons to: Ask Momentum to call you back, or Connect to an adviser Your total savings will be shown on the right.

22 Compare my options (Full process) Make your choice Your total savings will be shown. Move the sliders to choose the amount you want to save and how much you want to take in a cash lump sum. The estimated tax on the cash amount will be shown under Take a lump sum. If you are on a pension fund and a provident fund, both values will be shown. Click Next after you ve chosen how much you want to take in cash and how much you want to save. This is an estimate of the tax that you will pay on the amount you take in cash. Desired monthly retirement income is based on your retirement salary and the answers you gave to the lifestyle questions. If you need help, use the Need Help icons and buttons to: Ask Momentum to call you back, or Connect to an adviser Your total savings will be shown on the right. Use the slider to indicate how much you want to take in cash and how much you want to save. You can also type an amount in one of the boxes. Estimated monthly retirement income is based on the amount you elect to save and excludes the amount you elect to take in cash. Smart Exit Digital Process for FundsAtWork Help Guide Page 22 (12/2016)

Smart Exit Digital Process for FundsAtWork Help Guide Page 23 (12/2016) If you decide to transfer your savings to another company, you will need to

23 Compare my options (Full process) Saving your retirement If you keep your retirement savings, you must tell Momentum if you want to: Keep your savings invested with Momentum, or Transfer it to another company. Smart Exit Digital Process for FundsAtWork Help Guide Page 23 (12/2016) If you decide to transfer your savings to another company, you will need to give us the name and contact details of your financial adviser, as well as the name and details of the company you want to transfer to. Momentum will then contact your financial adviser and the other company to arrange the transfer.

Compare my options (Full process) Saving your retirement If you want to keep your savings invested with Momentum, you can either: Keep your savings in the retirement Fund, or Move your savings to the

24 Compare my options (Full process) Saving your retirement If you want to keep your savings invested with Momentum, you can either: Keep your savings in the retirement Fund, or Move your savings to the Momentum Corporate Preservation Fund. Smart Exit Digital Process for FundsAtWork Help Guide Page 24 (12/2016) If you keep your savings in the retirement fund, you can always withdraw it later. You can also keep it invested until your retirement. If you take a portion of your savings in a cash lump sum, you will not be able to leave the balance in the retirement fund. You will not be able to select this option and you must move the balance to the Momentum Corporate Preservation Fund or another fund. If you move your savings to the Momentum Corporate Preservation Fund, you can take a once-off withdrawal from your savings and leave the rest invested until your retirement.

25 Compare my options (Full process) Saving your retirement If you selected the Momentum Corporate Preservation Fund, we will issue a document disclosing the effective annual costs, which will be based on the amount you chose to transfer and the investment portfolio. You must accept the effective annual cost before you can transfer to the Momentum Corporate Preservation Fund. Click here to open the effective annual cost disclosure document. We will send the document to you via for your records. You do not need to sign and return this document if you have already accepted the effective annual cost with this tick-box. Smart Exit Digital Process for FundsAtWork Help Guide Page 25 (12/2016) Then click Confirm to continue. We recommend that you speak to a financial adviser. If we are unable to issue the effective annual cost disclosure document immediately, you will get this message confirming that the document will be ed to you. In this case the document must be printed, signed and returned to Momentum before we can proceed with the transfer to the preservation fund.

Compare my options (Full process) Saving your retirement transfer to another company If you chose to transfer your savings to another retirement fund, retirement annuity fund or preservation fund,

26 Compare my options (Full process) Saving your retirement transfer to another company If you chose to transfer your savings to another retirement fund, retirement annuity fund or preservation fund, Momentum will contact you to request the following information before the transfer is processed: A certified copy of your ID Name of the receiving fund Financial adviser s name Financial adviser s contact information Smart Exit Digital Process for FundsAtWork Help Guide Page 26 (12/2016)

Compare my options (Full process) Cash payments If you chose to take all or part of your retirement savings in a cash lump

Read the message and then confirm that you still want to proceed.

Momentum will start disinvesting your savings within 7 days of receiving your instruction.

27 Compare my options (Full process) Cash payments If you chose to take all or part of your retirement savings in a cash lump sum, you must check and confirm your selection. This message shows the estimated tax you will pay. Read the message and then confirm that you still want to proceed. You will then be asked to: Provide your bank account details. Confirm the date that the savings must be disinvested. Momentum will start disinvesting your savings within 7 days of receiving your instruction. If you want your savings to stay invested until your last working day or a later date, you must indicate your preferred disinvestment date. Estimated tax you will pay. Smart Exit Digital Process for FundsAtWork Help Guide Page 27 (12/2016)

Compare my options (Full process) Your benefit summary your insurance benefits You must then decide if you want to keep your insurance benefits.

Your insurance benefits will not automatically be continued by making this selection.

You may convert some or all of your insurance benefits to individual policies.

Click on terms and conditions to read the details. Click on Make Changes next to Retirement savings if you want to change your selection.

28 Compare my options (Full process) Your benefit summary your insurance benefits You must then decide if you want to keep your insurance benefits. Use the toggle button to make your selection, accept the terms and conditions and then click confirm. Your insurance benefits will not automatically be continued by making this selection. One of our call centre staff will contact you to arrange a quote for a Momentum Myriad individual insurance policy. You may convert some or all of your insurance benefits to individual policies. You will need to accept the quote and you may be asked to do medical underwriting before your benefits can be converted. Accept the terms and conditions to proceed. Click on terms and conditions to read the details. Click on Make Changes next to Retirement savings if you want to change your selection. Use the toggle button to make your selection. In some circumstances Myriad will waive their medical underwriting requirements. If you have chosen to transfer your savings to the Momentum Corporate Preservation Fund and you elect to convert your insurance benefits to an individual Myriad policy, then your Family Protector Base funeral benefits, education benefit and health premium waiver benefit will also continue. Smart Exit Digital Process for FundsAtWork Help Guide Page 28 (12/2016)

29 Compare my options (Full process) Your contact details You will then be asked to confirm your contact details. The address provided will be used throughout the process, even after you leave your job. For this reason, it s best to give a personal address rather than a work address. You will get a confirmation message once done. Once all selections have been made, you can download a pdf document confirming your choices. This is the final confirmation screen. Smart Exit Digital Process for FundsAtWork Help Guide Page 29 (12/2016)

30 Help guide Thank you. Smart Exit Digital Process for FundsAtWork Help Guide Page 30 (12/2016)

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