SANLAM STAFF UMBELLA PENSION & POVIDENT FUNDS (SSUF) TEMINATION OF EMPLOYMENT ANNEXUE TO QUOTATION FO SSUF BENEFIT PAYABLE The quotation is illustrative and for information purposes only. It cannot be used as a basis for any claim against the Employer, Funds, Administrator or Insurer. IMPOTANT The figures in the quotation are estimated and will be recalculated as on the actual date of termination of your service. The quotation refers to your SSUF benefit that is payable in the case of resignation, retrenchment or dismissal. Your full fund value is payable in cash or available to transfer / preserve. Annexure A must be completed if you want to preserve your benefit in the SSUF. It is important that you read the conditions as set out in Annexure A. Annexures B and C must be completed if you prefer a cash payment or transfer to another approved fund. Important: It is in your own interest to submit your completed option forms (Annexure A; or B & C) before your last day of service in order to prevent any potential losses due to market fluctuations. Please note that the option you exercise and indicated on these annexures will be irrevocable. In the case of a cash payment, the benefit is payable within six weeks of termination of employment. The following may delay payment: - Application of tax directives (IP 3) from SAS; - The selling of your demutualisation shares (if applicable); and - The disinvestment of Glacier/SPW investments (if applicable). The termination benefit will be transferred to a money market portfolio within five (5) business days after the latter of: - receipt of official notice of termination of service from the employer, together with the member s completed option forms (Annexures B & C); - the member s last day of service; or - the date on which the last contributions for the member has been receipt by the fund administrator. The benefit will earn the return of a money market portfolio until request of the tax directive. If the benefit is not paid within ten (10) days after request of the tax directive, interest will be added till the date of payment. If Human esources do not receive the completed Annexures B & C from you within 3 months of your termination date or date of quotation, whichever occurs last, the benefit will be preserved in the SSUF in terms of the ules of the SSUF. (efer Annexure A for the applicable conditions.) In terms of General Note (GN 35) issued by SAS all benefits claimed, but not paid within 24 months after the date it became payable, will be taxed at the maximum marginal rate. You have to inform H of any claims (example divorce- or maintenance orders) against your Fund value. It is important to obtain financial advice from a qualified financial advisor before making a decision regarding your benefit. As a member you have the option to take out individual life and income disability assurance (policies) with Sanlam within 2 months of your termination date without proof of good health. 06/2016 1
PATICULAS OF THE MEMBE Name (Initials and surname) Pay-code Termination of service date BENEFIT (BEFOE TAX) Please see the enclosed quotation for details of your termination benefit (before tax) payable by the SSUF Pension and Provident Funds. DEMUTUALISATION CEDIT (Applicable to members who were members of the SSUF before 1 April 1998.) Your demutualisation credit (if any) is included in the figures quoted. These shares will be sold on termination of your service from the employer. The proceeds will be added to your benefit payable in cash or transferred / preserved. OPTIONS The following options are available: The total benefit can be preserved in the SSUF (Please refer Annexure A for terms and conditions). The total benefit can be taken in cash. The total or part of the benefit can be transferred to any approved pension fund, provident fund, retirement annuity fund, preservation pension fund or preservation provident fund. Please note: Pension preservation funds may only receive amounts transferred from the Pension Fund and a Provident Preservation fund may only receive amounts from the Provident Fund. TAX The following amounts are tax-free: Amounts preserved in the SSUF (Tax will only be applicable once payment is requested.) Amounts transferred to an approved retirement annuity fund, pension fund, preservation pension fund or preservation provident fund. Amounts transferred from the Provident Fund to an approved provident fund. Part of the benefit paid in cash may be tax free. Please consult with your financial advisor. Please note: Amounts transferred from the Pension Fund to a provident fund are taxable. PESEVATION OPTIONS Preserving your benefit not only provide a huge tax benefit, but is also essential to ensure sufficient provision for retirement. In this regard you may consider one of the following preservation fund options: Preserve your benefit in the SSUF (efer Annexure A); or Alternatively you may consider one of the following options: Preservation Fund Contact persons / details Sanlam Plus Preservation Fund Sanlampreservation@sanlam.co.za Tel: 021 947 5251 Glacier Preservation Fund retirementfunds@glacier.co.za Anita odrigues Tel: 021 917 9275 Bea de Wet Tel: 021 917 9059 Please note: It is important to obtain financial advice from a qualified financial advisor. The contact persons named above may NOT give financial advice. They can only supply factual product information and assist with the process, should you want to transfer to any of the relevant preservation funds. 06/2016 2
ENQUIIES All enquiries must be addressed to Human esources: Support Services Contact person Tel no 021 947 Fax no 021 947 06/2016 3
ANNEXUE A SANLAM STAFF UMBELLA PENSION AND POVIDENT FUNDS (SSUF) Application by member to preserve withdrawal benefit in the SSUF on termination of service from the employer Personal contact details Full names and surname:.. Paycode: Identity number:... Private e-mail address:.. Tax number: Cell phone number:... Physical address:.... Postal address:.... Contact details of a relative Name and surname:... elationship: Cell phone number:..... VEY IMPOTANT: You need to inform Sanlam immediately if any changes of the above information. Send an email to: ssuf.enquiries@sanlam.co.za Declaration: I am a member of the SSUF and hereby request that my withdrawal benefit (fund value) be preserved in the SSUF (become a Paid-up benefit). I confirm that I understand the following conditions that will be applicable. I am not allowed to preserve only part of my benefit in the SSUF. I must preserve the full benefit. I will not be allowed to make any further contributions to the SSUF. I will not qualify for any insured death or other risk benefits. At termination of my employment I will be entitled to make use of the conversion options for risk benefits. I understand that these options have to be exercised within 2 months from termination of my employment and that I will not be entitled to exercise these options at a later date. My benefit (fund value) will be invested in the SSUF portfolios as selected by me. I will be allowed to make investment switches. The same rules with regard to investment switches apply as for any other active employee who is a member of the SSUF. 06/2016 4
A monthly administration fee will be payable by me and such fee will be recovered on a monthly basis from my accumulated fund value. The current fee is 60.73 p.m. (Incl. VAT). This fee will be reviewed annually on 1 January. If I should die during the period of being a Paid-up-member, my accumulated fund values will be paid to my estate. When I wish my benefit to be paid, I will inform Sanlam Employee Benefits by sending an e-mail to: ssuf.enquiries@sanlam.co.za. My benefit will accrue for tax purposes on the date on which I make an election regarding the manner in which the benefit must be paid. I undertake to keep Sanlam Employee Benefits informed of any changes to my contact details. Signed at on.. Signature of member 06/2016 5
ANNEXUE B Form to be completed if you prefer a cash payment or want to transfer to another approved fund/policy PAT A: MEMBE S OPTION FO PENSION FUND I, Full names and surname Paycode Identity number Tax number Office a member of the Sanlam Staff Pension Fund, hereby request that my benefit be dealt with as follows: THE OPTION THAT YOU EXECISE HEE IS IEVOCABLE Amount to be paid in cash Amount to be transferred to another fund/policy (Please complete Part C) PAT B: MEMBE S CONTACT DETAILS Your (Member) postal address Postal code PAT C: FUTHE DETAILS EGADING THE TANSFE Insurer Address of insurer Eg. Sanlam Type of policy (Please provide us with a copy of the application form): Annuity Pension fund Preservation pension fund Provident fund Policy number Name of transferee fund Name of Contact person (Intermediary) E-mail address of contact person Advisor s code (Only if Sanlam policy) Signature of member Date 06/2016 6
ANNEXUE C Form to be completed if you prefer a cash payment or want to transfer to another approved fund/policy PAT A: MEMBE S OPTION FO POVIDENT FUND I, Full names and surname Paycode Identity number Tax number Office a member of the Sanlam Staff Umbrella Provident Fund, hereby request that my benefit be dealt with as follows: THE OPTION THAT YOU EXECISE HEE IS IEVOCABLE! Amount to be paid in cash Amount to be transferred to another fund/policy (Please complete Part C) PAT B: MEMBE S CONTACT DETAILS Your (Member) postal address Postal code PAT C: FUTHE DETAILS EGADING THE TANSFE Insurer Eg. Sanlam Address of insurer Type of policy (Please provide us with a copy of the application form): Annuity Pension fund Preservation provident fund Provident fund Policy number Name of transferee fund Name of Contact person (Intermediary) E-mail address of contact person Advisor s code (Only if Sanlam policy) Signature of member Date 06/2016 7