RETIREMENT FUND CHOICES 26 February 2010 Seshego Benefit Consulting

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Presentation transcript:

RETIREMENT FUND CHOICES 26 February 2010 Seshego Benefit Consulting LEBONE ENGINEERING RETIREMENT FUND CHOICES 26 February 2010 Seshego Benefit Consulting

FUND CHANGE Rand Executive to SA Open Provident Lebone Management Committee Online access to fund values Member Investment Choice (MIC) Sage transfers finalized end of 2009 Dual benefit until Randex transfer approved

SESHEGO BENEFIT CONSULTING MIC CHOICE Why choice? Trustees’ role in MIC choice funds Communication available Elect single MIC portfolio. Annual choice. SESHEGO BENEFIT CONSULTING

WHAT IS BEING MADE AVAILABLE An explanation letter A Member Investment Choice (MIC) booklet Supporting MIC portfolio fact sheets A member choice form A presentation on the choices Illustration software that you can get from Solomon Bokake A website page with the communication on www.saopenfund.co.za/Lebone.htm SESHEGO BENEFIT CONSULTING

SESHEGO BENEFIT CONSULTING FINANCIAL PLANNING Retirement, Risk & Estate Planning Retirement planning – Need a budget Set a realistic target Risk – How much is needed outside fund? Estate Planning – Get advice, if needed SESHEGO BENEFIT CONSULTING

SESHEGO BENEFIT CONSULTING RETIREMENT PLANNING Defer retirement Additional contributions Invest differently Modern Portfolio Theory Growth assets are included for long term capital growth SESHEGO BENEFIT CONSULTING

FTSE/JSE long-term return 19% 41% 47% 25% -23% 16% 61% 29% -8% 0% -10% SESHEGO BENEFIT CONSULTING

Annualised returns over 40-years April 1969 – March 2009 (Gross) SESHEGO BENEFIT CONSULTING

SESHEGO BENEFIT CONSULTING INVESTMENT CHOICES Inflation plus 7% Inflation plus 5% Inflation plus 3% Capital guarantee portfolio How are you going to invest after retirement? Default is Inflation plus 5% SESHEGO BENEFIT CONSULTING

PORTFOLIO CONSTRUCTION SESHEGO BENEFIT CONSULTING

SESHEGO BENEFIT CONSULTING DEATH COVER 3X annual pensionable salary Disability cover (approx. 75% of monthly salary) Insurance costs change SESHEGO BENEFIT CONSULTING

INVESTMENT NET OF COSTS By way of example: Contribution 13,00% e.g. R100,00 Less Group Life 1,02% e.g. R 7,85 Less PHI (disability) 0,74% e.g. R 5,70 Less admin costs (estimate) 0,65% e.g. R 5,00 NETT towards investment 10,59% R 81,45 SESHEGO BENEFIT CONSULTING

SESHEGO BENEFIT CONSULTING IN SUMMARY Do a budget to set a retirement target, then put in place a retirement plan Check if you need additional risk benefits Get professional help if you need estate planning Stick to your investment plan Your MIC will apply to all monies post Randex transfer SESHEGO BENEFIT CONSULTING

SESHEGO BENEFIT CONSULTING

SESHEGO BENEFIT CONSULTING Questions SESHEGO BENEFIT CONSULTING