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«OLD MUTUAL SUPERFUND PRESERVER MEMBER GUIDE BEING A PRESERVER MEMBER SHOWS YOUR COMMITMENT TO YOUR FINANCIAL FUTURE! Preserver allows you to continue ...»

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OLD MUTUAL

SUPERFUND

PRESERVER

MEMBER GUIDE

BEING A PRESERVER MEMBER

SHOWS YOUR COMMITMENT

TO YOUR FINANCIAL FUTURE!

Preserver allows you to continue your Old Mutual SuperFund

Membership, even though you have left your employer.

This way your retirement savings will stay invested, and

can keep on growing. What’s more, you enjoy investment choice and excellent service at a good price.

This guide will help you understand how Preserver works and how you can get the most out of your membership. After all, you want to make sure that Preserver works as hard for you as you have worked to build up your retirement savings until now.

This Member Guide has been prepared based on legislation and the rules of the Old Mutual SuperFund Pension and Provident Funds, effective as at 1 March 2014. It summarises what is provided for in the Rules of SuperFund and explains the tax consequences of the options available to you. Every effort has been made to ensure the information in this Member Guide is correct. However, should any error have been made, the Rules of the two Funds will apply. You are encouraged to read the Rules of the Old Mutual SuperFund. You can obtain a copy of the SuperFund Master Rules by phoning 0860 20 30 40. Remember: Your rights as a member of the Fund are contained in the Fund’s rules.

CONTENTS

1. The advantages of your Preserver Membership 6

2. Getting the most out of your Preserver Membership 7

3. How Preserver works 8

• Membership 8

• Contributions 9

• Transferring other retirement savings to your Preserver Account 9

• Investment options 9

• Death, Disability & Funeral Cover 10

• Fees 10

• Service & Communication 11

4. Investing your retirement savings 12

• Managing your investment risk 12

• Your SuperFund Preserver investment package options 15

• Switching from Absolute Growth Portfolio 17

• Investment quiz 18

5. Benefits 19

• Retirement 19

• Disability 25

• Death 25

• Withdrawal 26

6. Financial planning

–  –  –

There are many advantages to being a Preserver Member, not least of which

are:

• You help keep your retirement plan on track. Your retirement savings will stay invested, while you enjoy investment choice and flexibility.

• You keep your options open. Although you should do everything you can to keep your retirement savings intact, we understand that sometimes you need access to cash. Should the need arise, you can withdraw your retirement savings in cash. Or you can transfer your retirement savings to another retirement fund1.

• You have the time and flexibility to make good choices. Since your retirement savings have the ability to continue growing, you can take your time deciding what to do with them. This also gives you the time to speak to a financial adviser if you need to.

• You can select your retirement age. You can choose to retire at any age once you have reached your 55th birthday.

Subject to legislation and the rules of the receiving fund, at the time of transfer.

GETTING THE MOST OUT OF

YOUR PRESERVER MEMBERSHIP

To make the most of your Preserver retirement savings, you need to make sure

you do the following:

• Read all about it.

Read through this Preserver Member Guide to get a full understanding of your benefits and investment options. It will also show you how to make Preserver a vital part of your financial planning for your future.

• Regularly check that your personal details are valid.

Check all your personal details and beneficiary nominations, and keep these up

to date by:

• Logging into your Old Mutual SuperFund member web account, or

• Contacting the Old Mutual SuperFund service centre at 0860 20 30 40.

• Keep track of your retirement savings and investment options.

To do this:

– Login to your Old Mutual SuperFund member web account.

– If you need to register for this service, contact the Old Mutual SuperFund service centre at 0860 20 30 40.

• Make some decisions; do some planning!

Consider your dreams and goals, as well as your fears and concerns, while you read this Guide. Start doing some serious thinking about a financial plan that will meet your needs. You may want to contact an authorised financial adviser to help you with this. We’ll tell you how, later in this Guide.

–  –  –

Membership

• With Preserver you continue your Old Mutual SuperFund Membership, even though you have left your employer.

• Preserver is subject to only the Master Rules of Old Mutual SuperFund. The Special Rules governing your previous employer’s sub-fund no longer apply.

• There is no minimum investment amount for Preserver. However, for amounts of R30 000 or less, we recommend that you invest in the Trustee Choice investment package to keep fees to a minimum.





3. HOW PRESERVER WORKS

Contributions

• While Preserver may keep on growing the retirement savings you have invested, you are no longer able to make additional contributions. If you’d like to invest more towards your retirement, you could consider making voluntary contributions to your current employer’s retirement fund, or a retirement annuity fund.

Transferring other retirement savings to your Preserver Account

• You may consolidate all your retirement savings in Preserver. You do this by transferring amounts into Preserver from other pension, provident or preservation funds that you are a member of. You can do this if these amounts are available for transfer.

Investment options

• Your retirement savings will remain invested, subject to the investment options that are available to Preserver Members.

• Even though Preserver Membership offers you extensive investment choice, it does not include all of the investment funds offered under the SuperFund Customised Option.

• If you were invested in the SuperFund Customised Option or Orion SYmmETRY investments you will have 60 days from the date you start your Preserver Membership to inform us of your investment choice. If you don’t do this, your retirement savings will be switched to the Trustee elected default investment fund.

You can always switch out of this at a later stage.

• There is no minimum amount for investing in SuperFund Preserver.

• Members with R30 000 or less in their SuperFund account: We recommend that you invest in the Trustee Choice investment package as this will keep fees to a minimum. This will protect you against the risk that administration fees reduce your investment growth over time.

3. HOW PRESERVER WORKS

• Please see Section 4 for more information on the investment packages and funds available. It also has information on investment fees, and the rules for investment switching.

Death, Disability & Funeral Cover

• As a Preserver Member you do not have any group risk cover, such as death or disability cover. You are able to buy this cover through Old Mutual and tailor it to your needs. Call Member Support Services at 0860 38 88 73 for more information or to apply for additional risk cover. Or, if you are moving to a new employer, that company may offer you group risk cover.

Fees

• Certain fees are payable by Preserver Members.

• A monthly administration fee is charged in line with your investment package.

This fee comes off the balance in your Preserver Account.

– Trustee Choice: R23.50 per month – Lifestage: R23.50 per month – Strategy: R42.00 per month – Extended: R68.00 per month

• If the Fund needs to trace you or your dependants and nominees, tracing costs will be charged. These will come off the balance in your Preserver Account.

• No fee is payable when you switch between investment funds or between investment packages.

• Depending on how the investment manager charges investment fees, these will either be deducted from the income of the investment fund, or from the balance in your Preserver Account.

• Please note that these fees are subject to change.

3. HOW PRESERVER WORKS

Service & Communication

• As a Preserver Member, you have access to many helpful services designed to keep you in touch with your retirement savings.

• You will receive regular reports via email. Make sure we have your correct email address by checking the personal details section on your SuperFund Member website account or phoning the Old Mutual Superfund service centre at 0860 20 30 40.

The reports include:

– An Annual Member Benefit Statement, – Quarterly Investment Reports (for members invested in the Lifestage, Strategy, Extended), and – Quarterly Preserver newsletters.

• You have access to the member website: If you are not already registered, then you need to do so.

This service gives you:

– 24/7 secure access to your fund values and personal details.

– The ability to view current and previous reports and statements.

– The ability to switch between investment funds.

• A dedicated service centre is available at 0860 20 30 40.

Trained consultants will answer all your service queries, including questions

about:

– Making a claim, – Updating your personal details (via phone, sms, email, etc.), – Updating your beneficiary nomination, and – Switching between investment packages.

–  –  –

As a Preserver Member, you have a choice of how and where your retirement savings should be invested. Choosing the right investment package and funds for your retirement savings is very important in order to reach your retirement goals.

Managing your investment risk As with any investment, your Preserver retirement savings are exposed to some risk.

It is, therefore, important that you understand the different types of risk to ensure that you make the right investment decision.

Please read this section carefully before making any investment decisions.

No matter how your money is invested, it will always be exposed to some risk. This means there is a chance you might not achieve your long-term goals.

There are many risks, but you need to know about three main ones.

These are:

• Inflation risk - This refers to the chance of your investment not growing enough to beat inflation. This is the main risk that all members face. Investment funds are designed to manage this risk.

• Volatility risk - This refers to the chance that the market performs poorly just when you want to access your investment. Inflation and volatility risks can work against each other. By reducing volatility risk, you may increase inflation risk, and the other way around.

• Interest risk - This refers to the possibility of long-term interest rates dropping before you buy your pension. This will result in a decrease in the monthly pension that you can buy with your retirement savings if you buy a level or fixed escalation pension that is guaranteed for life.

4. INVESTING YOUR RETIREMENT SAVINGS

Let’s take a closer look at these risks and how they may affect you.

Inflation risk Do you remember how much one rand could buy you ten years ago? Definitely much more than now! Inflation has made your one rand worth less over time. So the buying power of your money has decreased. This means you can buy less with that money now, than you could in the past.

If you want your money to grow, you have to make sure that the investment return you receive on your money is higher than the rate of inflation. When the rate of inflation is low, you won’t notice its effect as much.

Many people believe that their money will grow adequately in an investment, such as an ordinary bank account. Although the rand value of this money may grow with some interest, inflation will still reduce the buying power of this money in the long term.

Volatility risk This type of risk causes the value of investments to fluctuate in line with changing economic and market conditions. Volatility risk (sometimes referred to as exit risk) becomes very important when you withdraw from your Preserver Account.

If your money is invested in high volatility risk investment funds, and the market falls just before you withdraw from the Fund, the value of your investment could be greatly reduced. Generally this is the risk that is referred to when talking about a person’s risk profile.

4. INVESTING YOUR RETIREMENT SAVINGS

The amount of volatility risk you can take is up to you. Some people want total security, while others are prepared to take a risk if it means that they might get better growth.

Generally, a younger person, who has more time to recover from short-term losses, can afford to take more volatility risk than an older person who is close to retirement.

However, as you grow older, you should reduce volatility risk so that your fund savings are not negatively affected by major market changes just before your retirement.

Interest risk This risk only applies to someone who wants to buy a level or fixed escalation pension with his or her retirement savings. The risk is mainly that long-term interest rates may drop when you want to buy your pension. If the interest rates drop, investment returns are lower. As a result, the monthly pension that you can obtain will be less.

The impact of risk on your investment decision Every member of Preserver is different. So, there are different investment packages to choose from, depending on how involved you want to be in the investment of your money.



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