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Pension and Provident  Funds
- It provides retirement benefits for your employees.
- It can pay death, disability, severe illness or funeral benefits when an unforseen event happens to an employee
The difference between a Pension Fund and a Provident Fund
Pension Fund
Provident Fund
Retirement Annuity
Who contributes
Employee and Employer
Employer or Employee
The Individual
Tax Benefit on  withdrawal
Taxable in employees name
Taxable in employees name
Taxed on retirement
Amount eccessible at resigniation
All - but taxable
All - but taxable
No withdrawal on resignation allowed
Amount eccessible on retirement
1/3 as cash, the rest as income
1/3 - might be taxed
1/3 as cash, the rest as income
1/3 - might be taxe
Benefits of a Pension or Provident Fund in Detail
   -  Withdrawal benefits, the same as on a retirement annuity, more details..
   -  Retirement benefits, the same as on a retirement annuity, more details..
   -  Insured benefits, including benefits paid to a worker who is disabled and benefits paid to the dependants of a worker who dies.
   -  Tax Benefits: A employer can deduct contributions as expenses.
   -  A pension or Provident fund brings loayalty from a amployee.

Types of Pension and Provident Funds
 Umbrella Funds
The more popular kind of pension fund
It is a pension fund where more than 1 employer makes contributes. 
It's advantage is that the costs are lower than stand alone pension funds.
This scheme is set up to provide retirement, death and other benefits to members of participating employers.
In an umbrella fund there are several participating employers who enjoy more or less the same benefits in the same fund structure and this fund is managed by professional trustees.
in the structure and size of one umbrella fund the costs on average per member are reduced  and the umbrella fund can also provide other advantages such as professional governance and regulatory requirements, to oversee the funds belonging to the employees.
Who should consider an umbrella fund?
 An umbrella fund is appropriate for all employers who lack  the size to extract the scale of benefits from a stand-alone fund.
 The South African retirement industry is heading strongly in the direction of umbrella funds: the number of stand-alone retirement funds in South Africa has almost halved over the past few years, mostly because of costs.
 Employers that want to give their employees better security at the work place as compensation or a way to save for their retirement will benefit in a great way though umbrella funds.
Stand Alone Pension or Provident Fund
Only one employer makes contributions to it.
The contributing employer makes the rules and benefits and have control over it.
It is a more expensive option than a umbrella fund.

Discovery Life, Hollard Life, Liberty Life, Momentum Life,Old Mutual, Sanlam
Discovery Insure, Momentum Insure, Mutual and Federal, Verseker, First for Women, Auto and General, Quicksure
Multiply, Vitality, Reality

We are a registered Financial Service 
provider with the FSB nr: 25405
We are registered to provide
 * Long Term Insurance

 * Short Term Insurance

 * Pension and Provident Funds

 * Investments

 * Medical Aid

Tel: 082 494 5624

Tel: 012 547 3769