Member Communique 12 May 2015 - Funds
IF Umbrella Pension and Provident Fund Dynam-ique SA Umbrella Pension and Provident Fund 12 May 2015 Dynam-ique SA Umbrella Pension Fund Dynam-ique SA Umbrella Provident Fund IF Umbrella Pension Fund IF Umbrella Provident Fund Communication from the Trustees to members, employers and brokers Great news! We have received formal approval from the Financial Services Board of rule amendments 1 and 2. Rule amendment 1 in effect allows a deficit in a Fund to be applied to a member’s fund credit, thereby returning the Fund to financial soundness. Rule amendment 2 allows for the implementation of amendment 1, where applicable, in consultation with the Funds’ actuary. A copy of each rule amendment has been posted on the Funds’ website, www.funds-info.co.za The Trustees will be meeting the FSB on 15 May to discuss the implementation of rule amendments 1 and 2, as well as the winding up of the Funds. The funding levels for the Funds as at the dates shown below were as follows: Dynam-ique SA Umbrella Pension Fund: 97.1% as at 28 February 2013 Dynam-ique SA Umbrella Provident Fund: 97.6% as at 28 February 2010 IF Umbrella Pension Fund: 100.7% as at 31 May 2013 IF Umbrella Provident Fund: 97.7% as at 31 May 2013 The Trustees have been requested to reconsider various issues relating to the provision of benefit statements, the making of further interim payments to exited members and related issues. The Trustees have considered these, but, with the FSB now having approved the rule amendments, they have decided neither to divert the attention of Aon’s limited resources, nor to incur the further costs that additional resources for this would require, from the critical matters at hand, namely, bringing all the Funds up to date in terms of Annual Financial Statements and Valuations, so that the winding up of the Funds can proceed as speedily as possible. We will communicate again following our meeting with the FSB on 15 May and the resulting discussions with our professional advisers. JOHN ROLLASON CHAIRMAN LINDY WINGROVE-GIBSON PRINCIPAL OFFICER [email protected] Registration number: IF Pension (12/8/37464) IF Provident (12/8/37452) Dynam-ique Pension (12/8/37635) Dynam-ique Provident (12/8/37634) Registered Address: 70 Grayston Drive, Sandton, Johannesburg Trustees: J Rollason (Independent Chairman), R Welham (Independent Trustee), F Khoza (Independent Trustee), G Griffin (Trustee), L Wingrove-Gibson (Independent Principal Officer)
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