2015 DISTRIBUTION SCORE
1.1 SILSS RECURRING PREMIUMS
RISK
Matrix : level or stepped premium patterns
New Business
Income Protector
Matrix : growth premium patterns
Automatic annual premium increases
New Business
Other Whole Life products
Funeral Cover
Life Power
Automatic annual premium increases
New Business
Automatic annual premium increases
1.98% x annual benefit premium x term on date of issuing
Life cover premium
: 100% of the above formula
Rider Benefit premium
: 115% of the above formula
Income Protector premium : 130% of the above formula
0.9% x annual premium increase x term on date of increase
3.02% x annual benefit premium x term on date of issuing
Life cover premium
: 100% of the above formula
Rider Benefit premium
: 115% of the above formula
Income Protector premium : 130% of the above formula
NO Score
35% x commission as and when commission is payable
Note:
- For whole life policies the term is calculated as the GREATER OF (75-age next birthday) AND 10, limited to 26 years
- For Term Assurance and Income Protector, the chosen guaranteed or benefit term will be used as the term, where the maximum term is the GREATER OF (75-age next birthday) AND 10, limited to 26 years
- Score is calculated per beneficiary per benefit
- Proof free conversion of life cover from Legacy to Matrix do not qualify for Score
- Proof free Options qualify for Score
- Score will be reversed proportionally (over the commission vesting term) should the policy lapse
- When business assurance is dissolved, the new individual life policies do not qualify for Score
RA and Other Savings
RA (incl LISP, Echo and Flexi products)
Endowment
Stratus Provident Fund
LISP Committed Plan
Central Provident fund
(paying commission annually over term)
LISP Flexible Plan
Tax Free Savings Account
Other Savings products
(paying commission annually over term)
New Business
2.19% x annual premium x term on date of issuing
Ad hoc Premium increases
Automatic annual premium increases (growth type 1)
0.9% x annual premium increase x remaining term on date of increase
Annual negotiated premium increases (growth type 2,3,4) 2.19% x annual premium increase x remaining term on date of increase
Ad hoc Premium increases and annual premium increases 15% x annual premium increase on date of increase
New Business
Ad hoc Premium increases
Automatic annual premium increases
New Business
Ad hoc Premium increases
Automatic annual premium increases
2.19% x annual premium x 5 on date of issuing
0.9% x annual premium increase x remaining term on date of increase
75% of each commission payment payable annually for the duration of the plan
Note:
- Term is limited to 25 years
- Score will be reversed proportionally (over the commission vesting term) should the policy lapse
- An open ended plan continued with further premiums after the initial period end date will receive Score on each premium (the term will be 1)
1.2 SILSS SINGLE PREMIUMS
LISP products (RA and Endowment)
Guaranteed Plans
Compulsory Life Annuities
Other Life and Term Annuities
All other single premiums
Continuations
(excl RA, Provident Fund)
New Business and Ad Hoc payments
New Business and Ad Hoc payments
New Business and Ad Hoc payments
New Business and Ad Hoc payments
New Business and Ad Hoc payments
On maturity date
0.82% x premium
0.82% x premium
0.97% x premium
0.82% x premium
0.82% x premium
0.82% x continued value
An open ended plan continued after the initial period end If the recurring premium is continued (with or without an increase), Score will be allocated
date is not seen as a continuation and no Score is allocated according to 1.1. An open ended plan continued with further premiums after the initial
period end date will receive Score on each premium (the term will be 1)
on the fund value
Note:
- Score will be reversed proportionately to the size of the withdrawal amount should the client, within 6 months from the investment date,
- withdraw from or loan against the investment
- withdraw from the investment/fund and purchase an annuity from Sanlam Life or another company
- transfer the investment to another company (incl Section 14)
- No Score is allocated on Section 14 transfers
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1.3 OTHER PRODUCT PROVIDERS
SANLAM TRUST
Wills - filed and charged
Estates
Intervivos Trusts
Testamentary Trusts
Asset value up to R2.5m
Asset value > R2.5 and < R7.5m
Asset value > R7.5m
Fee up to R33 250
Fee > R33 250 to R90 000
Fee > R90 000 to R250 000
Fee > R250 000
Acceptance FEE
All Trusts
Acceptance FEE
Trusts > R1.5m
Trusts > R40 000
All Trusts
NO Score
100 Score points
200 Score points
NO Score
20% x commission
25% x commission
30% x commission
NO Score
30% x commission
NO Score
30% x commission
30% x commission
30% x commission
Umbrella Trusts, Ben funds, Guardian Trusts, RA's
Inter Vivos Trust deeds (drafting)
Note:
- No SCORE awarded on safe custody fee, revisions of wills, acceptance and termination fees or income tax returns
- All wills will be free except for clients who prefer to pay drafting fees (R456) and revisions (R228) instead of the new safe custody fee of R57 p.a.
SKY
Funeral Cover
New Business
3.02% x premium x term (equivalent to 93% of primary commission) on date of issuing
Note:
- NO Score is payable on the savings component
- Score is payable on premium increases according to the New Business rule (excluding the increase on the savings component)
- Score will be clawed back if commission is reversed
GLACIER
International Products (Global Life Plan, Global Collection Plan, International Linked Annuity)
Compulsory Life Annuities
Other Annuities
Retirement Fund Solution (Contributory funds)
Other Linked Products (RA, Preservation Funds, Endowment, Sinking Fund)
0.82% x investment amount
0.97% x investment amount
0.82% x investment amount
0.1% x each investment premium
NO Score payable on transfers from the Sanlam Advisers Retirement Fund
0.82% x investment
NO Score payable on Section 14 transfers
Note:
- Score will be reversed proportionately to the size of the withdrawal amount should the client, within 6 months from the investment date,
- withdraw from or loan against the investment
- realize the investment and withdraw the cash within the rules
- withdraw from the investment/fund and purchase an annuity from Sanlam Life or another company
- transfer the investment to another company (incl Section 14)
Sanlam Collective Investments
Money Market
NO Score
Sanlam Alternative Income Fund
Income fund
Bond Fund
Absolute Return Income Fund
Inflation Linked Fund
0.82% x investment amount
Equity Fund
Balanced Fund
International Funds
Note:
- Score will be reversed proportionately to the size of the withdrawal amount should the client, within 6 months from the investment date,
- withdraw from the investment
- switch to another fund at SCI
- transfer the investment to another company
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Local Equity
Offshore Investments
SPI Credit
Sanlam Private Investment
0.82% x investment amount
Investments on/before 15 December 2011: from month 13, monthly one 12th of 0.15% of
assets under management
Investments after 15 December 2011 : NO Score from month 13
0.82% x investment amount
monthly one 12th of 20% of the loan awarded
(the intermediary should not be the referrer only, but actively involved)
Note:
- If the full management fee was not received, Score will be reduced accordingly
- If the investment/part thereof is withdrawn within 18 months, pro rata Score will be reversed accordingly
- Investments via Glacier will earn Score only at Glacier
BLUE INK
Investments
Note:
- If the full management fee was not received, Score will be reduced accordingly
- If the investment/part thereof is withdrawn within 6 months, pro rata Score will be reversed accordingly
New schemes and transfers :
- Standard, Comprehensive and Comprehensive Plus
0.82% x investment amount
Sanlam Umbrella Solutions
20% x the total of the 1st month's consulting fee x 12
(calculated on inception date and allocated at the end of the 2nd month)
PLUS
0.1% x the asset value specified on the Section 14 transfer document
(payable if assets are received within the first year after inception and allocated at the
end of the month in which assets are received)
Note:
- Score is allocated for new schemes with 15 or more members, unless the API is > R300 000
- The following incidents do not qualify for Score:
- movements between existing funds
- incidental changes during the year e.g. increase in membership
- additional voluntarily contributions
- ROT's
Sanlam Group Risk
On inception date a value equal to the estimate total fee payable to intermediary in the
first year
Group Risk Schemes
Note:
- Score is allocated for new schemes only. Schemes transferred from elsewhere are not recognized as new schemes.
Sanlam Structured Solutions
20% x fee payable to intermediary
0.05% x investment amount
Annuities (including Quantum pensions and group ILLA's)
Other Single premiums
Note:
- Score is allocated for new schemes only. Schemes transferred from elsewhere are not recognized as new schemes.
Short Term Insurance
Santam (through Sanlam Referral process)
Santam (on Sanlam's FSP licence), Auto & General, Mutual & Federal
Other companies/niche underwriters
2% x premium received (payable monthly)
Commercial Lines : 2% x new book premium received (payable monthly)
Personal Lines
: 3% x new book premium received (payable monthly)
NO Score
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