In this newsletter:
Benchtest 08.2015, investment market commentary, joint bank accounts, PN 5/2003 rediscovered, commutation of annuities, new admin platform and more...
In this newsletter we cover the following topics:
We also provide links to a number of interesting and relevant articles that appeared in various news media.
Read part 6 of the Benchtest 08.2015 newsletter to find out what our investment views are. Download it here...
Kai Friedrich's Administration Forum
RFS moves to new administration platform
On the occasion of a client function, RFS recently announced that it will move its fund administration from Compen to MIP. The MIP administration platform offers cutting edge technology with full integration of member data base, general ledger and investment ledger. It offers extensive features such as workflow -, client relationship -, calendar –, events - and document management. Its web-based front end it offers location independent secured access to members, consultants and employers with comprehensive on-line processing and reporting. E-mail, fax, SMS and XML communication tools are available to its users.
MIP is an SA based organisation with over 250 employees of which more than 30 are focussing on employee benefits only. MIP has been involved in the development of technology driven software for over 20 years and offers a range of widely used applications such as ‘!WAYTAG’ and ‘itemate’ throughout Africa and the Middle East.
Our task team and the development team of MIP have already made significant progress in planning for the transfer of data and the deployment of the system to our local IT environment. User training will commence during October and we are hoping to convert the first funds during January 2016 with a target date for completing the project by the end of June 2016.
Whilst we will do all in our power to avoid pitfalls and to uphold our normal service standards, it is highly likely that we will experience unexpected difficulties and unintended consequences. We are therefore requesting the indulgence of clients over the next 12 months and trust that it will have been worth your while to bear with us once we are up and running on our new MIP administration platform. It should be common cause that more advanced technology will offer greater flexibility, responsiveness and complexity.
GEN.S. 9.16: Imposition of penalties on list applicants and others
GEN.S. 9.17: Description of plain language
GEN.S. 9.18: Fiduciary responsibilities of financial institutions/ intermediaries
Circular on approved bills, bonds, securities, loans, institutions & countries revoked
One more law to be added to your compliance register, if you employ 25 staff or more.
The SA PF Adjudicator believes trustees must consider the following factors when deciding on the distribution of benefits:
In the case of Maake vs Old Mutual Superfund and Old Mutual Life Assurance Company, the adjudicator’s ruling shows that affidavits alone are not enough.
Read the article by Jack and Suzy Welch in Linkedin posted 15 September 2015, here….
Read the article by Dr Travis Bradberry in Linkedin, posted 16 September 2015, here…