BELHAR PENSION FUND

TRUSTEE REPORT

2017

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INDEX

MESSAGE FROM THE CHAIRPERSON STATUS OF THE FUND MANAGEMENT OF THE FUND INVESTMENTS REVENUE ACCOUNT SUMMARY OF BENEFITS RULE AMENDMENTS AVAILABILITY OF DOCUMENTS PERSONAL FINANCIAL PLANNING PENSION FUNDS ADJUDICATOR RECENT LEGAL AND TAXATION DEVELOPMENTS PERSONS TO CONTACT FOR ADVICE CONTACT DETAILS OF ABSA CONSULTANTS & ACTUARIES FAIS COMPLIANCE AND COMPLAINTS DEPARTMENT GLOSSARY BENEFICIARY NOMINATION FORM

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MESSAGE FROM THE CHAIRPERSON Everyone needs financial security, especially during their retirement years. The Belhar Pension Fund forms an important part of your overall retirement plan by providing you with financial benefits when you retire. The Fund also provides you and your family with benefits if you leave the service of your employer before retirement and other benefits for you and your family in the event of either your death or disability. This Trustees’ Report aims to keep you informed about the financial progress of your Fund, and tells you about changes regarding or affecting the Fund that have occurred during the financial year ended on 31 March 2017. Members are informed that an agreement was signed between Absa Financial Services (“AFS”) and Sanlam

Life Insurance Limited (“Sanlam”) in respect of the sale of Absa Consultants and Actuaries Proprietary Limited

(“ACA”) shares on Friday, 13 October 2017 to Sanlam. The transaction is subject to certain conditions

including obtaining the necessary regulatory approvals (which includes the approval of the Competition

Tribunal).

The transaction is expected to be concluded by the end of 2017 following regulatory approval and the

fulfilment of the conditions precedent. The Trustees have been assured that ACA will continue to fulfil its

contractual obligations to its clients as normal prior to and after the transaction is concluded. We therefore do

not foresee a disruption in services, or the quality of service, as the same people will continue to service us

going forward. The only difference being that they will be employed in the Sanlam Group and not by Absa.

STATUS OF THE FUND The Fund is a defined contribution fund and was established on 1 September 1988. It provides benefits when members retire, but also when they resign or die before retirement. The Belhar Group Income Security Scheme provides income replacement in the case of disablement and the Belhar Group Life Scheme provides benefits in the event of death. The Belhar Pension Fund of the Uniting Reformed Church in Southern Africa is registered in terms of the Pension Funds Act (”the Act”) (registration number 12/8/22096) and approved in terms of the Income Tax Act. The participating employers in the Fund are:

Christine Revell Children’s Home

Endulini Services

Immanuel Mission Committee

NG Church

Prieska Community Service (Home H du P Pickard)

URC

Congregations of the URC

MANAGEMENT OF THE FUND The Fund is managed by a Board of Trustees of 14 persons, of which 7 are appointed by the Employers/Church and 7 are member elected. Member representatives are chosen by way of a democratic process. The rules of the Fund stipulate that the term of office for the member-elected trustees is 4 years. The next election will take place during February 2020. (Representatives of the Officials Fund are also attending the meetings).

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Q: What are the duties of the Board of Trustees?

The Board of Trustees meets regularly to discuss investments, benefits and administrative matters regarding the Fund.

Q: WHO ASSISTS THE BOARD OF TRUSTEES IN MANAGING THE FUND?

EMPLOYER REPRESENTATIVES MEMBER REPRESENTATIVES

Rev D Malete (Chairperson) Rev JC Goeiman (Principal Officer)

Rev KS Mabelane Rev D van Huffel

Rev J Julies Dr EA Fortein

Mr TJL Phatudi Mrs MM Daniels

Rev LF Tshigovha Rev DMF Wagenaar

Mr JJ Floris Rev A Kotze

Rev LL Prins Mrs KL Harker

Rev S Burrows (Member Alternate

PRINCIPAL OFFICER Rev JC Goeiman

ACTUARY Mr N Strohmenger

AUDITORS SDK Chartered Accountants (SA)

ADMINISTRATOR AND CONSULTANTS Absa Consultants & Actuaries

P O Box 3021

Tygervalley

7536

REGISTERED ADDRESS OF THE FUND

Die Verenigende Gereformeerde

Kerk in Suider Afrika Kerksentrum

Watsonia Drive

Belhar

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INVESTMENTS

The trustees aim to maximise investment returns while maintaining acceptable risk levels. In determining the investment strategy and selecting an investment manager, careful consideration is given to the requirements of the Fund and the credentials of investment managers. The non-current assets of the Belhar Pension Fund are managed by Absa Multi-Managers, utilising a range of multi-manager portfolios.

The total value of the fund’s non-current assets as at 31 March 2017 was as follows:

Belhar Wealth Creation portfolio R 70 987 285 Belhar Wealth Preservation portfolio R 22 254 659 Belhar Capital Protection portfolio R 16 478 963 Belhar Money Market portfolio R 6 319 295 --------------------- TOTAL R 116 040 203

The Fund is using a life stage investment model as the default portfolio. The life stage investment model is structured as follows:

Age of member Wealth Creation

Wealth Preservation

Capital Protection

Up to 58 years 100%

59 to 60 years 50% 50%

61 to 62 years 100%

62 to 63 years 50% 50%

64 to 65 years 100%

IMPORTANT NOTICE It is the responsibility of each member to make a choice appropiate for his/ her age. Younger members should consider a more aggressive approach, i.e. Belhar Wealth Creation Fund. The closer to retirement you are the more conservative your approach should be, i.e. Capital Protection Fund. To choose too conservative at a young and too aggressive at an older age will have an effect on your pension at retirement.

5.2 INVESTMENT RETURNS (GROSS OF FEES)

The following rates of return for the 1 year period ending 31 March 2017 have been achieved on the portfolios. These are the gross returns before deduction of any management and administrative fees. Belhar Wealth Creation 4.1% per year Belhar Wealth Preservation 4.2% per year Belhar Capital Protection 4.3% per year Belhar Money Market 9.3% per year

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REVENUE ACCOUNT INCLUDES THE TRANSFER VALUES OF THE OFFICIALS FUND)

2 017 2 016

Income

Employee contributions received 2 828 487 2 974 804

Employer contributions received 3 930 985 3 695 906

Voluntary Contributions 222 449 -

Arrear Contributions 1 976 928

S13A Late payment interest 1 226 246 979 244

Income from Investments 2 890 310 7 679 771

Death reinsurance proceeds 70 866 2 833 380

Bank interest 90 533 43 841

Total income received 13 236 804 18 206 946

Less Expenditure

Administration fees 407 108 338 360

VAT on administration fees 56 995 47 370

Actuarial fees 36 865 96 672

Fidelity cover 4 500 4 500

Audit fees 85 523 77 748

Bank charges and service fees 17 827 14 230

Benefit consulting fees 93 379 91 723

Asset consulting fees 113 259 80 461

Trustee expenses 217 475 81 242

Financial Services Board levies 7 993 6 431

Group Life premiums 1 219 115 840 780

Disability Income premiums 408 481 407 168

Production of financial statements

28 500 28 500

Reserve Bank fees 5 107 5 107

Printing costs 10 387 6 198

Admin costs of church office 364 160 286 822

Total payments made 3 076 674 2 413 312

Net Income 10 160 130 15 793 634

Accumulated funds at beginning of year

102 219 240 98 780 715

Less benefits withdrawn -10 423 525 -11 546 699

Prior year Employer Surplus Account adjustment

274 504 -1 850 504

Growth on Unclaimed Benefits -150 742 -74 460

Transfer from other Funds 9 396 177 1 116 554

Transfer to other Funds -648 969

Accumulated funds at year end

110 826 815 102 219 240

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SUMMARY OF BENEFITS

A summary of benefits can be found in the member booklet. Please contact the Principal Officer if you did not receive a booklet.

RULE AMENDMENTS

The Board of Trustees regularly reviews the provisions of the rules of the Fund to ensure compliance with the Fund’s practice, relevant legislation and industry trends. The following rule amendments were implemented since 1 September 2010: Rule Amendment 7: To make provision for deferral on retirement. Rule Amendment 8: To amend the term of office of the board members from four to five years. Rule Amendment 9: A. To correct a drafting error in Amendment Document nr 6 where the contribution rate of Membership Category 1 was indicated as 6% instead of 6,5%. Members in this category have contributed at 6,5% throughout. B. Registered amendment document nr 8 states that the term of office of trustees changes from 4 to 5 years. This trustee decision has been scrapped. Amendment document nr 9 changes the rules back to the wording prior to amendment document nr 8.

Rule Amendment 10:

To make provision for the payment of the cost of any separate insurance policy held by the participant on behalf of the member.

To remove the provision that additional contributions are subject to the Commissioner’s approval. Rule Amendment 11: To increase employer contributions as follows:

Date Employee% Employer % 1 April 2017 Remained unchanged 7.5% Increased from 10.55% to 12.0% 1 April 2018 Remained unchanged 7.5% Will increase from 12.0% to 13.5% 1 April 2019 Remained unchanged 7.5% Will increase from 13.5% to 15%

AVAILABILITY OF DOCUMENTS

You may, at all reasonable times, inspect the registered rules, audited financial statements and the actuarial valuation report of the Fund at the registered office of the Fund. Q What are the costs involved?

Hard copies of these documents will be made available to you on payment of a small fee to the Administrators.

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PERSONAL FINANCIAL PLANNING

PRESERVING YOUR RETIREMENT MONEY The aim of a retirement fund is to ensure members have enough money to retire comfortably. In order to do this, members need to save as much as possible. It is therefore very important that you preserve (save) your money when you leave the Fund and not take your money in cash (see the Withdrawal Benefit section in this document on options available to you should you wish to preserve your benefit). NET REPLACEMENT RATIO Members of the Belhar Pension Fund received letters that expressed their anticipated retirement benefit as a percentage of their cost to company at retirement. This is the so-called net replacement ratio. This is one of many tools that you and a financial advisor can use to help you plan for retirement. PAYMENT OF LUMP SUM DEATH BENEFITS Upon your death, your death benefit will be paid to your dependants and/or your nominees. Q What is the difference between a dependant and a nominee?

DEPENDANT NOMINEE

Your partner, your child, or a person whose maintenance you are legally liable for or a person whose maintenance you were not legally liable for, but whom you were supporting or a person whose maintenance you would have become legally liable for, had you not died.

Any person, other than a dependant, that you nominate in writing to receive benefits.

The Pension Funds Act and the rules of the Fund provide for lump sum benefits to be paid to:

Any one or more of your dependants if you leave no nominees; or Any one or more of your dependants and nominees who are not dependants; or Any one or more of your nominees if you leave no dependants; or Your estate if you leave no dependants or nominees.

Q What is the role of the Board of Fund in determining the split of my death benefit amongst my

dependants / nominees? The Board of Fund must determine to whom and in what proportions benefits are to be paid. This is done after careful consideration of each case. The Board of Fund may also pay the lump sum into a beneficiary fund or Trust fund for the benefit of a beneficiary. To assist the Board of Fund with this process it is important that your nomination of beneficiary form is as complete as possible and mentions the setting up of trusts for minor children etc. For more on beneficiary funds and trusts, refer to the section on legal developments hereafter.

NOMINATION OF BENEFICIARY FORM Q How will the Board of Fund know who I want to leave my benefit to?

The trustees will use your Nomination of Beneficiary Form as a guideline when distributing the benefits payable when you die. It is very important that you complete a Nomination of Beneficiary Form, which is to be kept in your staff file with your employer. A nomination form is again attached to this Trustee report for ease of reference. Each time your personal circumstances change, e.g. marriage, divorce, birth or legal adoption of a child, death of a dependant or nominee, you will have to complete a new Nomination of Beneficiary Form.

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YOUR TESTAMENT Your Testament is a very important part of your retirement planning. It is important that you draw up a valid Testament, clearly stating your wishes regarding the division of your assets when you die. Your Testament must also be updated when your personal circumstances change. Q Do my benefits in the Fund automatically form part of my estate?

No, they are not part of your estate, therefore any stipulations you may state in your Testament regarding this, will not bind the Board of Fund.

Q How do I go about ensuring the financial security of the money I leave behind for my minor

children or people incapable of managing their own affairs? In such cases it is important that you form a Trust in your Testament, which will ensure that their inheritance from your estate is protected. This type of Trust is called a testamentary Trust, and is created in your Testament. A trustee can be nominated to administer the trust.

Q I do not have a Testament as yet, who can I contact to set one up?

If you do not have a Testament or you would like to revise your current one, you can contact the Trust division of a financial institution or a Financial Advisor.

ADDITIONAL PROVISION FOR RETIREMENT Today, less than 25% of all members can retire comfortably. Members are therefore encouraged to make additional provision for their retirement. The Rules of the Fund allow members to contribute more to the Fund and still enjoy full tax deductibility on the additional contributions.

PENSION FUNDS ADJUDICATOR

You should first lodge your complaint with the Fund and should you not be satisfied with the outcome, you can contact the Pension Funds Adjudicator. The Adjudicator’s rulings have the same legal effect as a civil judgment. Q Where can I contact the Pension Funds Adjudicator?

The contact details of the Pension Funds Adjudicator are as follows: Telephone : (012) 346 1738 or (012) 748 4000 Fax number : 086 693 7472 Physical address : 4

th Floor, Riverwalk Office Park, Block A

41 Matroosberg Road, Ashlea Gardens Pretoria, 0081 Postal address : P.O. Box 580, Menlyn, 0063 Website : www.pfa.org.za Email address : Enquiries@pfa.org.za

Q What can I do if I am not satisfied with the Pension Funds Adjudicator’s ruling?

Should you not be satisfied with the decision of the Pension Funds Adjudicator, you may, within six weeks, apply to the High Court for relief.

RECENT LEGAL AND TAXATION DEVELOPMENTS

REGULATORY DEVELOPMENTS

If you require more information on the following developments relating to retirement funds,

please contact Absa Consultants and Actuaries’ Mr Coenie Louw (Coeniel@absa.co.xa)

(telephone 071 682 0144)

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Financial Services Board unclaimed retirement fund benefit search engine

The FSB has implemented a search engine to enable an enquirer to establish whether there is an

unclaimed benefit due to him/ her in a retirement fund of which he/ she was a member.

The unclaimed benefits search engine is available on the FSB website (Departments >

Retirement Funds > Searches > Unclaimed Benefits Search). This search engine has been

established to enable persons to do an enquiry free of charge and may not be used by entities

or persons to do tracing on behalf of persons for a fee.

The enquirer (a person enquiring in respect of him/herself or on behalf of somebody else)

should complete certain data fields such as name, surname, contact number or e-mail address

(an e-mail address must be provided to enable a response to the enquirer).

The enquirer will be provided with a unique reference number for each enquiry logged through

the search engine. This reference number must be used for future correspondence or enquiries

regarding the specific case with the FSB.

The search engine will establish if there is a possible match on each of the search criteria

provided. If a possible matching record(s) is identified, the enquirer will be provided with the

name(s) and contact details of the administrator and/or fund(s). A message will be also be e-

mailed to the administrator/contact person informing them of the possible match and provide

them with contact details as furnished by the enquirer.

Once the enquirer has been provided with the contact detail, he/she will be required to contact

the fund/administrator directly and then follow the normal claims process of a fund to lodge a

valid claim.

If there is no matching record(s), the enquirer will be notified that no match could be found on

the unclaimed benefits search engine.

Taxation Laws Amendment Act, 2016 and Tax Administration Laws Amendment Act, 2016

The Taxation Laws Amendment Act, 15 of 2016 (“the TLAA”) and the Tax Administration Laws

Amendment Act, 16 of 2016 (“the TALAA”) contained the following changes with regard to

retirement funds:

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Rollover of excess retirement fund contributions made prior to 1 March 2016

Any amount contributed to a retirement fund by a member in any previous year of assessment

in respect of which no tax deduction was allowed because it exceeded the amount of the

allowable deduction for that year of assessment, may be rolled over and deducted in following

tax years. Therefore, additional contributions made to retirement annuity funds and pension

funds by members prior to 1 March 2016 and for which no previous deduction was allowed may

be allowed as a tax deduction in following tax years. A manual form to this effect must be

submitted to SARS.

Excess provident fund contributions made prior to 1 March 2016 will not be allowed to roll over

since there was no tax deduction allowed in respect of those contributions.

Tax deductions for retirement annuity fund contributions against passive income

Prior to 1 March 2016, tax deductions from contributions made to retirement annuity funds were

allowed against a member’s “non-retirement funding income”, which included passive income

such as interest or royalties, but excluded taxable capital gains.

However, with effect from 1 March 2016, the harmonisation of the tax treatment of retirement

fund contributions allows for a deduction against the income earned by a member from

“carrying on a trade”, which unintendedly excluded passive income. This resulted in members of

retirement annuity funds who were making use of the deduction against passive income to no

longer be able to do so.

To allow retirement annuity members to continue to receive a deduction and fully align the tax

treatment of all retirement fund members, with effect from 1 March 2016, deductions for

contributions to all retirement funds will be allowed against passive income (but still excludes

taxable capital gains).

Tax directives and section 14 transfers

In terms of the TALAA, retirement funds will have to apply for tax directives for any transfers

between approved funds after 1 March 2017, including transfers to an unclaimed benefits fund.

A nil directive will be issued after which the transfer may be conducted. Members need to keep

their details up to date and supply their funds with identity numbers and tax numbers (if

applicable).

Provident fund members and retirement prior to age 55

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Lump sum benefits received by members of a provident fund who retire before the age of 55

are taxed as withdrawal/resignation benefits unless the Commissioner directs otherwise. In the

Taxation Laws Amendment Act, 2015 these provisions were changed to provide that an

application to that effect must be brought by such member to the Commissioner for him to

direct otherwise. The provisions were changed again so that an application to that effect must

be made by such member’s retirement fund.

Disallowing the exemption for retirement benefits that accrued in respect of income earned

while outside SA

A SA tax resident is taxed on his/her worldwide income, irrespective of its source, unless the

income is specifically exempt from tax under the Income Tax Act. The Income Tax Act allows a

SA tax resident who was employed outside of SA to receive retirement benefits that accrued in

respect of income they earned while outside SA, free from tax. With effect from 1 March 2017,

this exemption only applies to retirement benefits received from foreign retirement funds.

Retirement benefits payable by SA funds to SA residents in respect of income earned while

outside of SA will therefore be taxed. Benefits paid to a SA tax resident arising from retirement

assets transferred from a foreign retirement fund to a local retirement fund will however remain

tax exempt.

Clarifying source rules for retirement annuity funds and employer severance benefits

Foreign residents who are members of retirement funds in SA are subject to SA tax only in

respect of income earned from a SA source. For example, the SA source rule will apply when a

taxpayer is a member of a SA retirement fund and is transferred to the offshore office of the

participating employer and performs services outside SA. He remains a contributory member of

the SA retirement fund and retires in the foreign country at a time when he is a no longer a SA

resident.

The Income Tax Act provides that lump sum or pension payments from SA retirement funds are

considered to be from a source in SA and subject to SA tax if the services in respect of which it

is received were rendered in SA. If the payment is in respect of services performed partly in SA

and partly in a foreign country, the taxable amount will be calculated proportionately to the

services performed in SA. With effect from 1 March 2017 the aforementioned source rule will

not apply to lump sums or pension payment received from retirement annuity funds. This means

that payments made by SA retirement annuity funds to non-resident members, will be fully

taxed in SA.

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The source rule also no longer applies to any lump sum severance benefits payable by an

employer. This means that lump sum severance benefits paid by an employer to a non-resident

will also be fully taxed in SA (subject to the special tax rates applicable to retirements).

Withdrawals from retirement annuity funds on emigration from SA

The definition of retirement annuity fund previously provided for the payment of a lump sum

benefit where a member emigrated from SA and where such emigration is recognised by the

South African Reserve Bank for the purposes of exchange control. In the Taxation Laws

Amendment Act, 2015, the provisions were changed to also allow expatriates who previously

moved to SA to withdraw a lump sum from a retirement annuity fund when they cease to be a

SA tax resident and leave SA or when they leave SA at the expiry of their work visa.

The changes made in the Taxation Laws Amendment Act, 2015, omitted to also include the

requirement that the person must emigrate from SA and that emigration must be recognised by

the South African Reserve Bank for purposes of exchange control. This omission created a

loophole for early withdrawal from retirement annuity funds, without formally emigrating.

With effect from 1 March 2016, the definition of retirement annuity fund was amended to again

include the requirement that a person must emigrate from SA and that such emigration must be

recognised by the South African Reserve Bank for purposes of exchange control in order for

such person to be able to withdraw a lump sum from his/her retirement annuity fund.

PERSONS TO CONTACT FOR FINANCIAL ADVICE

You should consult your Personal Financial Advisor.

CONTACT DETAILS OF ABSA CONSULTANTS AND ACTUARIES FAIS COMPLIANCE AND COMPLAINTS DEPARTMENT

Should you at any time not be satisfied with any FAIS-related advice and/or services rendered by a FAIS representative of Absa Consultants and Actuaries, you may lodge a complaint with Absa Consultants & Actuaries Compliance and Complaints Department. Absa Consultant and Actuaries’ FAIS investigations to the complaints policy and procedure are available to you upon request. Upon finalisation of the investigations to the complaint, the outcome thereof shall be communicated to you in writing. Should the outcome of the investigations not be favourable to you, you may, within six months of receiving the written advice, pursue the complaint with the office of the FAIS Ombudsman. The details of the Absa Consultants and Actuaries Compliance and Complaints Department are as follows: Postal Address: Private Bag X43, Hatfield, 0083 Physical Address: Hatfield Gardens, Block G, 333 Grosvenor Street, Hatfield Tel: (012) 431 3386 Fax: (012) 431 3375

DISCLAIMER

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This document is subject to the terms and conditions of the various insurance policies and Fund Rules and may change from time to time. In the event of any discrepancy between this document and the relevant policy and/or Fund Rules, the terms and conditions as contained in the policies and Fund Rules shall prevail.

SARY

GLOSSARY

Additional Voluntary Contribution This is an additional contribution to your Fund to increase your retirement benefit

Administration Fees These are fees that have to be paid to the administrators of the Fund, towards the costs of running the Fund

Board of Trustees The body that manages the Fund

Conservative Portfolios These are low-risk portfolios

Disability Benefit An amount which will be paid in the event of you becoming disabled and not being fit to work

Employer Representative Member of the Board of Trustees appointed by the employer

Employer's Contribution This is the contribution made towards your Fund by your employer

FAIS Act Financial Advisory & Intermediary Services Act

Group Life Benefit

An amount which will be paid to your Nominees/Beneficiaries in the event of your death

Guaranteed Portfolios These portfolios guarantee your capital, regardless of the markets' performance

Living Annuity

An annuity policy you can take out at retirement to provide you with an income. It provides you with full control of your capital and allows you to select the level of pension you wish to withdraw monthly, within certain limits, and to revise this on an annual basis. With conventional annuities the insurer determines the level of pension payable to you for the rest of your life.

Market Linked Portfolios These are portfolios linked to the stock exchange

Member Representative Member of the Board of Trustees elected by the members

Pensionable Salary The portion of your salary used to determine your contributions to the Fund

Preservation Fund This is a vehicle into which you can transfer your money saved in the Fund when you resign

Section 14 Transfer A transfer of members between two funds (these are active members and is not applicable where the member has exited the fund due to resignation or retirement)

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BELHAR PENSION FUND OF THE UNITING REFORMED CHURCH IN SOUTHERN AFRICA

MEMBER DETAILS To be completed at commencement of membership and if any information changes. 1. MEMBER DETAILS Surname Full name/name Date of birth ID number Paypoint/Participating employer Employee number

Marital Status Married Single Divorced Widower/ Widow

Cohabitation

2. INFORMATION REGARDING POTENTIAL DEPENDANTS Partner 1 Name of partner (full name and surname) Date of birth ID Number Date of marriage/Commencement date of relationship

Date of divorce/Date of death Type of marriage*

Partner 2 Name of partner (full name and surname) Date of birth ID Number Date of marriage/Commencement date of relationship

Date of divorce/Date of death Type of marriage*

Partner 3

Name of partner (full name and surname) Date of birth ID Number Date of marriage/Commencement date of relationship

Date of divorce/Date of death Type of marriage*

Married Cohabitation

Married Cohabitation

Married Cohabitation

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* If a fund provides a pension to a qualifying partner, the benefit will only be paid to a quaifying partner as defined in the rules.

Own children

Name Date of birth Name of father/mother* Living with**

1.

2.

3.

4.

Stephchildren

Name Date of birth Name of father/mother * Living with **

1.

2.

3.

4.

Adopted children

Name Date of birth Name of father/mother * Living with **

1.

2.

3.

4.

Other financial dependent people

Name Relationship ID number Type of dependancy

* Give the name of the other legal parent (if alive). ** Give the name of the person if the child is not living with one of the legal parents. 3. ANY OTHER RELEVANT INFORMATION ……………………………………………………………………………………………………………

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

Note: Make sure that you update the records if any information changes.

4. NOMINATION OF DEPENDANTS

4.1 Retirement fund benefits (share of fund as well as cover as chosen by the member)

I hereby recall all my previous nominations and request that, if I pass away, the lump sum death benefit payable in terms of the rules of the fund, is paid as follows:

Name of ID number/ Relationship % of the % of the benefit to a

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beneficiary date of birth of beneficiary benefit Trust Fund or a Beneficiary Fund in respect of a minor child

Note: Please note that you may nominate anybody as a beneficiary to receive a

benefit from the fund. The above nomination serves as a guideline and is not binding on the trustees.

4.2 Free standing group life scheme benefit

I hereby recall all my previous nominations and request that, if I pass away, the lump sum death benefit payable in terms of the rules of the fund, is paid as follows:

Name of beneficiary

ID number/ date of birth

Relationship of beneficiary

% of the benefit

% of the benefit to a Trust Fund or a Beneficiary Fund in respect of a minor child

Note: This nomination is binding and payment of the benefit, subject to the rules of

the scheme, will be paid in accordance to this nomination. Important information regarding the above nominations The last nomination made by you, will be valid until you cancel or change it in writing. An blank form will not result in a change to the previous nomination. The nomination/s in terms of 4.1 and 4.2 will be seen as a seperate nominations and one can be amended/changed and the other left as per your previous nomination/s. If any of the nominees die before you, the nomation of that person will be ignored and the deceased’s estate or heir will not have any claim against the benefit

I hereby declare that I understand the conditions regarding the nominations and that the information completed in this document is correct. Signed at.........................................on ...................... 20 ....

...................................................... ..........................................

SIGNATURE OF MEMBER WITNESS

Please forward this document to your Personnel department. It is important that you update this form immediately after a change in your circumstances as out dated forms could result in a distribution not according to your wishes.