UMBRELLA FUNDS

DESTINY UMBRELLA FUNDS OFFER YOU A WEALTH OF POSSIBILITIES.

Destiny’s umbrella funds pool the retirement investments of multiple employers under a single legal entity to ensure corporate scale retirement, death, disability and other benefits for employees.

What sets us apart is the total flexibility of the methods with which we structure our umbrella funds. We consider the unique retirement needs of every company and we leave no stone unturned until we can deliver a tailored plan for each client.

So whether you prefer a provident fund or a pension fund, we can either design a customised retirement fund solution for you; or we can review and significantly enhance the features of your existing fund.

IMPORTANT NOTICE

As per The Taxation Laws Amendment Act No. 31 of 2013 that was published in Government Gazette No. 37158 on 12 December 2013, from March 2015 no more than one third of the retirement benefit from a provident fund may be taken as a lump sum.

This restriction does not apply to the balance in the fund as at 1 March 2015 (and growth thereon) and therefore funds will have to keep separate member accounts for pre-March 2015 contributions (and growth) and post-March 2015 contributions (and growth). Provident fund members who are 55 years or older on 1 March 2015 will be able to commute the full retirement benefit, including contributions made after 1 March 2015 (and growth thereon) to the provident fund of which he/she was a member on 1 March 2015.

 

DESTINY UMBRELLA PROVIDENT FUND
(FSB REGISTRATION NUMBER 12/8/36710)
DESTINY UMBRELLA PENSION FUND
(FSB REGISTRATION NUMBER 12/8/37522)

 

As per the legal regulations, the Destiny Umbrella Provident Fund allows members who resign or retire to withdraw all of their accumulated retirement funds in one lump sum or to transfer all or a portion thereof to another retirement vehicle.

Destiny provides a number of investment portfolios including the Conservative and Moderate Portfolios which have long track records of first place positions in their respective classes over a number of reporting periods. Members have the option (subject to their Participating Employer’s Rules) of nominating any of the Portfolios or a combination thereof. Additionally, the Destiny LifeStage model is used by a number of participating employers.

The Trustees, with the support of GIB Financial Services Investment Committee, selects asset managers, divide by asset class and monitor performance on an ongoing basis.

As per the legal regulations, the Destiny Umbrella Pension Fund allows members who retire to withdraw up to one third of their accumulated retirement funds, whilst the remainder of their benefit must be used to purchase an annuity that will be paid out in the form of a monthly pension.

Destiny provides a number of investment portfolios including the Conservative and Moderate Portfolios which have long track records of first place positions in their respective classes over a number of reporting periods. Members have the option (subject to their Participating Employer’s Rules) of nominating any of the Portfolios or a combination thereof. Additionally, the Destiny LifeStage model is used by a number of participating employers.

The Trustees, with the support of GIB Financial Services Investment Committee, selects asset managers, divide by asset class and monitor performance on an ongoing basis.