SWURF

Legislative and regulatory changes, technology advances, financial industry developments, cyber risks and the changing needs of retirement fund trustees and members are rapidly reshaping the retirement fund landscape in South Africa. These changes have resulted in greater complexity and ever-increasing pressures and responsibilities for employers and fund trustees to deal with. As a result, employers are increasingly searching for appropriate retirement fund solutions that will allow their employees to retire with financial independence. Umbrella retirement funds have become the preferred solution for employers because of benefits such as economies of scale, sound governance, administrative support, value for money service offering and integrated risk and investment benefits.

Your retirement solution for life

SWURF is a lifetime retirement fund solution that allows its members to accumulate retirement capital and to access investment, insurance and healthcare solutions as part of their personal financial planning and protection requirements. SWURF is able to integrate key elements of wealth creation and protection to assist members on their journey to financial independence.

The SWURF, as part of the iRetire Pension- and Provident Funds, is a defined contribution retirement fund solution, registered with the Financial Sector Conduct Authority (FSCA), which allows for the participation of multiple participating employers. SWURF offers institutional solutions to employers and retail investment solutions to members who want to continue in the fund after terminating employment with participating employers in the Fund.

The Fund provides participating employers and members with access to the following retirement savings and income options:

  • Pension and Provident Fund, plus:
    • In-Fund Pension and Provident Preservation options;
    • In-Fund Living Annuity options;
  • Retirement Annuity Fund, plus
    • In-Fund Living Annuity;
  • Pension and Provident Preservation Funds;

The SWURF has been designed with the needs of fund members in mind and is a flexible and comprehensive retirement solution offering a range of attractive features and benefits that allows for independent advice.

Key features

A single retirement solution for life image
A single retirement solution for life
Transparency image
Transparency
Sound governance with an experienced Board of Trustees image
Sound governance with an experienced Board of Trustees
Award winning investment portfolios image
Award winning investment portfolios
A cost-effective and value for money retirement solution image
A cost-effective and value for money retirement solution
Flexibility and adaptability image
Flexibility and adaptability

Fund Members

The SWURF has been designed with the needs of fund members in mind and is a flexible and comprehensive retirement solution offering a range of attractive features and benefits that allows for independent advice.

The SWURF provides the members with a Default Life Stage Model for members looking to buy a guaranteed life annuity at retirement.

The SWURF also provides a select range of well-designed and carefully selected default and member choice investment options as part of a life stage investment approach. Participating employers can select the SWURF Default life stage model or design their own life stage model and range of investment options for their members’, pre and post retirement investment strategy.

For more information on what is available on the SWURF for members, please contact your employer’s Human Resources Department or your payroll department.

Participating Employers

Why should an employer establish a retirement fund for its employees?

Only employers can facilitate retirement funds that offer:

  • Participation in governance,
  • Wholesale pricing for retail solution,
  • Participation in design,

Value add for employees is substantial:

  • Provided the employee is guided to manage his own project, use support tools and understand the ultimate aim and understand the value proposition;

Achieve the Ultimate Objective: Financially Streetwise Employees on track towards a financially independent post-career life stage

  • Instill financial confidence in individuals,
  • Enhance their ability to save for retirement,
  • It enhances the employer’s potential of becoming an employer of choice and attracting best talent.

For an obligation free analysis / quote, please contact us on 012 943 6193 or swurf@sasfin.com.
The login should be arranged with csc@iretire.co.za.

SWURF establishes administration teams for groups of employers, which means that Employers can log onto their employees’ member records by utilizing the login on this page.

Click here to access our brochure.

Advisors

SWURF enables the advisor to focus on:

  • Growing your book of business;
  • Not taking part in administrative activities;
  • Utilizing completely transparent and timely management information from our client services platform to monitor operations;
  • Providing your core value add which is a professional advisory and governance service to employers and members.

For more information, contact Crystal de Klerk on swurf@sasfin.com.

Log in to access live management information on your client portfolio.

Fund frequently asked questions

Get all your answers to your SWURF-related questions

View the list of frequently asked questions or, alternatively, send your own question(s) to the following e-mail address swurf@sasfin.com.

Member FAQs

For assistance, kindly contact 012 943 6193 or send an e-mail to swurf@sasfin.com.

A member of the SWURF can only withdraw his/her retirement fund benefit upon:

  • Resignation/Retrenchment/Dismissal; or
  • Retirement.

Members joining a participating employer on SWURF can transfer any existing retirement benefits from another preservation fund or their previous employer’s retirement fund to the SWURF.

When SWURF members retire, they have the following options:

  • They can leave their retirement fund savings in the Fund as a paid-up member within SWURF and take their retirement benefits later,
  • They can take a portion (If Pension Fund, maximum = one third; If Provident, maximum=full benefit) of their benefit in cash (Taxable) and purchase a living annuity funded by the balance of their retirement benefits.

Retirement fund benefits are payable in the following ways:

  • They can leave their retirement benefits and preserve it in the Fund until retirement
  • They can receive it fully in cash after tax;
  • They can transfer it to another provider’s preservation fund; or
  • They can transfer it to their new employer’s retirement fund.

SWURF makes available the above-mentioned options via the Sasfin Wealth Investment Platform (SWIP).

The difference between a Pension and Provident Fund is that a member that belongs to a Pension Fund, can, at retirement withdraw one-third of the total benefit as a cash lump sum and the other two-thirds is then paid out in the form of pension over the rest of the pension fund member’s life. In a Provident Fund, a member, can get their full retirement benefit paid as a cash lump sum.

Note: This may change 1 March 2021, which is the date set by the National Treasury, on which provident fund members will also be obliged to take at least two-thirds pension at retirement.

Early retirement is permissible, subject to the written consent of the Employer, from h the age 55. This is the age at which you start to qualify for retirement benefits in terms of the rules of the Fund.

There is no better or worse annuity and the choice of annuity largely depend on the personal circumstances of the member. It is therefore advisable that members get in touch with their financial advisor in order to get a holistic view of their retirement savings plan including any other savings they may have outside their Pension or Provident Fund.

  • Membership number
  • Ensure members’ contact details (e-mail) are up to date
    Please click on the following link to access the SWURF member booklet with the detailed instructions on how to register for the member App.

OR

Please click on the following link to access the SWURF member booklet with the detailed instructions on how to register for the member App.

OR

This strategy is implemented in a taxation friendly regime, which means that the South African government, through the Income Tax Act, provide for concessions to members who provide for retirement.

As a member of a retirement fund, it is their responsibility to gain an understanding of their
retirement savings journey and understand their financial position on a holistically basis.

Employer FAQs

The Sasfin Wealth Umbrella Retirement Fund was designed with the Fund member in mind and provides a complete and seamless pre to post retirement solution. This includes flexibility and choice, quality investment offerings, value for money and transparent fee structures. Members have access to user friendly and technology-enabled applications that assist in securing their financial independence at retirement.

You would need to complete a quote request form. At least two employees need to take part in the Fund, and information needed include specific employee payroll data and normal FICA information.

Please contact swurf@sasfin.com.

Please contact admin@iretire.co.za.

Please contact swurf@sasfin.com.

Advisor FAQs

Please send an e-mail to swurf@sasfin.com.

You would need to complete a quote request form.

Please contact swurf@sasfin.com.

Please contact swurf@sasfin.com.

Please contact csc@iretire.co.za.

Contact us

Telephone numbers

SWURF
+27 12 943 6193

Sasfin Asset Consulting
+27 11 809 7500

Sasfin Healthcare Consulting
+27 11 445 8059 / +27 11 809 7500

E-mail addresses