Are you looking for a Retirement Fund for your staff?
Liberty Corporate offers a range of retirement products to choose from. As a business owner, you can either establish a Standalone Fund, or participate in one of our Umbrella arrangements. We offer two umbrella arrangements namely the Corporate Selection Suite of Funds or the Amalgam arrangement. There are several differences in the manner in which standalone funds are managed as opposed to umbrella funds.
To find out more about our retirement product offering, contact an accredited Liberty Financial Adviser.
What is a Pension Fund?
A Pension Fund is a fund set up by business owners for the benefit of their staff. The fund provides annuities or pensions for the members (employees) upon their retirement, or to provide lump sum benefits for the dependants of such members upon death of the members.
What is a Provident Fund?
A Provident Fund is a fund set up by business owners for the benefit of their staff. this fund provides a cash lump sum benefit for the members (employees) upon their retirement, or to provide lump sum benefits for the dependants of members upon death of the members.
What is a Retirement Annuity Fund?
A Retirement Annuity fund is set up by an administrator or insurer for the benefit of individual investors. this fund provides annuities or pensions for the members upon their retirement, or to provide lump sum benefits for the dependants of members upon death of the members. If one is a member of a retirement annuity fund, one cannot retire before the age of 55. Retirement Annuities are often used as a retirement savings vehicle by self-employed people and by those wishing to make additional provision for retirement.
What is a Standalone Fund?
Employers who opt for a Standalone Retirement Fund are required to set up a board of trustees, who determine the scheme rules and manage the fund in line with their fiduciary responsibilities, which include appropriate management of investments. The trustees of stand alone funds determine their investment strategy independent of Liberty and are able to select from a wide range of investment portfolios. These can be found in the table below.
What is an Umbrella Arrangement?
An Umbrella Pension or Provident Fund is a single fund, established and managed by a retirement fund administrator, to which any employer or group of employers can apply for membership as a participating employer.
One advantage of an Umbrella Fund is that the employer joins a fund which is already registered and approved and has an established board of trustees. Also, no general rules need to be drawn up for each employer, as a master set of rules already exists, which governs all participating employers. Variations applicable to each participating employer known as Special Rules are registered and approved for each participating employer.
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