2015-06-27

Moriting Unclaimed Benefits Preservation Provident Fund

Moriting Unclaimed Benefits Preservation Provident Fund

Registered name: Moriting Unclaimed Benefits Preservation Provident Fund
Registration number: 12/8/38042/1
Registered address: 4th Floor Marble Towers, 208-212 Jeppe Street, Johannesburg, 2000
Principal Officer & Sponsor Trustee: Bryan Shuping
Sponsor Trustee: Ntsiki Msibi
Independent Trustee: Johannes Mangoejane
Independent Trustee & Chairperson: Johannes Mangoejane
Auditor: Tony Lund & Kieck Inc.
Valuator: Alex Scott of CA Scott Consulting Actuaries
Tracing agent: XDS
Administrator: Moriting Wealth Managers (Pty) Ltd
Bank: Standard Bank
Investment Managers: Sasfin

Investment Strategy: As the benefit has already vested to the member, the fund follows a conservative investment strategy. The objective of the investment strategy is to ensure liquidity and preserve capital while offering a real return on investment.
Investment Benchmark: To achieve a real return of inflation plus 3% over 3 year rolling periods.
Tracing Policy: The fund endeavours to trace all members and beneficiaries as timeously as possible. The services of XDS as a tracing agent have been secured based on their infrastructure and network both locally and in neighbouring countries. As fees are only payable on a successful trace XDS is further incentivised to trace members and beneficiaries as quickly as possible.

Standard Services:
  • Financial Management
    • Maintain accurate record of transactions
    • Monthly bank reconciliation
    • Interest and bonus declarations to member records
    • Payment of fund expenses
    • Payment of adhoc expenses
    • Annual Financial Statement preparation
    • Submission of Financial Statements
  • Data Management
    • Take on of new members
    • Maintenance of member records
  • Benefit Payments
    • Calculation of benefit with declarations
    • Tax application
    • Banking details verification
    • Claim documentation to members
  • Reporting
  • Quarterly reporting
    • Board of Management
    • South African Reserve Bank
Fee Structure: The fund follows a simplistic approach to fees with complete transparency to fee calculation. Only a monthly fee applies, with no initial fee, investment fee or benefit payment fee thereby enforcing the philosophy of preserving member's benefits.
  • Administration cost: R10 per member per month
  • % of assets: Not applicable
  • Take on fee: Not applicable
  • Annual investment fee: Not applicable
  • Benefit payments: Not applicable
  • Minimum charge: Not applicable
  • Fund expenses * As and when
  • Tracing fee: R155 per successful trace
* Audit fee
* FSB Levies

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