I’ve just joined a retirement fund – what are all the things I need to do? What choices do I have?

You will need to make a decision on how much you’re going to contribute to the fund every month. This is normally expressed as a % of your salary.  Make this % as high as possible, to ensure you save enough for your retirement.  The good news is that contributions to retirement funds that are fully tax deductible up to 27.5%.

1. Complete a Beneficiary Nomination Form and update this form regularly, especially when your circumstances change in case of a divorce, marriage or the birth of a child. You may obtain this form from your HR department .   
2. If your employer has chosen a flexible death insurance option, you may choose additional levels of life cover.  You need to make this selection within 3 months of joining the fund.  Ask your HR for the necessary form.
3.  If your employer selected an option with member investment choice, you would be able to make certain investment choices.  This is a complex area and is best that you discuss the available options with a qualified Financial Adviser before making any decision.

As a new member, we encourage you to register for the Sanlam Member Portal – a comprehensive financial planning tool that helps you manage your savings and build financial confidence. To explore different features, take a look at this infographic and simply register at cp.sanlam.co.za