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UCT Retirement Fund Newsletter wwwuctrfuctacza March 2009

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UCT Retirement Fund Newsletter wwwuctrfuctacza March 2009

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									                             UCT Retirement Fund Newsletter
                                                           www.uctrf.uct.ac.za
                                                                  March 2009
                                                                                                  April option to switch investment portfolios
Investment returns (%) before/after inflation
                                                                                     The investment switching opportunity to change your
                February         2009                  Inception to
                  2009                                  Feb 2009                     investment choice allocations between portfolios (effective 1
                            year to date                                             April 2009) closed on 6 March 2009.
                                                                                     UCTRF Living Annuitants have till 13 March to submit
 Portfolio A   0.92%       1.97%                    10.35%                           their forms (attachment C) the UCTRF offices, Bremner.
                                                                                     The next opportunity to change your investment choice
 Portfolio B   0.03%       0.06%                    12.09%                           allocations between portfolios will be effective 1 October
                                                                                     2009.
 Portfolio C   -8.32%      -9.09%                   13.43%
                                                                                                           Important Decisions of Members
                                                                                      The following is a checklist of the important decisions you
        Do you want to increase your UCTRF                                           must make. If you are not sure about any of these please do
                  contribution?                                                      not hesitate to contact the Principal Officer or one of the
                                                                                     Trustees.
UCT PASS staff will have received their CoE letters                                         1. You and UCT decide what proportion of your cost of
for 2009. You have an opportunity to increase/decrease                                         employment (your total UCT package) is used as the
the amount you save for retirement by asking UCT to                                            deemed pensionable amount (DPA). (You can also
    1) increase/decrease your DPA - this will also                                             speak to your HR Advisor about this.)
        increase/decrease your death and disability
                                                                                            2. You decide the investment channel or channels in
        cover at the same time; and/or
                                                                                               which you wish your accumulation amount and your
    2) make additional contributions (also known as                                            contributions to be invested.
        purchased service) to your retirement savings.
Either of these options can only be done at the same                                        3. You decide whom you will:
time as you sign your cost of employment (C.o.E.)                                                                Nominate to be the recipient of the group
schedule for 2009.                                                                                                life assurance amount (form HR155); and
Speak to your HR Advisor about this option.
                                                                                                                Propose (to the trustees) the beneficiaries of
See also the UCTRF Toolkit on www.uctrf.uct.ac.za to                                                             the benefit from the fund should you die in
estimate your retirement needs.                                                                                  service (form HR151).
(Most academic staff will have already settled their
COE structures with UCT in December or January.)                                            4. When you retire you choose how your benefit will
                                                                                               come to you. Among the choices you have are : to
                                                                                               take this as a lump sum, to take this as a pension (in
               Annual Benefit Statements
                                                                                               which case you will have to decide what type of
                                                                                               pension to purchase with your lump sum); or to take
You will have received your annual benefit statement                                           the benefit as a living annuity either in the UCTRF
(ABS) from the Fund showing                                                                    or by purchasing a living annuity from an insurer.
    your balance in the Fund as at 31 December
                                                                                            5. When you resign or leave UCT before retirement
      2008;                                                                                    you have to choose what to do with your benefit.
    the detail of how this amount has accumulated                                             You would have the opportunity to be dormant in the
      (i.e. opening balance plus contributions                                                 UCTRF, or to transfer the benefit to another
      (standard plus any additional ones – e.g.                                                pension/provident /preservation fund; or to take this
      purchased service; giving up some multiple of                                            as a lump sum after taxation.
      death cover; Trustee discretionary percentage
      from savings in the Fund) plus investment                                      Neither UCT nor the UCTRF offer financial advice; and neither is
      return); and                                                                   licensed to do so. Staff involved in these areas can give you
    your death and disability cover for 2009 based                                  information about the Fund and your options, but where you seek
      on your new cost of employment (where this                                     advice you must seek it from a financial advisor.
                                                                                     This newsletter does not constitute financial advice. It aims to
      had been determined prior to printing date).                                   provide UCTRF members with information.


                                                  UCTRF: :Defined contribution Provident Fund : Registration no. 12/8/31582/R
                             Bremner Building, Lovers’ Walk, Rondebosch; Postal Address: University of Cape Town, Private Bag X3, Rondebosch 7701
                                                                 Principal Officer: Ann Tilney (021) 650 2159
For further information see the UCTRF website at www.uctrf.uct.ac.za




                            UCTRF: :Defined contribution Provident Fund : Registration no. 12/8/31582/R
       Bremner Building, Lovers’ Walk, Rondebosch; Postal Address: University of Cape Town, Private Bag X3, Rondebosch 7701
                                           Principal Officer: Ann Tilney (021) 650 2159

								
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