PPS RA Fund.FH11

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					                                                                                                                                            APPLICATION FORM

PPS Retirement Annuity
PPS Retirement Annuity Client Service Centre                           Tel: 0861 777 723 (0861 PPS RAF)                Fax: 021 680 3670        Email: admin@ppsra.co.za

  All sections must be completed in BLOCK LETTERS.
  Please indicate all options selected by means of a cross [X].
  The applicant must initial any amendments made to the application form.
  Please ensure that this form is completed in full and that the information provided is accurate.


A. Personal Details of Investor
New investor                            Existing investor                          Investment number:

Title:                         Surname:

First name(s):

ID or Passport number (if foreign national):
                                                                            (Please attach a copy of your ID or Passport)


Date of birth:                                                                   South African resident:               Yes             No              Gender:

Postal address:                                                                                                                                Code:

Residential address:                                                                                                                           Code:

Home telephone number:                                                                          Work telephone number:

Fax number:                                                                                     Cellphone number:

Email address:

Income tax reference number:                                                                                      Income tax office:

PPS member name:

PPS member number:                                                                      PPS member ID number:

Source of income (compulsory):                                                                                                                        (Other than transfers)

Preferred method of communication:                                 Post                    Email

Language preference:                                               English                 Afrikaans

B. Acting on behalf of an Investor*
e.g. Guardians/ Persons with Power of Attorney or Mandate acting on behalf of an investor. Proof to be sent to the Fund.

Title:                         Surname:

First name(s):

ID or Passport number (if foreign national):
                                                                       (Please attach a copy of your ID or Passport)

Capacity:

Postal address:                                                                                                                               Code:

Residential address:                                                                                                                          Code:

Home telephone number:                                                                          Work telephone number:

Fax number:                                                                                     Cellphone:

Email address:

PPS Retirement Annuity Fund Application Form
PPS Retirement Annuity Fund (”the Fund”), a retirement annuity fund registered by the
Financial Services Board in terms of the Pensions Funds Act, No.24 of 1956, and
approved by the South African Revenue Service.
FSB Number: 12/8/404         SARS number: 18/20/4/30135
July 2010
Page 1 of 10
C. Investment Details

You may invest via either one or both options below. The minimum lump sum amount R10 000. The minimum debit order amount is R500
per month and R200 per Investment Option.

Source of funds (compulsory if voluntary contribution):

Lump sum investments

Lump sum contribution:          R                                                             (This might be an estimate amount.)

Is this a transfer from another retirement fund?                 Yes        No      Date of deposit/ transfer:


If a transfer:

Registered name of transferring fund:

SARS fund number:            18/20/4/                                    FSB Fund registration number: 12/8/

Fund type:         Retirement Annuity            Pension Fund      Provident Fund

The Fund may request confirmation annually of the preferred ongoing Financial Advisory fee. No initial fees are payable on these transfers.

Company name of fund administrator:                                                           Contact person:

Telephone number:                                                                                Fax number:

Email address:

Phasing-in:

Lump sum investments can be made directly into the Investment Options of your choice or can be phased-in over a period of time.
Phasing-in is only allowed from the PPS Enhanced Cash Fund. Phasing-in is not available for debit order contributions.

Investment to be phased-in:                                Yes              No

If “Yes”, please select phase-in period:                   3 months         6 months          12 months

Phase-ins will be generated on the 9th of the month, and priced on the 10th of the month. Should either of these days fall on a weekend
or public holiday, the process will take place on the next business day.

Debit order investments

Debit order contribution:       R                                                    per month

I hereby instruct and authorise the Fund or its assignees to draw regular debits against my account in accordance to the bank details
noted below (or any other bank or branch to which I may transfer my account).

Commencement month:                                                                           Collection date:   1st   7th    15th   28th

Escalation rate:                5%         10%     15%      %

          Should the cut off for the selected debit order date be missed, please commence the same day of the following month.

All such withdrawals from my account are to be treated as though they have been signed by me personally, and I request the bank to
debit my account with these drawings. I acknowledge that the debit order investments are subject to a 14-day clearance period.


Signature of Investor:                                                                                  Date:




PPS Retirement Annuity Fund Application Form
July 2010
Page 2 of 10
D1. Investor Bank Account Details
Please note that the bank account specified must be in the name of the unit holder.
I authorise the Administrator to draw direct debits against the bank account below.

Name of bank:                                                                    Account number:

Branch name:                                                                     Branch code:

Type of account: Current                Transmission           Savings

Name of bank account holder:

Signature of bank account holder:

Please note:        A cancelled cheque or recent bank statement must accompany this application form as confirmation of bank details. No
                    payments will be made to 3rdparties (i.e. payments will only be made to the bank account in the name of the registered
                    investor). Payments will not be made to 3rd party accounts, including credit cards and market-linked accounts. The Administrator
                    executes all payment instructions electronically. No payment will be made by cheque. Any changes to the banking details
                    must be forwarded in writing to the Fund, together with proof thereof.

D2. Payer Bank Account Details (if not the investor)
I authorise the Administrator to draw direct debits against the bank account below.

Name of bank:                                                                    Account number:

Branch name:                                                                     Branch code:

Type of account:                  Current              Transmission              Savings

Name of bank account holder:

Signature of bank account holder/ authorised person:

Name of authorised person:

Capacity of authorised person:

Please note:         If the payer is a 3rd party individual, a copy of ID and specimen signature is required. If the payer is a 3rd party legal entity,
                     proof of authority to draw against legal entity bank account is required, together with a copy of ID and specimen signature.
                     A cancelled cheque or recent bank statement must accompany this application form as confirmation of bank details. Any
                     changes to the banking details must be forwarded in writing to the Fund, together with proof thereof.

E. Investment Options
Please refer to the attached Investment Option Schedule for a comprehensive list of available Investment Options. Please seek advice
where you consider yourself requiring such advice.
The Fund requires that your investment adheres to the following limits: a maximum exposure of 75% of the investment amount to equity
investments; 20% to international investments; 25% to property. These limits may however change depending on the combination of
Investment Options selected by you. In order to assist you to determine whether your selection of Investment Options complies with the
above-stated limits, you may contact the PPS Retirement Annuity Client Service Centre on 0861 777 723 (0861 PPS RAF) or on our
website at www.ppsra.co.za. The available Investment Options may change from time to time.
    Investment options                                                Lump Sum Investment %                  Debit Order %
 1. PPS Equity Fund
 2. PPS Managed Flexible Fund of Funds
 3. PPS Moderate Fund of Funds
 4. PPS Conservative Fund of Funds
 5. PPS Flexible Income Fund
 6. PPS Enhanced Cash Fund
 7.
 8.
 9.
10.
Please note:                                            Total              100%                                 100%
  Minimum lump sum amount is R10 000; Minimum debit order amount is R500 per month (R200 per Investment Option).
  Minimum debit order amount for a member under the age of 30 is R200 per month, which will escalate to the normal minimum of R500
  per month after the member’s 30th birthday.
PPS Retirement Annuity Fund Application Form
July 2010
Page 3 of 10
F. Method of Payment

      Cheque deposit - all cheques must be endorsed as “Non Transfereable” and deposited directly into the Fund’s bank account.

      Electronic/ Internet transfer - Electronic transfers may not reflect immediately and may take a few days to appear in the Fund’s bank
      account.

      Regular debit order - Please ensure that the bank account details are completed in Section E if you select this option.

      Electronic collection by the Administrator - Electronic collection is restricted to a maximum of R500 000 per debit. An amount
      greater than this, will require the Administrator to make multiple debits which may result in additional transaction costs. The
      investment process will take one (1) business day longer per debit.

The Fund requires proof of deposit or transfer, together with receipt of the applicable documentation as set out in this form, before
this application can be processed.

G. PPS Retirement Annuity Bank Details
Please make all cheques payable to the PPS Retirement Annuity. All deposits relating to intended contributions to the Fund must
be made into the following bank account:

Account Name:                   PPS Retirement Annuity
Bank Name:                      First National Bank
Branch Name:                    Corporate Core Banking - Cape Town

Account Number:                 622 699 123 77
Branch Number:                  20-41-09

Please insert the investor’s contact number followed by their initials and surname in the reference section on the proof of
deposit/transfer in order to assist the Administrator with processing the application. For example 0825554444 John Smith.


H. Beneficiary Nominations

You may only nominate beneficiaries who are natural persons to receive a benefit in the event of your death before retirement from the
Fund. Where payment to a natural person via a trust is required, the natural person must still be nominated, but the nomination must
be qualified by a request to make payment to the person via the trust. Please note, the allocation to the beneficiaries is at the discretion
of the Trustees, based on the Provision of Section 37C of the Pension Funds Act, No. 24 of 1956. Your nomination will serve to assist
the Trustees in making these decisions although it may not be binding on them. If you elect to review and make changes to the nomination
of any beneficiaries, a signed instruction must be received by the Fund before your death.

                                                  Beneficiary 1                                         Beneficiary 2
 Surname
 First name(s)
 Relationship
 ID/ Passport number
 Percentage
 Postal address


 Contact number

                                                  Beneficiary 3                                        Beneficiary 4
 Surname
 First name(s)
 Relationship
 ID/ Passport number
 Percentage
 Postal address


 Contact number

If there are additional beneficiaries, please attach this information on a separate signed page.
Please ensure the total percentages nominated are equal to 100%.

PPS Retirement Annuity Fund Application Form
July 2010
Page 4 of 10
I. Terms, Conditions and Declarations
The PPS Retirement Annuity Fund (”Fund”) is a retirement annuity fund registered by the Financial Services Board in terms of the Pension
Funds Act, No. 24 of 1956, and approved by the South African Revenue Service. The Fund is administered by an approved administrator
appointed by the Fund from time to time. The current administrator is Old Mutual Investment Administrators (Pty) Limited (hereafter
referred to as “the Administrator”), who is an authorised financial services provider. The current Investment Options available to investors
are those Investment Options set out in the “Investment Option Schedule” attached hereto, and made available by the Fund as the
Investment Options under the Fund.

1. Fund membership

1.1        If not already a member and where appropriate, I hereby apply for membership of the Fund. I understand and agree that this
           application, the membership information summary and the rules of the Fund of which I have applied to join (both as amended
           from time to time) and any other related documents provided by me and accepted by the Fund, constitute the entire agreement
           between the Fund and myself. I understand that in terms of the Fund rules, these terms and conditions and legislation,
           amongst other things:

           I cannot withdraw, apply for a loan or use my interest in the Fund as collateral security for a loan;
           I understand that I will not have access to any benefits in the Fund before age 55, unless due to proven medical grounds of
           premanent disability.

1.2        Membership of the Fund will commence on the latter of the date on which this application form has been accepted and a
           contribution has been received in the bank account of the Fund.

1.3        I understand the structure of the administration and investment fees applicable to my investments in the Fund and that interest
           earned on the first date of deposit of my contribution into the bank account of the Fund, will be used to pay the expenses of
           running the Fund as authorised by the Trustees of the Fund.

1.4        The Fund is managed by Trustees, all of whom are independent of PPS Investments (Pty) Ltd, (the sponsor of the Fund). The
           Trustees are also independant of the Administrator of the Fund. The Trustees are required in terms of the Pension Funds Act
           to exercise their fiduciary duties in the best interests of the Fund and all its members and have a code of conduct in terms of
           how they operate.

2. Investment Options
2.1      The Fund allows members the opportunity to invest in the unit trust funds offered by PPS Investments (Pty) Ltd. Investments
         are managed by the Trustees in terms of the Investment Policy Statement adopted by the Trustees. A copy of the Investment
         Policy Statement is available to members on request from the PPS Retirement Annuity Client Service Centre on 0861 777 723
         or by accessing www.ppsra.co.za.

2.2        The Fund allows the members the opportunity to invest in a wide range of Investment Options. I understand that the choice of
           the Investments Options is solely mine and I will not hold the Trustees liable for the choice. I retain the risk of and remain
           responsible for the selection of the Investment Options at all times. I have taken advice where I consider myself requiring such
           advice.

2.3        I understand that the investments in the Investment Options are made and administered subject to the provisions of the Collective
           Investments Schemes Control Act, No. 45 of 2002, in accordance with the deeds of such funds and subject to each Manager’s
           fee structure amended from time to time.

2.4        I hereby authorise the Fund to invest the net investment amount into the Investment Option(s) chosen by me from time to time.
           The Fund shall reinvest all income arising from the Investment Option(s) from time to time, which shall be regarded as forming
           part of my investments under the Fund.

2.5        The Fund does not provide any guarantees in relation to any investment performance. The value of the investment portfolio
           will fluctuate relative to the market values of the underlying securities comprising the selected investment portfolio. I understand
           that I carry the investment risk inherent in the chosen underlying Investment Option(s).

2.6        I understand that all investments held under the Fund are owned by the Fund and that I have no right to specific investments
           held for my benefit under the Fund.

2.7        The Fund is entitled to change, at its discretion and with appropriate notice, any Investment Options offered by it from time to
           time. Members will be asked for switch instructions should an Option be removed from the Fund’s offering. In the absence of
           any instruction within the required period, the Fund shall affect a switch to a money market fund.

3. Fees and Charges
3.1      Initial fees and the annual management fee on the underlying Investment Option(s) selected will be charged by each Manager
         as indicated on the attached Investment Option Schedule and as amended from time to time.

3.2        A maximum annual administration fee of 0.7% per annum (excluding VAT), calculated on the daily market value of the investment
           portfolio, will be charged and paid monthly in arrears. This fee will be charged at the level of your Investment Option(s) and will
           be reduced by any partnership saving that may be applicable to your selected Option(s). Please refer to the attached Investment
           Option Schedule in order to determine the maximum administration fee payable.

           Based on the value of your investment, the applicable annual administration fee will be determined by the sliding scale below
           and will be further reduced by any partnership saving that may be applicable to your selected Option(s) as mentioned above.
           The sliding scale will not apply to the PPS Multi-Managed funds as the administration on these funds is already 0%.


PPS Retirement Annuity Fund Application Form
July 2010
Page 5 of 10
            Investment Amount                         Sliding
            (excl. PPS Multi-Managed funds):          Scale

            On the first R500 000                      0.70%
            On the next R 1 000 000                    0.50%
            On the next R 1 000 000                    0.45%
            Thereafter                                 0.40%
3.3        There is no transaction charge for switching between the available Investment Options.

3.4        Statuory charges such as income tax will be recovered by the Fund from your investment.

3.5        All fees and charges are subject to amendment by the Fund and each Manager as the case may be. The Fund shall not change
           the Intermediary initial and ongoing advice fees unless instructed in writing by the Investor.

3.6        Intermediary fees as agreed to in section K will be levied.
4. Terms and Conditions
4.1     Taxes will be levied on the investment in accordance with the South African Revenue Service’s relevant tax rules and rates,
        which may change from time to time.

4.2        Subject to the compliance with the Fund’s requirements, investments into the underlying Investment Option(s) will take a maximum
           of five (5) business days to be processed, provided PPS Investments is in receipt of a fully completed application form and the
           investment amount into the bank account of the Fund, subject to any minimum the Fund may set from time to time. Switches
           will be processed within a maximum of five (5) business days after receipt of a valid instruction. Interest earned on the first day
           of deposit will be used to pay expenses of running the Fund, as authorised by the Trustees of the Fund. Subsequent interest
           shall accrue for the benefit of the member until transfer from the Fund’s bank account, at the actual rate of interest earned but
           adjusted for the payment by the Fund of any applicable tax that may be imposed by the tax authorities.

4.3        Instructions will at all times only be processed once the investment amount reflects in the Fund's bank account, and proof
           of deposit and supporting documentation has been received by the Fund.

4.4        In the event that the contribution payable in terms of this application is a lump sum transfer from another approved fund,
           I hereby authorise and instruct the transferring fund to pay such an amount into the Fund with immediate effect.

4.5        I agree that the Fund shall pay amounts to my dependants and/or beneficiaries upon my death in accordance with section
           37C of the Pension Funds Act, No. 24 of 1956.

4.6        Where I have appointed an Intermediary, I instruct the Administrator to send the Policy Summary to my Intermediary
           whose name has been inserted in the “Intermediary Details” section. I authorise the Fund to make all reports and statements
           pertaining to my investment available, in whatever format, to my appointed Intermediary, on his/her request.

4.7        I hereby consent to the Fund making enquiries of whatsoever nature for the purpose of verifying the information disclosed in
           this application and I expressly consent to the Fund obtaining any other information concerning me from any source whatsoever
           to enable the Fund to process this application.

4.8        I authorise the Fund to accept instructions by facsimile or e-mail and hereby waive any claim that I may have against the Fund
           and indemnify the Fund against any loss incurred as a result of the Fund receiving and/or acting upon such communication. I
           accept the risk of the communication method selected and understand that the Fund shall not be liable in the event that the
           Fund has not received a communication whether due to the failure, malfunction or delay of any networks or electronic or
           mechanical device or otherwise.

4.9        Provided that the Administrator and/or the Fund and/or any of their officers and employees exercise reasonable care and
           diligence in the management of my investments, the Administrator and/or the Fund and/or their officers and employees shall
           not be liable to me or a third party for any loss sustained by me in terms of this agreement. Specifically, the Administrator and/or
           the Fund cannot be held responsible for any acts or errors of omission or commission by third parties, or the timing standards,
           practices and procedures of third parties.

4.10       I authorise PPS Investments and its assignees to disclose any information within the PPS Insurance’s holding company,
           subsidiaries, affiliates, Profmed or other persons provided that such disclosure is deemed necessary in order to properly
           manage or service the investment or Investor.

4.11       I warrant that all the statements given in this application form, and in all documents which have been or will be signed by me
           in connection with this application, whether in my handwriting or not, are true and correct and shall form the basis of the
           investment with the Fund.

4.12       I warrant that I am the beneficial owner of the investment amount or that I am duly and validly authorised to invest the investment
           amount with the Fund, and that all monies deposited into the Fund’s bank account in respect of this investment were obtained
           from legitimate sources. I further warrant that in making and maintaining such investment, I have and will continue to comply
           with all relevant legislation, including, but not limited to FICA and the Income Tax Act.

4.13       I confirm to the Fund that I am acting on my own account and that this investment is my own independent decision. I understand
           that information, opinions and communications from the Fund, whether written, oral or implied are expressed in good faith and
           not intended as investment advice. I have not received any assurance or guarantees from the Fund as to the expected benefits,
           except that the benefits will be determined by reference to the value of the selected investment options.
PPS Retirement Annuity Fund Application Form
July 2010
Page 6 of 10
  4.14       Where I have appointed an Intermediary, I understand that it is the responsibility of such Intermediary to act within the
             conditions of the relevant Financial Service Provider licence. Neither the Administrator nor the Fund can be held responsibleor
             liable for loss or damage suffered by me, resulting from the Intermediary acting outside the licence conditions. The
             Intermediary is responsible for ensuring that I receive and understand all appropriate advice, product and fee information,
             including changes in administrative processes of the Administrator.
  4.15       I understand that repurchases of participatory interests in the investment options may be suspended under specific circumstances.
             Should the Administrator be advised by any Manager that repurchases have been suspended, and as a result withdraw a
             switch or repurchase instruction on behalf of the Fund, I indemnify the Administrator and/or the Fund against any loss or damage
             I might suffer as a result of such suspensions.

 Signed at                                                          on this              day of                    year

 Signature of Investor:

  J. PPS Intermediary Fees (Please select one
  option)
            I acknowledge that I did not receive financial advice from the Fund or a PPS Intermediary I will be noted as a PPS Investments
            “No Financial Advisor” client.

            I hereby confirm that the accredited PPS Intermediary whose details are completed in the “PPS Intermediary Detail and Declaration”
            section below, is my appointed PPS Intermediary and I agree to the payment of fees as follows:

  Initial advice fee:                    % (Negotiable to maximum 3.42%, inclusive of VAT. Applied to each contribution and deducted before
  investment is made.)

  Please note:         If you are advising your client on an intra-fund conversion the initial advice fee is negotiated and ranges from
                       0% to 1.71%.

  Ongoing advice fee:                 % per annum of the daily market value of the investment portfolio, charged and paid monthly in arrears.
  (Negotiable to maximum 1.14%, inclusive of VAT. If an initial advice fee of greater than 1.71% is selected, then maximum ongoing advice
  fee is 0.5%. The ongoing fees are calculated at a unit holder level and not a policy holder level. As such, the ongoing fees need to be
  the same level across all investments.)

  The initial and ongoing advice fees will accrue to the Administrator as an administration fee over and above the administration fee referred
  to in section I. The Administrator will pay the initial and ongoing advice fees to the PPS Intermediary.

  Signed at                                                          on this             day of                     year

  Signature of Investor:
  K. PPS Intermediary Details and Declaration
  PPS Intermediary:                                                            Institution:

  Intermediary code:

  Contact person:                                                              Contact number:

  FSB License number:                                                          PPS Stakeholder number:


  Email:

  VAT Status:          Registered              Not registered    VAT number:

  I/We
           declare that I/we am/are a licensed Financial Services Provider(s) and have made the disclosures required in terms of the
           Financial Advisory and Intermediary Services Act, No. 37 of 2002, and subordinate legislation thereto, to the investor.
           warrant that I/we, as primary accountable institution, have established and verified the identity of the investor (and persons
           acting on behalf of the investor) in accordance with FICA and subordinate legislation thereto, and I/we will keep records of such
           identification and verification according to the provisions of FICA.
  Please delete if not applicable
           warrant that I/we have explained all fees that relate to this investment to the investor and I/we understand and accept that the
           investor may withdraw his/her authority for payment to me/us in writing to the Fund.

  Signed at                                                         on this              day of                     year


  Signature of PPS Intermediary:

                                                               PPS Retirement Annuity Fund
                                               6 Anerley Road, Parktown 2193, P O Box 1089, Houghton, 2041
                                                    Website: www.ppsra.co.za, Email: info@ppsra.co.za
PPS Retirement Annuity Fund Application Form
July 2010
Page 7 of 10
Investment Option Schedule
Fees (all inclusive of VAT)


                                                                                                                                                                            FEES (All Inclusive of VAT)
                                                                                                                                                                                                                                                                                                                                                           Complies with
                                                                                                                                         Annual Management Fees (Inclusive of VAT)                                        Partnership     Net Annual Platform                                                                                              Regulation 28
                                                                                                                                                                                                   Annual Platform          Saving***     Administration Fee                                   Max. Total   Max.       Max.                                Asset
                                                                                                                     Initial                                                                       Administration Fee     (Inclusive of    (Inclusive of VAT)   Distribution    Distribution   Equity       Offshore   Property   Other Limits/Info        Allocation
 Fund Name                Fund Category/Sector                Benchmark                       Risk Profile   Class   Fees      Base Fees      Performance Fees / Other*                            (Inclusive of VAT)**       VAT)                              Frequency       Dates          Exposure     Exposure   Exposure                            Limitation

 PPS Equity Fund          Domestic Equity - General           FTSE/JSE All Share Index             High        A        0%       2% p.a.      N/A                                                         80bps              80bps                0               Half-Yearly   Last day of       100%         20%        25%                               N
                                                              Total Return                                                                                                                                                                                                      Mar & Sept

 PPS Flexible Income      Domestic Fixed Interest             BEASSA ALBI (1-3 yr)              Med - Low      A        0%      1.43% p.a.    N/A                                                         80bps              80bps                0                Quarterly    Last day of        0%          20%        25%                               Y
 Fund                     - Varied Specialist                                                                                                                                                                                                                                   Mar, June,
                                                                                                                                                                                                                                                                                Sept & Dec

 PPS Enhanced Cash        Domestic Fixed Interest             Alexander Forbes 3 Month             Low         A        0%      0.74% p.a.    N/A                                                         80bps              80bps                0                 Monthly     Last day of        0%          0%         0%                                Y
 Fund                     - Income                            (STeFI) Index                                                                                                                                                                                                     each month

 PPS Managed Flexible     Domestic Asset Allocation           CPI + 6% p.a.                    Med - High      A        0%       2% p.a.      N/A                                                         80bps              80bps                0               Half-Yearly   Last day of       100%         20%        25%                               N
 Fund of Funds            - Flexible                                                                                                                                                                                                                                            Mar & Sept

 PPS Moderate Fund of     Domestic Asset Allocation           CPI + 4% p.a.                       Med          A        0%       2% p.a.      N/A                                                         80bps              80bps                0               Half-Yearly   Last day of     65%****        20%        25%                               Y
 Funds                    - Prudential Variable Equity                                                                                                                                                                                                                          Mar & Sept

 PPS Conservative Fund    Domestic Asset Allocation           CPI + 2% p.a.                     Med - Low      A        0%      1.71%p.a.     N/A                                                         80bps              80bps                0                Quarterly    Last day of     40%****        20%        25%                               Y
 of Funds                 - Prudential Variable Equity                                                                                                                                                                                                                          Mar, June,
                                                                                                                                                                                                                                                                                Sept & Dec


 Allan Gray Equity Fund   Domestic Equity - General           FTSE/JSE                         Med - High      A        0%         0%         Min/Max Fee based on 15% under/out                          80bps              17bps              63bps             Half-yearly   Last day of       100%         0%         0%                                N
                                                              All Share Index                                                                 performance of benchmark. If performance                                                                                          June & Dec
                                                                                                                                              equals benchmark then fee is 1.71% (Min 0%,
                                                                                                                                              Max 3.42%p.a.)

 Allan Gray Balanced      Domestic Asset Allocation           Average of the Unit Trust          Medium        A        0%         0%         Min/Max Fee based on 5% under/out                           80bps              17bps              63bps             Half-yearly   Last day of       75%          20%        25%                               Y
 Fund                     - Prudential Variable Equity        Prudential Sector (Excl.                                                        performance of benchmark. If performance                                                                                          June & Dec
                                                              AGBF)                                                                           equals benchmark then fee is 1.14%.(Min
                                                                                                                                              0.57%, Max 1.71%p.a.)

 Allan Gray               Domestic Asset Allocation           The after tax returns of call     Med - Low      A        0%         0%         Min/Max Fee based on 5% under/out                           80bps              17bps              63bps              Quarterly    Last day of       40%          20%        25%                               Y
 Stable Fund              - Prudential Low Equity             deposits (for amounts >                                                         performance of benchmark. If performance                                                                                          Mar, June,
                                                              R1m) with First Rand                                                            equals benchmark then fee is 1.14%.(Min                                                                                           Sept & Dec
                                                              BankLimited + 2% points                                                         0.57%, Max 1.71%p.a)

 Allan Gray               Domestic Asset Allocation           The return on call deposits        Medium        A        0%         0%         Min Fee is 1.14%. If perfomance equals                      80bps              17bps              63bps             Half-yearly   Last day of       20%          20%        0%      Minimum of 5% in              N
 Optimal Fund             - Targeted Absolute Return          with First Rand Bank                                                            benchmark then fee is 1.14%. The managers                                                                                         Mar, June,                                        cash. May ony include
                                                              Limited (for amounts in                                                         sharing rate is 20% of the outperformance of                                                                                      Sept & Dec                                        participatory interest
                                                              excess of R5m)                                                                  the benchmark. The fee is uncapped, however                                                                                                                                         of foreign collective
                                                                                                                                              a high watermark principle applies which means                                                                                                                                      investment schemes
                                                                                                                                              that should the Fund underperform it would first                                                                                                                                    that have been
                                                                                                                                              be required to recover the underperformance                                                                                                                                         approved for
                                                                                                                                              before any further performance fees are payable.                                                                                                                                    marketing in SA under
                                                                                                                                                                                                                                                                                                                                  section 65 of the Act.

 Allan Gray               Foreign Equity General              FTSE World Index                 Med - High      A        0%         0%         No fee. The underlying Orbis funds, however,                80bps              17bps              63bps              Annually     N/A               100%        100%        0%      Invests soley in Orbis    N
 Orbis Global Equity                                                                                                                          have their own fee structure.                                                                                                                                                       Global Equity Fund
 Feeder Fund

 Allan Gray               Foreign Asset Allocation Flexible   60% of FTSE World Index            Medium        A        0%         0%         No fee. The underlying Orbis funds, however,                80bps              17bps              63bps              Annually     N/A               100%        100%        0%      Min 85%                   N
 Orbis Global Fund of     Sector                              and 40% of JP Morgan                                                            have their own fee structure.                                                                                                                                                       invested
 Funds                                                        Global Govt Bond Index                                                                                                                                                                                                                                              offshore


Coronation                Domestic Equity - General           FTSE/JSE Shareholder             Med - High     A        0%        1.25%        Performance Fee: 15% of funds outperformance                80bps             46bps              34bps              Half-yearly   Last day of      100%          0%         0%      Min 75% of                N
Equity Fund                                                   Weighted All Share Index                                                        when fund delivers a return > FTSE/JSE SWIX                                                                                       Mar & Sept                                        funds assets
                                                                                                                                              (Capped at 2.17% p.a.) over rolling 24 month                                                                                                                                        invested in
                                                                                                                                              period                                                                                                                                                                              equities

Coronation                Domestic Equity - Large Cap         FTSE/JSE                            High         A       0%        1.14%        Performance Fee: 20% of funds outperformance                80bps             46bps              34bps              Half-yearly   Last day of      100%          0%         0%      Min 75% of                N
Top 20 Fund                                                   Top 40 Index                                                                    when fund delivers a return > FTSE/JSE Top                                                                                        Mar & Sept                                        funds assets
                                                                                                                                              40 benchmark (Capped at 2.28% p.a.) over                                                                                                                                            invested in
                                                                                                                                              rolling 24 mth period. Fee discount: If the fund                                                                                                                                    equities
                                                                                                                                              underperforms the FTSE/JSE Top 40 the base
                                                                                                                                              fee will be discounted by 50% to 0.57%

Coronation Balanced       Domestic Asset Allocation           Composite benchmark                Medium       A        0%        1.43%        N/A                                                         80bps             46bps              34bps              Half-yearly   Last day of       75%         20%        25%                                Y
Plus Fund                 - Prudential Variable Equity        (63% equity, 22% bonds,                                                                                                                                                                                           Mar & Sept
                                                              10% intl., 5% cash)

Coronation Balanced       Domestic Asset Allocation           Alexander Forbes 3 Month         Med - Low      A        0%        1.71%        No additional performance fee. If the fund fails            80bps             46bps              34bps               Quarterly    Last day of       40%         20%        25%                                Y
Defensive Fund            - Prudential Low Equity             (STeFI) Index plus 3% p.a.                                                      to produce a +ve return over a 12 mth period,                                                                                     Mar, June,
                                                                                                                                              Coronation will discount this fee by 50% to                                                                                       Sept & Dec
                                                                                                                                              0.86% until the historical rolling 12 mth
                                                                                                                                              performance of the fund is +ve. If the fund fails
                                                                                                                                              to produce a +ve return over a rolling 24mth
                                                                                                                                              period, no fee will be levied until the historical
                                                                                                                                              rolling 24 mth performance is +ve.


PPS Retirement Annuity Fund Application Form
July 2010
Page 8 of 10
                                                                                                                                                                  FEES (All Inclusive of VAT)                                                                                                                                                 Complies with
                                                                                                                                                                                                                                                                                                                                              Regulation 28
                                                                                                                                 Annual Management Fees (Inclusive of VAT)                                      Partnership         Net Annual                                                                                                Asset
                                                                                                                                                                                         Annual Platform          Saving***           Platform                                         Max. Total   Max.       Max.                           Allocation
                                                                                                             Initial                                                                     Administration Fee     (Inclusive of   Administration Fee    Distribution    Distribution     Equity       Offshore   Property   Other Limits/Info   Limitation
Fund Name                 Fund Category/Sector           Benchmark                    Risk Profile   Class   Fees      Base Fees      Performance Fees / Other*                          (Inclusive of VAT)**       VAT)         (Inclusive of VAT)   Frequency       Dates            Exposure     Exposure   Exposure

Coronation                Domestic Asset Allocation      Composite benchmark             Medium        A        0%        1.43%       Performance Fee: 20% of funds outperformance              80bps              46bps              34bps             Half-yearly   Last day of        100%          20%        0%      Min 85% assets           N
Market Plus Fund          - Flexible                     (63% equity, 22% bonds,                                                      when fund delivers a +ve return > composite                                                                                     Mar & Sept                                          invested lo
                                                         10% intl., 5% cash)                                                          benchmark + 2% (Capped at 2.00% p.a.). Fee
                                                                                                                                      discount: If the fund delivers a negative return
                                                                                                                                      over a rolling 60mth period, the base fee will
                                                                                                                                      be discounted by 0.50% to 0.57%

Coronation Capital Plus   Domestic Asset Allocation      CPIX                           Med -Low       A        0%        1.43%       Performance Fee: 10% of funds                             80bps              46bps              34bps              Quarterly    Last day of         65%          20%        10%     Max domestic             Y
Fund                      -Targeted Absolute & Real                                                                                   outperformance when fund delivers a +ve return                                                                                  Mar, Jun, Sept                                      equity exposure
                          Return                                                                                                      > CPIX +4% (Capped at 1.71% p.a.). Fee                                                                                          & Dec                                               = 50%
                                                                                                                                      discount: If the fund delivers -ve return over a
                                                                                                                                      rolling 12mth period, the base fee will be
                                                                                                                                      discounted by 0.57%

Coronation Strategic      Domestic Fixed Interest        110% of STeFi 3 month             Low         A        0%        0.97%       N/A                                                       80bps              46bps              34bps              Quarterly    Last day of          0%          0%         25%                              Y
Income Fund               - Varied Specialist            index return                                                                                                                                                                                                 Mar, June,
                                                                                                                                                                                                                                                                      Sept & Dec

Coronation Optimum        World Wide Asset Allocation    CPIX                          Med - High      A        0%        1.14%       15% of funds outperformance when fund                     80bps              46bps              34bps             Half-yearly   Last day of         85%         100%        0%      Max 100%                 N
Growth Fund               Flexible                                                                                                    delivers a +ve return > CPIX + 5% (Capped at                                                                                    Mar & Sept                                          assets invested
                                                                                                                                      2.85% p.a.)                                                                                                                                                                         locally; Max
                                                                                                                                                                                                                                                                                                                          100% assets
                                                                                                                                                                                                                                                                                                                          invested
                                                                                                                                                                                                                                                                                                                          offshore

Coronation Money          Domestic Fixed Interest        Alexander Forbes 3 Month          Low         B        0%        0.2%        N/A                                                       54bps              0bps               54bps               Monthly     Last day of          0%          0%         0%                               Y
Market Fund               - Money Market Funds           (STeFI) Index                                                                                                                                                                                                each month



Element Islamic Equity    Domestic Equity - General      FTSE/JSE                          High        A        0%        1.71%       N/A                                                       80bps              57bps              23bps             Half-yearly   Last day of        100%          0%         10%     Only Shari'ah            N
Fund                                                     Shari’ah All Share Index                                                                                                                                                                                     Mar & Sept                                          compliant
                                                                                                                                                                                                                                                                                                                          shares; Max
                                                                                                                                                                                                                                                                                                                          25% cash

Element Earth Equity      Domestic Equity - General      FTSE/SE All Share Index           High        A        0%        1.71%       N/A                                                       80bps              57bps              23bps             Half-yearly   Last day of        100%          20%        10%     Minimum equity           N
Fund                                                     with 50% down-weighting                                                                                                                                                                                      Mar & Sept                                          exposure of
                                                         applied to resources                                                                                                                                                                                                                                             95%


Investec                  Domestic Equity - General      FTSE/JSE                       Med-High       A        0%        0.97%       20% of performance above ALSI net of base                 80bps              46bps              34bps             Half-yearly   Last day of        100%          0%       10%****                            N
Equity Fund                                              All Share Index                                                              fees (Min 0.97%; Max 3.42%p.a.)                                                                                                 Mar & Sept

Investec                  Domestic Equity - General      FTSE/JSE                       Med-High       A        0%        0.97%       Performance fee based. 20% sharing ratio                  80bps              46bps              34bps             Half-yearly   Last day of        100%          20%        15%                              N
Value Fund                                               All Share Index                                                              (Max 3.42%)                                                                                                                     Mar & Sept

Investec Global           Foreign Asset Allocation       60% MSCI World Index;          Med-High       A        0%         2%         N/A                                                       80bps              46bps              34bps             Half-yearly   Last day of         75%         100%        0%      Invests in               N
Balanced Feeder Fund      - Flexible                     40% CITI World Govt. Bond                                                                                                                                                                                    Mar & Sept.                                         Investec GSF
                                                         Index                                                                                                                                                                                                                                                            Global Strategic
                                                                                                                                                                                                                                                                                                                          Managed Fund

Investec                  Domested Asset Allocation      Headline CPI + 6%p.a. over      Medium        A        0%        1.08%       20% of performance above inflation (CPIX) +               80bps              46bps              34bps             Half-yearly   Last day of         75%          20%        25%                              Y
Opportunity Fund          - Flexible                     3 - 5 yrs                                                                    2%p.a. net of base fees (Max 3.42%p.a.)                                                                                         Mar & Sept.

Investec                  Domestic Real Estate General   SA Listed Property Index          High        A        0%        1.43%       N/A                                                       80bps              46bps              34bps              Quarterly    Last day of          0%          0%        100%                              N
Property Equity                                                                                                                                                                                                                                                       Mar, June,
                                                                                                                                                                                                                                                                      Sept & Dec

Investec                  Domestic Asset Allocation      Peers                           Medium        A        0%        1.08%       20% of performance above peer group ave. net              80bps              46bps              34bps             Half-yearly   Last day of         75%          20%        25%                              Y
Managed Fund              - Prudential Variable Equity                                                                                of base fees (Max 3.42%p.a.)                                                                                                    Mar & Sept.

Investec Cautious         Domestic Asset Allocation      Peers                          Low - Med      A        0%        1.71%       N/A                                                       80bps              46bps              34bps              Quarterly    Last day of         40%          20%        25%                              Y
Managed Fund              - Prudential Low Equity                                                                                                                                                                                                                     Mar, June,
                                                                                                                                                                                                                                                                      Sept & Dec
Investec Opportunity      Domestic Fixed Interest        ALBI (1-3 yrs)                   Low         A       0%         1.14%        N/A                                                       80bps             40bps              40bps              Quarterly     Last day of         0%          0%       25%****                            Y
Income Fund               - Varied Specialist                                                                                                                                                                                                                         Mar, June,
                                                                                                                                                                                                                                                                      Sept & Dec

Investec Worldwide        Foreign Equity - General       MSCI (World Gross ZAR)           High        A       0%          2%          N/A                                                       80bps             46bps              34bps             Half-yearly    Last day of        100%        100%        0%                               N
Equity Feeder Fund                                                                                                                                                                                                                                                    Mar & Sept




PPS Retirement Annuity Fund Application Form
July 2010
Page 9 of 10
                                                                                                                                                                            FEES (All Inclusive of VAT)                                                                                                                                                   Complies with
                                                                                                                                                                                                                                                                                                                                                          Regulation 28
                                                                                                                                          Annual Management Fees (Inclusive of VAT)                                       Partnership         Net Annual                                                                                                  Asset
                                                                                                                                                                                                   Annual Platform          Saving***           Platform                                          Max. Total   Max.       Max.                            Allocation
                                                                                                                      Initial                                                                      Administration Fee     (Inclusive of   Administration Fee    Distribution    Distribution      Equity       Offshore   Property    Other Limits/Info   Limitation
  Fund Name                   Fund Category/Sector              Benchmark                      Risk Profile   Class   Fees      Base Fees      Performance Fees / Other*                           (Inclusive of VAT)**       VAT)         (Inclusive of VAT)   Frequency       Dates             Exposure     Exposure   Exposure

  Nedgroup Investments        Domestic Equity - General         General Equity                  Med - High      A        0%        1.71%       N/A                                                        80bps              46bps              34bps              Annually     Last day of         100%          20%      10% ****   Min 80%                  N
  Rainmaker Fund                                                Unit Trust Mean                                                                                                                                                                                                 Dec                                                   invested in JSE,
                                                                                                                                                                                                                                                                                                                                      Min 85%
                                                                                                                                                                                                                                                                                                                                      invested in SA
                                                                                                                                                                                                                                                                                                                                      assets

  Nedgroup Investments        Domestic Equity - Value Funds     Value Unit Trust Mean           Med - High      A        0%        1.71%       N/A                                                        80bps              46bps              34bps              Annually     Last day of         100%          20%      10% ****   Min 80%                  N
  Value Fund                                                                                                                                                                                                                                                                    Dec                                                   invested in JSE,
                                                                                                                                                                                                                                                                                                                                      Min 85%
                                                                                                                                                                                                                                                                                                                                      invested in SA
                                                                                                                                                                                                                                                                                                                                      assets

  Nedgroup Investments        Domestic Asset Allocation         Prudential Medium Equity          Medium        A        0%        1.71%       N/A                                                        80bps              46bps              34bps             Half-yearly   Last day of Jun      75%          20%        25%                               Y
  Managed Fund                - Prudential Variable Equity      Unit Trust Mean                                                                                                                                                                                                 and Dec

  Nedgroup Investments        Domestic Fixed Interest           110% STeFI Call Rate              Medium        A        0%         N/A        10% of total +ve performance with a high                   80bps              29bps              51bps              Quarterly    Last day of           0%        10%****    10% ****   Min 85%                  N
  Flexible Income Fund        - Varied Specialist                                                                                              watermark, (Capped at 1.43%p.a.) over any 12                                                                                     Mar, June,                                            invested in SA
                                                                                                                                               mth rolling period (0 -1.43%)                                                                                                    Sept & Dec                                            Investments at
                                                                                                                                                                                                                                                                                                                                      all times

  Nedgroup Investments        Domestic Asset Allocation         CPIX + 4%p.a.                    Low - Med      A        0%         N/A        10% of total +ve performance (Capped at 2.85%              80bps              29bps              51bps             Half-yearly   Last day of Jun      75%          20%        25%                               Y
  Positive Return Fund        - Target Absolute & Real Return                                                                                  p.a.) over any 12 mth period (0 -2.85%)                                                                                          and Dec

  Nedgroup Investments        Domestic Asset Allocation         CPIX + 4% p.a. over rolling      Low - Med      A        0%         N/A        10% of total +ve performance above high                    80bps              29bps              51bps             Half-yearly   Last day of          40%          20%        25%                               Y
  Stable Fund                 - Prudential Low Equity           3 yr periods                                                                   watermark (Capped at 2.85% p.a.) over any                                                                                        June and Dec
                                                                                                                                               rolling 12 mth period (0 -2.85%)


  Prudential Inflation Plus   Domestic Asset Allocation         CPI +5% p.a. before fees         Med - Low      A        0%        1.43%       N/A                                                        80bps              46bps              34bps             Half-yearly   Last day of          35%          20%        20%                               Y
  Fund                        -Targeted Absolute & Real         over a rolling 3 year period                                                                                                                                                                                    June & Dec
                              Return

  Prudential Dividend         Domestic Equity - Value Funds     General Equity Unit Trust           High        A        0%        1.43%       Sharing rate 20%: MaximumTotal fee: 2.5%                   80bps              46bps              34bps             Half-yearly   Last day of         100%          20%      10%****                             N
  Maximiser Fund                                                Mean                                                                           (The performance based fee is based on 20%                                                                                       June & Dec
                                                                                                                                               of the Fund’s outperformance of the mean return
                                                                                                                                               of the Domestic Equity General Fund sector.
                                                                                                                                               The performance fee will only apply if the Fund’s
                                                                                                                                               nominal returnover the previous six months is
                                                                                                                                               greater than zero. The performance fee will be
                                                                                                                                               capped at 1.25% for any rolling 12-month period



  Sanlam Investment           Domestic Asset Allocation -       Median of Morningstar            Med - High     A        0%        1.42%        N/A                                                       80bps              46bps              34bps             Half-yearly   Last day of          75%          20%      25%****                              Y
  Management Balanced         Prudential Variable Equity        Asset Allocation Prudential                                                                                                                                                                                     June & Dec
  Fund                                                          Variable Equity Category

  Sanlam Investment           Domestic Asset Allocation -       BEASSA ALBI (1-3 year)           Med - Low      A1       0%        0.75%        10% on outperformance of benchmark, capped                80bps              17bps              63bps              Quarterly    Last day of           0%           0%       20%****                             Y
  Management Active           Varied Specialist                 Index                                                                           at 1.00% p.a.                                                                                                                   Mar, June,
  Income Fund A1                                                                                                                                                                                                                                                                Sept & Dec



 Please note:
 * The performance related fees indicated for the different funds are not directly comparable due to differences in calculation methodologies and the description provided is not comprehensive or complete. Please contact the respective Fund Management companies directly for more details and explanation of fees charged.

 ** The Annual Platform Administration Fee reflected in this table is the maximum fee payable. The actual fee charged will be based on the value of your investment (excl. the PPS multi-managed funds and the Coronation Money Market Fund) and determined by the sliding scale illustrated under the Terms, Conditions and Declaration
    section of the application form.

 *** The Partnership Saving is a discount on the Annual Administration Fee and is paid by the Fund Management Company, effectively reducing the Annual Administration Fee by the indicated percentage (basis points).
 **** This is not a regulatory or mandate driven maximum, but rather a historical high providing investors with a reasonable expectation going forward




PPS Retirement Annuity Fund Application Form
July 2010
Page 10 of 10

				
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