During April 2014 all active members of the Old Mutual Staff Retirement Fund (“OMSRF”) were transferred to the Old Mutual SuperFund Pension Fund (“SuperFund”). A special grouping with unique benefits was created for Old Mutual employees in SuperFund – this is called OMEGS (Old Mutual Employee Group in SuperFund).
What does this mean for you?
- You are now a member of SuperFund, a multi-employer umbrella fund. You fall within OMEGS, a sub-section of SuperFund. OMEGS fits into the SuperFund Customised section.
- Your Member Account Balance has been transferred safely to SuperFund from the OMSRF.
- You no longer have any savings or benefits with the OMSRF. These have all been transferred to SuperFund.
- Your benefits in SuperFund are identical to the benefits you enjoyed in the OMSRF.
- The administration is very similar, but some processes are slightly different (and typically more flexible) within SuperFund.
What is the relationship between Old Mutual employees and SuperFund?
- The Old Mutual SuperFund Pension Fund is an umbrella pension fund. It is similar to the OMSRF, but it is much larger, and other employers also participate in separate sections of SuperFund.
- Old Mutual employees who work in South Africa fall into one of several different Participating Employers in SuperFund. For example, if your employment contract is with OMLACSA (Old Mutual Life Assurance Company (South Africa) Ltd), then you will fall under that Participating Employer.
- These OM Participating Employers have agreed to work together in one grouping within SuperFund (just like they did in the OMSRF). We refer to this grouping as the Old Mutual Employee Group in SuperFund (OMEGS).
Who is looking after my savings in SuperFund?
There are two levels of governance in the SuperFund, to make sure that your interests are completely protected:
- The Management Board of Trustees of SuperFund looks after all the members in SuperFund, including those who work for other employers.
- The Joint Management Committee (“JMC”) is made up of representatives who are all Old Mutual employees. The JMC is focused only on Old Mutual employees (i.e. members that fall into one of the OM Participating Employers).