There are two levels of governance for Old Mutual employees in 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 Old Mutual Participating Employers)
Meet the SuperFund Management Board
Find out more about the SuperFund Management Board.
(To read more about the JMC, please see the JMC page).
Management Board duties
In terms of Section 7C and 7D of the Pension Funds Act and various Pension Fund Circulars, the Management Board’s objectives and duties are:
- To direct, control and oversee the operations of the Fund in accordance with the applicable laws and the rules of the Fund.
- In pursuing its objective the Board shall –
- Take all reasonable steps to ensure that the interests of members in terms of the rules of the Fund and the provisions of this Act are protected at all times, especially in the event of an amalgamation or transfer of any business contemplated in section 14, splitting of a fund, termination or reduction of contributions to a Fund by an employer, increase of contributions of members and withdrawal of an employer who participates in a Fund;
- Act with due care, diligence and good faith;
- Avoid conflicts of interest; and
- Act with impartiality in respect of all members and beneficiaries.
The duties of the Board shall be to –
- Ensure that proper registers, books and records of the operations of the Fund are kept, inclusive of proper minutes of all resolutions passed by the Board;
- Ensure that proper control systems are employed by or on behalf of the Board;
- Ensure that adequate and appropriate information is communicated to the members of the Fund informing them of their rights, benefits and duties in terms of the Rules of the Fund;
- Maintain adequate fidelity cover; and
- Determine the Fund’s investment strategy.