Old Mutual Namibia The ORION Namibia Pension/Provident Fund

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1 Old Mutual Namibia The ORION Namibia Pension/Provident Fund

2 Frans Cronje CANNING PLANT GENERAL MANAGER Orion I have over 50 employees and we needed a solution that could match the diverse needs of the staff. Orion allowed me to tailor the benefit structure to match these needs. Why it works for my business: How it works The employer agrees on the total contribution rates, in consultation with employees. All contribution rates are defined as percentages of employees salaries and include: Employee contribution rate (allocated to savings) Employer contribution rate allocated to Retirement savings (either upfront as a defined rate or the balance of contributions after costs) Cost of insured risk benefits selected by the employer Fund, administration and intermediary fees. Every month the employer and the employees contribute the defined contribution rates as percentages of the employees salaries to the Fund. The cost of the insured risk benefits and the fees are reviewed annually (normally on the anniversary of the scheme but the employer may select another annual review date). Why it works for my business: Orion offers two savings types we had the option to select from either the pension or provident s. The flexible contribution rate structure allowed us to select the correct combinations of member and employer contribution rates for the various groups of employees. A wide selection of risk benefits allowed us to find a solution that is affordable. Plus Orion gives you access to the market leading Old Mutual Absolute Stable Growth (AGP). Accumulated credit The accumulated credit is used to provide the employee with benefits on: Retirement (ill-health, early, normal and late ). Resignation, retrenchment and dismissal. Death. Disability. An employee s accumulated credit is equal to: More about Orion Orion is the market leader in the field of umbrella arrangements for small and medium-sized employers. Employers can select: Employee contributions towards savings, plus Employer contributions towards savings, plus Any voluntary contributions made by the employee and/or the employer on behalf of the employee, plus Any amounts transferred from other s on behalf of the employee, plus Investment returns, less Expenses. Pension Fund or Provident Fund. Specific employer contribution rates for defined groups of employees. Defined insured death and disability benefits.* * Terms and conditions apply

3 Investment Portfolio Old Mutual Absolute Stable Growth Portfolio This portfolio is a smoothed bonus portfolio and explicitly targets returns in excess of inflation over rolling 3-year periods, while significantly reducing the ups and downs associated with market-linked investments. The Absolute Stable Growth Portfolio also provides investors with an 80% capital guarantee. The returns are passed on to employees accumulated credits via monthly bonuses which are declared in advance. These bonuses are net of capital charges. Benefit payable on resignation, retrenchment or dismissal If an employee leaves the service of the employer through resignation, retrenchment or dismissal, they are entitled to a withdrawal benefit equal to their accumulated credit. The employee can transfer the benefit tax-free to another approved, including a annuity or preservation. If they choose to have the benefit paid as a cash lump sum, it will be subject to taxation. Benefit payable on On, the employee will be paid a benefit equal to their accumulated credit. The normal age is decided by the employer, but an employee can retire at any time after the age of 55, subject to the conditions of employment and with employer s consent. The benefit can be paid as follows: Pension Members may receive up to 1/3rd of their benefit as a tax-free cash lump sum. The remainder of the benefit must be used to purchase an annuity. Provident Members may receive their full benefit as a cash lump sum. Up to 1/3rd of the benefit will be paid tax free. Members may also opt to utilize all or part of their benefit to purchase an annuity. To help retiring employees with a hassle free transition into, they have the full option of electing the Old Mutual Fund Select Annuity, when deciding on their full or partial monthly pension purchase. Old Mutual Fund Select Annuity is a generic best fit annuity for retiring members. The annuity option available has standard features and is based on a favourable annuity rate. Disability income benefit If the employer has selected this benefit via the Fund and the claim has been accepted by Old Mutual and an employee who becomes totally unable to work may become eligible to receive disability income benefits. If, after the selected waiting period, the employee is still unable to work and the claim is approved by Old Mutual, Old Mutual will pay a monthly disability income benefit equal to the percentage of salary selected by the employer. This benefit is subject to taxation. Whilst the disability income benefit is being paid, the employee continues membership of the Orion Fund and continues to be covered for death benefits. The employer must continue to pay contributions on behalf of the employee at the defined rate as a percentage of salary, unless the employer selected to insure these contributions. Should the employee return to work, the disability income benefit will cease. Should the employee be unable to return to work, and still qualifies to receive the disability income benefit, the benefit will continue to be paid. The benefit will terminate at the earliest of the selected ceasing age (where after a benefit will be paid) or on his or her death (at which time a death benefit will be paid).

4 Lump sum disability benefit If the employer has selected this benefit via the Fund and the claim has been accepted by Old Mutual, an employee who is found to be permanently disabled at the end of the applicable waiting period will become entitled to the following benefit: The employee s accumulated credit plus The insured lump sum disability benefit. This benefit is subject to taxation. If the employee is a member of the pension, a pension must be purchased with a minimum of two-thirds of the employee s benefit. The remaining portion of the benefit will be paid as a cash lump sum. Death benefit If the employer has selected this benefit via the Fund and the claim has been accepted by Old Mutual and an employee passes away while still in your employment, the Fund will pay his/her dependents, as determined by the Trustees of the Fund and in proportions that the Trustees decide, a benefit equal to: The employee s accumulated credit plus The insured death benefit, if selected, plus The insured accident death benefit, if selected. Family funeral benefit If the employer has selected this risk benefit, in the event that the employee or an employee s immediate family member passes away, and the claim has been accepted by Old Mutual, a family funeral benefit will be paid. The amount of the benefit is determined in accordance with the benefit scale selected by the employer.

5 Benefits at a glance Benefits at a glance Benefit categories Type of benefit Cover Special conditions Legal vehicle Benefit categories Type of benefit Cover Special conditions Legal vehicle Retirement Injury & incapacity Defined contribution Disability income (PHI) Old Mutual Absolute Stable Growth (default investment portfolio) (The Trustees of the Fund control the selection of the investment portfolio and will review this choice from time to time within their sole discretion) 75% of salary paid until normal age, recovery or death whichever occurs first Old Mutual Absolute Stable Growth has an 80% capital guarantee level, and bonuses are declared monthly in advance Pre-existing conditions: 6/12 months Disability definition: Own occupation with any employer Benefit ceases age 65 Additional benefits Employer waiver Conversion option Escalation Group life cover to continue Retirement Death Injury & incapacity Group life assurance (GLA) Accidental death cover Multiple of salary or fixed Dollar amount (flat cover) (maximum of 10x annual salary or N$35 million) Limited to 100% of GLA or 5x annual salary Pre-existing conditions: 6/12 months Evidence of health: Standard scale, or Economy scale (latter not available to schemes transferring from another underwriter) Additional benefits offered: Conversion option Group life cover-to continue (compulsory with GLA & disability income within one member group) Benefit ceases age 90 Not offered without GLA Retirement or insurance Lump sum disability (LSDB) 1-5 x Annual Salary paid as lump sum (maximum N$5 million) Member exits the Pre-existing conditions: 6/12 months Disability definition: Own occupation with any employer Benefit ceases age 65 Additional benefits Employer waiver Conversion option Escalation Group life cover to continue Family funeral Scaled benefits: Maximum benefits: Main member: N$5,000 to N$15,000 Maximum of 2 spouses and unlimited children Benefit ceases age 90

6 Orion offers great value for money and flexible benefit design ideal for small and medium sized companies Get Orion for your business and employees today. Contact an Old Mutual Corporate Consultant at , or address for more information. Alternatively, contact your Old Mutual Personal Financial Advisor at one of the branches below or your Broker. Aranos Eenhana Gobabis Grootfontein Katima Mulilo Keetmanshoop Ludretz Marinetal Okahao Omaruru Ondangwa Oranjemund Oshakati Oshikongo Otjiwarongo Outapi Outjo Rundu Swakopmund Tsumeb Walvisbay Windhoek

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