FNB Umbrella Retirement Fund

Help your employees save for a better future. Access a range of customisable investment and risk options including retirement savings, life, disability and funeral cover for your employees.

How it works

The fund aims to achieve appropriate risk-adjusted long-term growth for members, maximising their savings at retirement.

1

Select your portfolio

You can select the fund's trustee-choice default portfolio or offer members a choice of investment portfolios.

2

Protect and grow

Protect and grow contributions through excellent governance and efficient administration, backed by experienced financial advice.

Why choose the FNB Umbrella Retirement Fund

You get more than a retirement fund.

Employer of choice

With an FNB Umbrella Retirement Fund in place, you can offer potential employees a much more compelling package, helping you position your business as an employer of choice.

Preferential rates

Because of the FNB banking ecosystem, we can offer your employees preferential rates on banking, loans and insurance, in addition to rewards and financial education.

More value for your company

You receive a stronger employee benefits offering that will translate into more value for your company.

How much money must your employees save?

Do your employees know how much money they should be saving for retirement? The Salary Replacement Ratio (SRR) measures how close a person's retirement income will be to their pre-retirement income. Our easy-to-use SRR calculator on the FNB App provides guidance on whether they are on track towards their retirement goals.

View guide

Fund options

Select the best option for your business

Bundled

Provides a comprehensive pre-packaged solution which includes a retirement fund, life, disability and funeral cover.

Bundled guide

How to get a quote

Flexible

Allows you to fully customise an employee benefits solution that suits both your needs and the needs of your employees. Speak to your banker or advisor for a quote.

Flexible guide

Get the support you need

Our group risk benefits are designed to protect against the impact of unexpected life-changing events, such as death and disability, that could leave your employees and their families without an income.

Funeral plan

A lump sum benefit paid in the event of death of your employee, spouse and children.

Disability cover

Cover if your employees become permanently or temporarily disabled and unable to work.

Life cover

We pay out a lump sum amount in the event of your employee's death.

Critical Illness cover

We pay out a lump sum if your employees are diagnosed with a range of conditions.

Group risk benefits

Funeral plan

Funeral Plan pays a lump sum benefit in the unfortunate event of the death of your employee. The pay-out can help to cover the immediate costs such as funeral and burial expenses. The benefit paid out is a fixed rand amount per insured person, as selected by you, the employer, and pays out within 24 hours of receiving all required documents. Depending on how you structure this benefit, your employee's spouse and up to 5 children may also be covered. Included, at no additional premium is an accidental death cover where double the cover amount is paid in the event of your employees' death due to an accident.

Disability cover

We are able to offer your employees cover if they become permanently or temporarily disabled and are unable to work. We offer two options of cover: a lump sum pay-out or a monthly benefit if they suffer a disability.

The pay-out can help replace an employee's income, cover additional expenses, such as recuperation costs, pay off debt or pay for modifications to their home and car to accommodate for the disability or to cover monthly expenses, such as school fees, rent or home loan repayments.

Disability cover - protection against the cost of permanent disability

Capital Disability Cover pays out a cash lump sum if the insured employee becomes permanently occupationally disabled. The employee can qualify for permanent occupational disability if the insured employee is not able to do the most important and time-consuming duties of their own or alternate occupation, due to injury or illness.

The lump sum amount is set by you, the employer and expressed as a multiple of basic (or risk) salary. This may not exceed the life cover amount.

For example: If the employee has an annual risk salary of R250,000 and disability cover multiple is selected at 1.5x annual risk salary, the employee will receive a lump-sum pay-out of R375,000.

Permanent Health Insurance (PHI) - protects your employees' livelihood

Permanent Health Insurance or Income Protection pays a monthly benefit to the employee if they suffer a loss of income due to a disability, or if they become severely impaired. This benefit will be paid until the recovery, retirement, or benefit cease age.

The monthly insured amount is set by you, the employer and expressed as a percentage of basic (or risk) salary.

There is also an option to select Total Temporary Disability (TTD), where the benefit pays out a percentage of the insured employees' salary for a pre-defined specified period.

For example: If the employee has an annual risk salary of R250,000 and the monthly disability income is selected at 75% of annual risk salary, the monthly disability income will be R15,625.

Life cover

Life cover pays out a lump sum amount to the employee's beneficiary if the employee passes away.*

The pay-out can help with providing financial support to dependants, settling outstanding debts, and to pay for children's education or settle estate duties. Included is a Terminal Illness benefit, at no additional premium, that pays out if the insured employee is diagnosed with less than 12 months to live.

The lump sum amount is set by you, the employer, and expressed as a multiple of basic (or risk) salary.

For example: If an employee has an annual risk salary of R250,000 and you selected the life cover multiple as 2x annual risk salary, the employee's beneficiary will receive a lump-sum pay-out of R500,000.

*How you set up this benefit determines if it pays out to nominated beneficiaries directly, or to dependants/beneficiaries as per the Pension Fund Act. It will either be paid out as a lump-sum or an annuity via a trust.

Critical Illness cover

Critical Illness Cover pays out a cash lump sum to the insured employee if they are diagnosed with a range of conditions, for example, cardiovascular, neurological and auto-immune diseases and cancer. Additional features of the cover are:

An ICU Benefit, at no additional premium, that pays out 100% of the benefit amount to the insured employee or their chosen beneficiary, if a medical specialist determines that the employee is suffering from a serious illness or condition that requires admission to an Intensive Care Unit for at least 7 consecutive days.
Pays out multiple times and cover will end when 100% of the benefit has been paid.

The pay-out can help to cover additional expenses, such as recuperation costs, nursing or medical specialists, settling outstanding medical bills, and for 24/7 care. The lump sum amount is set by you, the employer and expressed as a multiple of basic (or risk) salary.

For example: If the employee has an annual risk salary of R250,000 and the critical illness cover multiple is selected at 1.0x annual risk salary, the employee will receive a lump-sum pay-out of R250,000.

The management board

The FNB Umbrella Retirement Fund is managed by a team of leading industry professionals with diverse expertise and qualifications. Through their strategic industry insight and experience they will guide and advise the fund every step of the way.

Meet the board

Erika Nieuwoudt — Sponsor appointed board member

Erika holds various legal qualifications and has served on the executive management of the Employee Benefits divisions of numerous long-term insurers and private fund administrators, mostly responsible for the legal and compliance departments. For the last 12 years she has been working as a legal consultant and fiduciary in the pensions field. She is a full member of the Pension Lawyers Association and has served as company secretary of a large pension fund administration company. Erika has been appointed as an independent Trustee on various large privately administered funds in addition to serving as independent chairperson of the Board of Trustees of four large retail umbrella funds. She is currently the Principal Officer of the FirstRand Retirement Fund. Her qualifications include a B Proc degree, Advanced Diploma in Labour Law, Higher Diploma in Pension Law, and the FAIS Regulatory Exam as a key individual.

Praneel Lachman — Sponsor appointed board member

Praneel is a Chartered Accountant by profession with over 20 years of banking experience, predominantly in a treasury environment. In that time, he fulfilled multiple roles beginning in finance before moving into strategic operations, portfolio management and Chief Risk Officer for Group ALM risks. He is currently the Head of Balance Sheet Management in the FirstRand Group. Praneel has a passion for improving the retirement industry for the benefit of savers and is a Trustee on the FirstRand Retirement Fund (FRRF) and RMB Provident Fund (RMB PF), as well as chair of both the FRRF Investment Sub Committee and RMB PF Investment Sub Committee, having previously chaired the FRRF Audit and Risk Committee. Praneel is a qualified CA (SA), and holds a BACC as well as a Postgraduate Diploma in Auditing.

Simon Mohapi — Independent board member

Simon is a Registered Financial Planner (RFP) with more than 35 years' experience in the financial services sector, including long term insurance, stockbroking, investment management and financial advisory services. He holds the FSCA Regulatory Exams (RE) certificates; RE1: Key Individuals, RE3: Discretionary, and RE5: Representatives. He also has the FSCA Trustee Toolkit certificate and serves on some boards of management as an Independent Chairperson, and an Independent Trustee on others. He is a member of the Financial Planning Institute (FPI). He is one of the Founders of SM Mohapi Financial Services (Pty) Ltd, FSP722, T/A Mohapi Group, an accredited outfit by the FSCA as Investment Managers and Financial Advisors with a 20-year track record. He is a graduate of the Stock Market College (SA), holds a Diploma in Investment Management (RAU), and a Graduate Diploma in Company Direction (NQF7) with the Institute of Directors (IoD) in collaboration with the Graduate Institute of Management & Technology (GIMT).

Mathias Sithole — Independent board member

Mathias is a qualified Actuary with more than 15 years' experience working in the Employee Benefits sector. Over the past 15 years, he has worked at various long term insurers as a Consulting Actuary and Asset Consultant to some of the largest stand alone and umbrella retirement funds within the industry. Mathias is passionate about assisting retirement fund members to achieve favourable retirement outcomes through the management of the various retirement fund related risks associated with planning for retirement. Mathias is a qualified Actuary (FASSA) and a holder of a BCom (Hons) degree in Actuarial Science. He is also an approved Valuator of both Defined Benefit and Defined Contribution Schemes, an approved Liquidator of retirement schemes and an approved Key Individual in terms of the FAIS Act.

FNB Umbrella Retirement Fund

Get in touch with us to set up a fund for your employees.

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How to get a quote Employee Benefits brochure

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The FNB Umbrella Retirement Fund is administered in terms of a set of general master and special rules registered with the Registrar of Pension Funds, and by insurance policies issues by South African insurance companies registered in terms of the Long-Term Insurance Act, No 52 of 1998. In the event of a discrepancy between the registered rules versus the content of this webpage, then the provisions of the registered rules will prevail.