Page 5 - Reef Tankers Agenda 1 June 2018_Neat
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Reef Tankers 1 June 2018
The administration reports are included as for the Manco’s perusal (Annexure C).
Action: The Manco is to discuss the administration reports.
8. INSURANCE
Insurer: Capital Alliance Renewal: 1 June 2019
Level of Cover:
Description All Members
Group Life: (Multiple of Salary) 3
Continuation Option to age: 65
Continuation during disability: Yes
Increased cover during disability: Yes
Normal Retirement Age: 65
Disability Income Benefit: 75% Flat
Waiting Period: 3 months
Escalation: (Lesser of CPI &) 7.5%
Employer Waiver: 12.01%
Conversion Option: Yes
Normal Retirement: 65
Dread Disease Cover (Multiple of Salary) 1
Reinstatement Option Yes
Reinstatement Period 1 month
Normal Retirement Age 65
Funeral Benefit: (Scale) R15 000
Rates:
Benefit 2017 2018
Group Life Cover 0.913% 0.882%
Disability Income Benefit 0.464% 0.471%
Dread Disease Cover 0.228% 0.220%
Funeral Cover 0.035% 0.035%
Total 1.640% 1.608%
Free Cover Limits
Benefit Free Cover Limit
Group life R 4,000,000
Disability Income Benefit R 58,000
Dread Disease R1,750,000
9. LEGAL
Section 4(1) and regulation 8 state that a Fund should be registered with the Registrar. The
rules (and any amendments) need to be registered by the Registrar (FSB) and approved by
SARS. The Link2Link Umbrella Provident Fund is registered with the FSB is a participating
employer in the fund. The Link2Link Umbrella Provident Fund has a set of master rules and
special rules are issued in respect of each participating employer.
Special Rules: The Link2Link Umbrella Provident Fund:
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