Page 4 - Reeftankers - Annexure A Minutes

REEF TANKERS (Pty) Ltd 21 JULY 2017

5.5 (14) Disclosure

The Manco previously undertook to provide the Fund with copies of their identity documents
and proof of address.

It was noted that these documents were received and this matter has been finalized.

5.6 (15) Section 14 Transfer Sanlam Umbrella Provident Fund

Mr Gounden previously undertook to distribute the statements confirming transfer of the
benefits from the Sanlam Umbrella Provident Fund to members.

It was recorded that the transfer statements had been distributed to the members

Mr Tillett was previously requested to obtain details regarding a member (Motsoneng) that still
have a benefit in the Sanlam Umbrella Provident Fund which had not transferred to the
Link2Link Umbrella Provident Fund.

It was noted that Sanlam had confirmed that they had received a withdrawal form for the
member and they require confirmation of the banking details to finalise the members benefit.

6. INVESTMENTS

The Manco discussed the investment strategy. Mr Tillett stated that the assets were invested in
Sasfin Wealth portfolios as follows:

Investment as per Life stage model:
Portfolio Years to Retirement Target
Sasfin Prudential Fund (High Equity) More than 7 CPI + 6%
Sasfin Balanced Fund (Medium Equity) 2 – 7 CPI + 4%
Sasfin Stable Fund (Low Equity) 0 – 2 CPI + 2%

Mr Tillett explained that assets would automatically default to these portfolios in terms of a ‘life
stage’ model. He added that members, who were close to retirement, could choose to invest in
higher equity portfolios but would have to sign an indemnity form stating that the election it was
a personal choice.

7. ADMINISTRATION

7.1 Administration report

The Manco perused the administration report for the period 1 February 2017 to 30 June
2017.

7.2 Section 13A – Receipt of contributions and schedules

Mr Tillett informed the Manco that contributions had to be paid within the timeframes
allowed in terms of the Pension Funds Act (Act).

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