Sentinel Retirement Fund at a glance

Key highlights

Contributions

R2 846 million
annual contributions by 39 635 members

Leadership review

Joint review by the Chairman of the Board and the Chief Executive Officer

FJ Visser Chief Executive Officer

Leadership review

Chief Financial Officer’s report

Membership highlights

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Contributory members
per participating employer%
Average age of
contributory members%


Retirement savings
contributions receivedRm
Average monthly member
pension paidRand

Membership benefits

What happens to my savings in the event of …?

Dismissal/resignation/retrenchment

  • Deferred membership option
  • Fund credit paid out
  • Fund credit transferred to approved fund.

Death

Death Fund credit plus cover amount (if applicable) paid as follows:

  • 50% to provide spouse pension
  • 50% paid as lump sum in terms of section 37C of the Pension Funds Act (No 24 of 1956) to dependants and/or nominees.

Disability

  • Fund credit plus cover amount (if applicable) paid as a retirement benefit.

Retirement

  • Maximum one-third lump sum
  • Monthly with profit pension payable for life (member and spouse):
  • Spouse pension payable at 75% or 100% in event of death of retiree
  • Term certain guarantee period of 5, 10, 15, 20 or 25 years
  • An option of a living annuity pension, after a minimum R150 000 annual pension from the above.

Investment spread

Sentinel actively pursues growth through world-class investment management and the provision of modern flexible benefits underpinned by best of breed systems and specialist skills.


Sentinel’s four capitals

An integrated annual report is compiled primarily to explain how an organisation creates value over time, through various ‘capitals’ that include the traditional financial capital always reported on.

These capitals represent stores of value that can be built up, transformed or run down over time in the production of goods or services. Their availability, quality and affordability can affect the long-term viability of an organisation’s business model and its ability to create value.

The IIRC reporting framework identifies six capitals, which are listed as:

  • financial
  • manufactured
  • intellectual
  • human
  • social and relationship
  • natural.

These six capitals are not equally relevant or applicable to all organisations. While most organisations interact with each capital to some extent, these interactions might be relatively minor, or so indirect that they need not be discussed in the integrated annual report.

Sentinel considered the uses or effects of all six capitals when preparing this integrated annual report. Given the nature of Sentinel’s operations, only four of the six capitals are of sufficient impact to be reported. The four capitals reported on are the financial, intellectual, human, social and relationship capitals, while the manufactured and natural capitals are set aside. Sentinel’s exposure to these two capitals is so limited that reporting on these areas is not material.

Performance

Sentinel sets out specific key performance indicators (KPIs) for each of the capitals for which we measure progress against objectives. Shortfalls against objectives may be an early indicator of potential problems to be addressed..