Financial Services
Corporate Funds
Corporate Funds
Pension & Provident Fund
The main difference between a pension and provident fund is the following:
- Under a pension fund at least two-thirds of the final benefit must be paid as a pension for the rest of the pensioner’s life. A maximum of one-third of the final benefit may be taken as cash.
- Under a provident fund, the full amount of the benefit available at retirement may be taken as a lump sum cash payment, irrespective of whether the benefit is calculated on a defined benefit or a defined contribution basis.
- The tax concessions for employers and members in respect of the two types of funds also differ. The employer may deduct up to 20% of the member’s salary for tax purposes under both pension and provident funds. In a pension fund up to 7,5% of members salary is tax deductible, while there is no tax deductible benefit for the members contribution in a provident fund.
Corporate Funds
Group Life Assurance (GLA)
Group life assurance (GLA) provides life cover to the members on a scheme.
Cover can be granted on an approved or unapproved basis. The employer would pay the premium. Life cover would remain in place as long as premiums are paid and membership of the scheme remains in place.
Corporate Funds
Permanent Health Insurance (PHI)
Permanent Health Insurance (PHI) gives income replacement to scheme members who meet certain definitions of temporary or permanent disability. If the premiums are paid by the employer, this will be taxable as a fringe benefit but will also be deductible from the employee’s income- the employee will be in a tax neutral position. The proceeds of the policy, payable as a monthly income, are exempt from income tax.
Corporate Funds
Employee Spouses Cover
The spouse’s insurance offers death cover to:
– spouses of employees who are married
– or spouses/partners in the case of co-habiting if the relationship was registered as a de facto marriage
– and qualifying ex-spouses of employees who are divorced.
Corporate Funds
Severe Illness
No-one knows what life has in store for them, and the sad fact is that severe illness could strike at any time. Being prepared is the only solution – prepared for the cost of being absent from work during recovery, being cared for at home while ill, potentially modifying your lifestyle and your home, and even perhaps taking early retirement due to ill health. Our Severe Illness Benefit is all the reassurance you need, should you become severely ill, paying out a lump sum and pays multiple claims for related and unrelated events regardless of the severity.
When choosing your level of cover you should consider any outstanding debt and other liabilities that you would have to settle if you were to become severely ill.
The Severe Illness Benefit covers all major body systems and automatically includes severe illness cover. You can choose to have your policy cover up until the age of 65, or for your entire lifetime.
Corporate Funds
Asset Management
Asset Management, wealth creation and protection is achieved by providing an extensive range of South African and international products and services to institutional & individual clients. Our strategies and funds offer exposure to major asset classes, across a wide range of sectors and regions, including local & global denominated currencies.
Contact Details
JW ELS Corporate & Individual Brokers CC