NEON Umbrella Pension & Provident Fund
Purpose
These Funds offer the perfect home for employers who want to outsource non-core competencies in retirement funding. We can administer any combination of unitised investment portfolios, smooth bonus type investment portfolios or life staging type products.
This includes a Metropolitan NEON Life Staging Investment option as well as the Metropolitan Smooth Growth Fund. Individual Member investment choice is also available. Risk Benefits that will support members and their families in the event of death or disablement may be added on an optional basis. Risk benefits underwritten by Metropolitan would be treated like a true Umbrella, i.e. experience rating done at Umbrella level.
This will mean that the risk premium rates (set at tender stage, taking into account risk profile of the group, claims experience etc), will be left unchanged, until the risk profile or the claims experience of the Umbrella warrants a change in the premium rates. No standard annual review of premium rates occurs.
Qualification Criteria
A total monthly contribution exceeding R30 000 is required. Employer and employee contributions must be expressed as defined percentages of salary.