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a better day one

a better day one. Viresh Maharaj. ?. EB. what ’ s the point of. salary medical aid bonuses. basket. recruitment fees productivity morale intellectual property. recognise attract retain. retirement. not communicated - not advertised - almost an after thought. hygiene. ?.

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a better day one

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  1. a better day one Viresh Maharaj

  2. ? EB what’s the point of

  3. salary medical aid bonuses basket

  4. recruitment fees productivity morale intellectual property

  5. recognise attract retain retirement

  6. not communicated - not advertised - almost an after thought hygiene

  7. ? a culture of ABDICATION

  8. RULES employers trustees fund

  9. REALISTIC? 50% DB they’ll take care of me EXPECTATIONS employees

  10. LEADERSHIP INFORM ENGAGE influence day one

  11. responsibility POWER

  12. TCF what’s required? ? treating customers FAIRLY treating employees

  13. TCF what’s required fair treatment of employees is central to the culture of the company the retirement architecture is sufficient to meet the retirement and risk needs of employees employees receive regular and clear communication 1. 2. 3.

  14. TCF what’s required advice provided needs to be suitable and aligned with circumstances the products provided need to functionas expected unreasonable barriers should not exist between employees and their retirement fund. 4. 5. 6.

  15. FUND GOVERNANCE TCF WHY? LAWS & COMPLIANCE AIM RULES license togo beyond

  16. Benchmark survey OBSTACLE 87% financial advice wantfinancial advice !

  17. Benchmark survey Benchmark survey 63% 43% not prepared to pay for financial advice have never received advice

  18. annual retirement week • hire financial advisors • flat cost paid by company • no cost to employees

  19. staff and spouses - retirement funding workshop

  20. style of communication - understood by everyone Benefit Statement RETIREMENT retiree presentations change contributions customised replacement ratio provided beforehand 30 40 50 60

  21. ! STATS a few worrying

  22. 51% 90% 33% 53% are not aware that they have life cover via their funds or group schemes indicated that they fully understood their benefit statements have never revisited their original retirement decisions made when they first joined their employer have not received any information relating to their retirement from their employer Benchmark survey responses from employees

  23. fund employees communication breakdown GAP 32% 51% would contactHR for information would seek financial advice from HR at retirement

  24. ? HR what role - what skills?

  25. provide accurate info provide guidance to employees provide financial advice

  26. bridging the GAP

  27. review fund statementannually • formal retirement conversation • affects KPA rating KPA

  28. TEF TREATING EMPLOYEES FAIRLY

  29. creative financial stress advantage

  30. ALIGNED TEF NATIONAL TREASURY PROPOSALS

  31. EMPLOYERS lead employees to a better day one

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