Retirement Funds Solution 360°

Introduction

Managing a retirement fund can be complex and requires specialised expertise and seamless execution. At WTW, we are excited to introduce Retirement Funds Solution 360^o (RFS 360^o), a comprehensive solution designed to simplify and optimise the overall management of gratuity and superannuation plans with the combined strength of our consulting and insurance expertise.

RFS 360^o – a unique offering that can be tailored to the client’s needs and will enable organisations to stay compliant, increase efficiencies and improve governance. Our services cover all aspects of fund management and include Trust set-up and operations, Trust secretarial and governance, insurer placement and periodic reviews and actuarial funding assessments.

Our team, comprising of Trust advisors, insurance experts and qualified actuaries, who specialise in retirement benefits, provide end-to-end solutions that empower clients to seamlessly manage their retirement programmes, in an efficient and cost-effective manner.

Service offerings

Scheme Actuary - Funding and Actuarial Assessment. Within Insurance experts - Evaluation and Placement, Claims Management and Insurer Liaising. Within Trust operations and advisory - Setup and Amendments, Secretarial and Governance and Operations and Compliance.

Infographic - RFS 360^o - End-to-end solution for managing retirement plans

Insurer selection, placement and ongoing evaluation

• Insurance policy selection – Selecting the right insurer and insurance product, which matches your liability profile and suits your risk appetite
• Policy placement – Review of policy terms and conditions, negotiate service level agreement with insurer and seamless policy execution
• Conduct insurer evaluations – Regular review and assessment of your insured funds, including periodic dashboards setting out your fund performance vs benchmarks
• Market insights – Provide regular regulatory updates, key industry trends and best practices

Claims management and insurer liaising

• Data management – Assistance with enrolments, with timely data analytics
• Claim settlements – Regular liaising with insurer, ensuring seamless claims resolution
• Arrange quotations for annuities, for superannuation funds

Trust setup and operations

• Trust documentation – Draft trust deed and rules and deeds of variation
• Trust approvals – Submission of trust documents and liaising with the Income Tax office until approvals are obtained
• Trust financials – Assistance with the preparation of financials and coordination with auditors for timely audit closure
• Regulatory filings – File income tax returns, and submit relevant forms to the Controlling Authority

Trust secretarial and governance

• Trustee meetings – Facilitate trustee meetings, set agenda and circulate minutes
• Trustee trainings – comprehensive trustee training programmes, customised to your situation
• Governance framework - Draft operational processes, map roles and responsibilities for efficient management of trusts

Funding and actuarial assessment

• Assess annual contribution requirements – Determine the optimum level of contributions based on scientific actuarial analysis keeping in mind the long-term horizon
• Actuarial insights – Evaluate the maturity profile of gratuity liability, liability and expense projections and assess cashflow requirements

The WTW advantage