Smart app aims to improve retirement outcomes for fund members
‘My Retirement App’connects members to their retirement savings at the click of a button
Cape Town: Will I be able to maintain my standard of living at retirement? Have I saved enough for my retirement needs? What is the value of my current pension savings? These are some of the many questions frequently asked by individuals - both young and old- that too often go unanswered.
CEO of Sanlam Umbrella Solutions, Irlon Terblanche, says, “This highlights a serious gap when it comes to member communication – and effective retirement planning.”
According to the 2016 Sanlam Benchmark Survey, many members were unaware of their financial position when it came to retirement matters. Three-quarters of total pensioners revealed that they first received advice within 10 years of retirement, and 32% only became aware of their retirement benefits five years prior to retirement.
In order to bridge this communication gap, Sanlam Umbrella Fund members now have access to an app that gives them up-to-date information on their retirement position. Via the ‘My Retirement App’ members can view updated values of their current retirement savings and investment portfolios; have access to their risk and insured benefits; use a retirement calculator; change beneficiaries and make an investment switch. As well as receive educational content via their smart phone.
In these challenging economic times, more and more South Africans are having to make tough decisions relating to their retirement.“Members need to be given the right information at the right time in order to make informed decisions regarding their retirement,” says Terblanche, “with information now available at their fingertips, members are better equipped to make decisions, seek advice and take the necessary actions to ensure improved retirement outcomes,” says Terblanche.
“The powerful app is not there to replace the valuable advice provided by brokers but is a versatile tool that has been developed to ensure members know where they stand when it comes to their retirement - and is better equipped to make important decisions regarding their retirement planning, choices and investments.”
The app is freely available to Sanlam Umbrella Fund members and is available for download on Google Play and the Apple App Store by searching “Sanlam My Retirement”.
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