Who Safeguards Your Retirement Savings?

Every payslip tells a story. You worked, you earned, and a slice of that income slips quietly into your retirement fund. But here’s the question: where does it actually go, and who’s standing guard over it?

If you’re part of the Easy Umbrella Fund, your money doesn’t just vanish into a black box. There’s a whole ecosystem designed to protect it and grow it.

What is an Umbrella Fund?

An umbrella fund is a retirement savings vehicle that brings together multiple employers and their employees under a single retirement fund. Instead of each employer running their own standalone fund (with its own set of costs, risks, and compliance headaches), they can join an umbrella structure that’s bigger, more efficient, and professionally managed.

For you as a member, this means:

• Reduced administration and investment fees due to the fund's larger collective bargaining power.

• Access to top-tier investment strategies you might not get on your own.

• Strong governance and compliance baked into the structure.

And in the case of the Easy Umbrella Fund, the fund is designed with member outcomes at the heart of everything.

Your savings don’t grow in isolation. Three key players are working together to keep your money safe and moving in the right direction: Trustees, Employers, and Administrators.

What makes the Easy Umbrella Fund unique is how these roles aren’t just box-ticking exercises, they create a safer, more transparent, and member-first environment.

The Guardians (Trustees)

Trustees aren’t there for your employer or for some corporate bottom line. Their one job is to act in your best interest. They watch over the investments, check that the rules are followed, and make sure benefits get paid when life happens.

Key Responsibilities of the Trustees:

• Fiduciary Duty: The trustees have a legal and moral obligation to act in the best interests of the fund's members.
• Fund Governance: They are responsible for the overall management and governance of the fund, including setting the fund rules and ensuring compliance with all regulatory requirements.
• Investment Strategy: The trustees actively monitor the appointed investment managers and their portfolios. They may change these managers and/or portfolios at any time based on extensive qualitative and quantitative research and advice.
• Risk Management: They must identify and manage all risks to the fund, including investment risk, operational risk, and legal and compliance risk.
• Oversight of Service Providers: The trustees appoint and oversee the work of all service providers, including the fund administrator, investment managers, and auditors. They hold these parties accountable for their performance.

In a world where fine print often works against you, trustees exist to tilt the balance back in your favour.

The Connectors (Employers)

Your employer isn’t just cutting paychecks, they’re the ones making sure your contributions land where they should. They choose the umbrella fund, send through the money, and connect you to the benefits you’re entitled to.

Think of them as the bridge between your everyday working life and your long-term financial future.

Key Responsibilities of the Employer:

• Facilitate Consultation: They must facilitate consultation and decision-making between participating employers and their employees within the confines of the rules and regulations set out by the trustees.
• Member Enrolment: The employer is responsible for enrolling their eligible employees into the fund and providing them with the necessary information to join.
• Assist with Death Claims: They must assist with the payment of death claims.
• Monitor Investment Performance: The management committee is also required to monitor investment performance.
• Member Communication: They assist in providing member communication.

The Engine Room (Administrators)

Here’s where things get less glamorous but even more essential. Administrators like RISE EasyRetire run the machinery that keeps the fund alive. They process contributions, update records, and handle claims.

Key Responsibilities of the Administrator:

• Contribution Processing: Contributions are invested within hours of receipt.
• Record Keeping: The EasyRetire RISE administration system is built to offer simplicity and efficiency for participating employers. The process is fully automated, ensuring data accuracy and integrity.
• Benefit Payments: They process and pay out member benefits, such as retirement, withdrawal, and death benefits, in a timely and accurate manner. They provide an efficient claims management process with a 48-hour turnaround time.
• Member Communication: The administrator is responsible for providing members with their benefit statements, withdrawal quotations, and other important communication. The fund has a dedicated WhatsApp portal available 24/7 with a knowledge repository to educate and inform members of their benefits and fund credit values.

In a well-run umbrella fund like Easy Umbrella Fund, these three roles, the trustees, the employer, and the administrator, work in a powerful synergy. The trustees provide the strategic oversight and governance, the employer facilitates the practical implementation and contributions, and the administrator handles the operational heavy lifting. This clear division of responsibilities ensures that your retirement savings are not only secure but are also managed efficiently and in full compliance with the law. By understanding who does what, you can feel confident that your financial future is in good hands.

 

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