About Alexforbes One
Since its launch in April 2010, the AF Access Retirement fund, now called Alexforbes One has grown into one of South Africa’s leading commercial umbrella funds— powered by innovation and a shared vision for better retirement outcomes.
This isn’t just another fund. It’s a movement toward smarter, more resilient retirement solutions. By harnessing cutting-edge research and analytics, we empower independent intermediaries to give their clients access to a modern, strategically focused platform designed to meet real-life needs—without losing sight of long-term goals.
For employers, it means stronger businesses. For members, it means the right solutions at the right time—creating meaningful impact on their financial future. Together, we’re building retirement strategies that don’t just prepare for tomorrow—they transform it.
The fund is an umbrella fund consisting of:
Alexforbes One: (Pension Section); and
Alexforbes One: (Provident Section)
An umbrella fund is a retirement fund created by a financial services company. Different employers can join this fund. This arrangement that includes multiple employers brings down the costs because all the employers share the costs.
The objective of the fund is to help you save for your retirement and to help your family financially if you were to pass away.
You are a member of the fund because your employer has decided to participate in and contribute to this fund to assist and support you in saving for your retirement.
Every year the trustees take the opportunity to update you with fund information which is relevant to the past financial year of the fund.
One (Provident Section)
One (Pension Section)
Alexforbes
Alexforbes
Who manages the fund?
A professional board of trustees is responsible for directing, controlling and overseeing the operations of the fund. Employers must appoint a management committee (MANCO) advised by an Employee Benefits Consultant of their choice. The board of trustees, the MANCO and their IFAs have a fiduciary duty to protect members’ interests.
Board of trustees
Alexforbes One is managed by a board of six trustees. The board is made up of:
Three external (independent) trustees appointed by the board.
o The fund also has appointed two external alternate trustees.
Three internal trustees appointed by the Sponsor (Alexander Forbes Financial Services (Pty) Ltd.
o The Sponsor has appointed one alternate internal trustee.
Collectively, the trustees have over 100 years of industry experience. They apply their experience to the governance and management of the fund to make sure it meets all its financial and legal commitments. Each trustee has an area of expertise to add value to the management of the fund. All trustees have completed the Trustee Toolkit training requirements. During the year under review, the trustees were:
Independent Trustees
Independent External Alternate Trustees
Malande Tonjeni
Luyanda Mbatha
Sandile Khumalo
Sakkie Hurd
Lavinia Khangala
The trustees’ duties include:
Take all reasonable steps to make sure your interests are always protected
Manage the fund according to the rules of the fund, as well as pension fund and tax laws
The trustees believe that the Treating Customers Fairly principles are aligned with the fulfilment of their fiduciary duties.
Make sure the operation and administration of the fund comply with all relevant laws
Act with care, diligence and in good faith
Avoid conflicts of interest
Internal trustees
Make sure proper management control systems are in place
Act with fairness towards you and your family members
Get expert advice where they lack expertise
Specialist appointments supporting the board
Nomonde Zwane
Independent principal officer
Appointed by the trustees to manage the day-to-day affairs of the fund:
Wendy Wessels
Monitoring person
Appointed by the trustees to monitor the receipt of contributions by the fund and to report to the board on any breaches by employers:
Make sure you get appropriate and adequate communication
Chantell Watkins Information officer
Appointed by the trustees to handle any PAIA requests and to manage any breaches in terms of POPIA
Trustee meetings
The trustees meet formally four times a year to review the legal, benefit, financial and governance framework of the fund. Over the past year, the following meetings took place:
Sub-committee meetings
Trustee meetings
10 December 2024
20 March 2025
19 June 2025
18 September 2025
Sub-committees are in place to deal with the day-to-day running of the fund.
Teams
Teams
In addition to the four formal trustee meetings, there are five sub-committees in place to manage the day to day running of the fund. These are the sub-committees in place below:
Investment sub-committee: (3 meetings annually)
This sub-committee handles all investment-related matters for the funds, focusing on investment strategy and portfolio review. Alexander Forbes Asset Consulting (AFAC) provides asset consulting advice. The sub-committee does not have decision making powers but reports to the board of trustees and makes recommendations for approval on investment-related issues.
Benefits sub-committee: (12 meetings annually)
The purpose of this committee is to distribute death benefits and consider applications submitted by participating employers for deductions from your benefits and contentious divorce orders. The Benefits sub-committee has been authorised by the Board to make decisions on Death benefits, Divorce orders, Section 37D matters.
Governance,
audit, and risk sub-committee:
The purpose of this committee is to review and manage the fund’s governance, audit risk management framework and monitor the effectiveness of financial controls to safeguard the assets and integrity of the financial reporting.
Communication sub-committee: (4 meetings annually)
The purpose of this committee is to make sure the fund complies with all the communication requirements set out in:
The Pension Funds Act
• The guidelines provided by the Financial Sector Conduct Authority (circulars PF86, PF90 and PF130)
• The Treating Customers Fairly (TCF) principles
The sub-committee also understands and promotes the Protection of Personal Information Act (POPIA) and the King IV Report on Corporate. The communication sub-committee is authorised to approve fund-related communications. It cannot make decisions outside its mandate but may recommend unrelated matters to the board of trustees for approval.
Sustainability and transformation sub-committee: (2 meetings annually)
The purpose of this committee is to review and monitor the funds’ sustainability practices and transformation related to the management, ooperation and procurement practices of the fund. This committee does not have decision making powers; however, it provides the funds’ board with recommendations to promote sustainability and transformation.
The sub-committees regularly review these policies:
• Investment policy statement
• The fund’s risk policy and register
• Annuity strategy
• Preservation and portability strategy
• Procurement policy • Communication policy
• Privacy statement
• PAIA manual
• Impact Assessments (PIIA)
• Sub-committee mandates
Suitability, ESG and Transformation policy
Over the past year, the following sub-committee meetings took place:
Meeting focus Meeting date Venue Quorum
Governance, audit and risk
Communication
The Board’s commitment to treating customers fairly (TCF) when making any decisions or recommendations
Yes
We build TRUST
We have members’ best interests at heart
We meet NEEDS
We design our products and services to meet member’s needs
We communicate CLEARLY
Our information is clear and timely
We make it EASY
Six outcomes of TCF
For members to deal with us regarding claims complaints and changing products or providers
Your employer’s role - management committee
Each participating employer in the fund must have an employer management committee. This management committee is responsible for making decisions regarding:
Your employer management committee is assisted in their decision-making by a specialist EB Consultant appointed by your employer.
Alexforbes One is unique because it lets EB Consultants tailor your benefit structure within the requirements of your employer. This flexible system, along with a focus on better retirement plans and responsible investing, makes Alexforbes One a great retirement fund option.
We meet EXPECTATIONS
We deliver services and products to members’ expectations
We enable GOOD INFORMATION
We give appropriate information that will assist members to make informed decisions given their specific circumstances
Your employer’s benefit structure (contributions, normal retirement age, approved risk benefits and investment portfolio selection) in the fund.
The Alexforbes One’ independent consulting approach gives participating employers the ability to retain trusted relationships with their chosen EB Consultants.
This allows your employer to focus on running their business while relying on their chosen EB Consultants to assist employees and the management committee in decision-making, to empower informed financial choices and promote enhanced retirement outcomes for all employees.
Fund, industry and legal updates
The two-pot system recapwhat’s taken place.
As of 30 September 2025, the Two-Pot system has shown significant activity and progress. The fund received a total of 15,779 claims, representing a combined claim amount of R141.51 million. This indicates strong engagement from members utilizing the new withdrawal option.
Out of the claims received, we have successfully processed and paid 96.6 %, reflecting an efficient turnaround in claim handling. The payments made to members amount to R96.44million, ensuring that a substantial portion of the requested funds has reached the intended beneficiaries.
In addition to member payments, the system has contributed significantly to tax revenue, with R44.06million paid to the South African Revenue Service (SARS). This demonstrates compliance with regulatory requirements and highlights the fiscal impact of the Two-Pot withdrawals.
Overall, these figures underscore the effectiveness of the implementation process and the operational capacity to manage high volumes of claims while maintaining accuracy and timeliness.
Things to consider before you withdraw money from your savings pot.
• You don’t have to withdraw the money in your savings pot each year. The money in your savings pot would be best used to top-up your retirement pot at retirement or alternatively withdrawn at a time of emergency.
• If you have sufficient funds in your savings pot, you can make one withdrawal from your savings pot every tax year (1 March – 28 February).
• Your retirement pot is only accessible at retirement and must be used to buy an annuity.
Top tip: It is important to spend time getting to know how your fund works and how your decisions today can affect your future. There are various tools and resources available to you as a member of the fund. To protect your financial security, build your financial awareness so that you can make informed decisions.
Member impact - communication and AF Rewards
AF Rewards celebrated its 3rd birthday this year and we’re grateful for all the members using the rewards platform. There are still many who don’t know what they are missing. It’s never to late to start saving, AF Rewards are available to all members of Alexforbes One and this includes in-fund and deferred retirees.
There are over 6 000 members activated on AF Rewards. Over the past three years this equates to R5.65 million in potential savings.
Here’s a quick reminder of what you get with AF Rewards.
Supermarket coupons from Shoprite, Checkers and Pick n Pay.
Travel deals from Randgo.
The wellness coupons at any Dis-Chem pharmacy nationwide.
There is something for everyone.
Airtime deals from: MTN, Vodacom, CellC, Virgin Mobile and Telkom Mobile.
Click here to activate your Rewards or use USSD by dialling *120*9006#.
Alexforbes One website
You can access fund information through the fund’s website. The retirement fund news, information and links which are made available at the click of a button are there to assist you with your savings journey.
You can also get access to AF Connect (for access to your savings value) and My Money Matters (for guidance on savings). Options on leaving and retiring brochures, claim forms and news from the trustees is also made available.
Trustees default investment strategy
Alexforbes Goals-based LifeStage model
The Alexforbes Goals-based LifeStage Model is a smart and flexible way to plan for your retirement. It’s designed to match your investments with your changing financial goals as you move through different stages of your working life. Instead of a one-size-fits-all approach, this model adjusts your investment strategy based on how many years you have left until retirement.
That means your money is working in a way that’s tailored to your journey. As you get closer to retirement, your investments gradually shift from growth-focused options to strategies that aim to give you a more stable and predictable income.
It’s all about helping you feel more confident and secure about your financial future.
The Alexforbes Goals-based LifeStage model
You are in the accumulation / growth phase if you’re six or more years from retirement.
Phase 1
Accumulation (growth phase)
More about the LifeStage growth phase
Five years before retirement, you will automatically move into the income targeting phase. This transition takes three years. After that, you will be fully invested and stay in this phase for two more years.
Phase 2
You’re now in retirement –you will use your retirement savings for your income at retirement.
Phase 3
Income targeting (pre-retirement phase) Retirement
During the growth phase, the main goal is to save as much as possible for retirement every month. It’s important to keep retirement savings invested, even when changing jobs, so that there’s enough money to live on after retiring.
Retirement may feel far away, but the best way to prepare for the future is to give savings time to grow. Consistent contributions and smart investment choices during this stage make a big difference later. Investments in the Growth Phase:
Savings are usually invested in options that have the potential to grow over the long term. This approach helps maximize returns and build a strong foundation for retirement.
More about the pre-retirement phase
As you get closer to your normal retirement date, your investment portfolio will automatically adjust. This change ensures that your pre-retirement investments align with the type of income you plan to receive after retirement, which is called an annuity.
You have the option to choose which income targeting portfolio your money moves into. If you don’t make a choice before the automatic transfer, your savings will go into the default income-target portfolio, which is the AF Houseview income target portfolio. If you prefer a different option, you’ll need to complete a switch form to let Alexforbes know which portfolio you want.
The Alexforbes Goals-based LifeStage guides you through your retirement savings journey and aligns investment strategies with retirement income needs, designed to link pre-retirement investment performance with the income that can be secured at retirement.
The targeting phase ensures that the investment strategy is aligned with the type of annuity you will purchase, reducing conversion risk. You can choose a portfolio that matches your personal goals, risk tolerance and family needs and if you don’t make a choice, you are still placed in a wellstructured default that suits most needs. All this helps you understand how your savings translate into income, improving financial literacy and confidence.
About the default growth portfolio
AF Active Balanced High Growth
• Invested in both local and international shares, bonds, cash, property and alternatives
• The amount invested in each investment type is not fixed
• Investment managers are chosen for their expertise in deciding which type of investment to invest in
• Investment managers invest in each type of investment in the percentage they think is best, taking investment conditions into account
Pre-retirement phase
When you get closer to your normal retirement date your investment portfolio changes automatically. This is so that your pre-retirement investment portfolio matches the type of income you want to set up after retirement. This retirement income is called an annuity.
You can choose which income target portfolio your money transfers into. If you don’t choose before the automatic transfer happens, your retirement savings will transfer into the default income target portfolio which is the AF Houseview Income Target portfolio.
If you don’t want to be in the default portfolio you must complete a switch form informing Alexforbes of the portfolio you want to choose.
AF Houseview Income Target Portfolio Investment Performance : 30 September 2025
AF Houseview Income Target portfolio investment fees: 30 September 2025
Employer’s asset size
The income target portfolios and the types of annuities they are aligned to:
Portfolio Annuity
AF Houseview Income Target portfolio With-profit – guaranteed income for life
AF Passive Houseview Income Target portfolioWith-profit – guaranteed income for life
AF Flexible Income Target portfolio
Living annuity – each year you decide how much money you get within legislated limits. Your money is still invested after retirement you decide the level of income based on a percentage (within legislative limits) of the capital value, which remains invested after retirement.
AF Inflation Income Target portfolio Inflation linked annuity - guaranteed income for life
If you need help deciding which option is best for you, we will connect you with a qualified financial adviser when you click on the link below.
Or you can call the My Money Matters Contact Centre for assistance or connect with an adviser on the My Money Matters Website.
Discuss your options Connect with an adviser
AF Retirement Navigator
If you’re in the Base service option, your money is fully invested in the AF Retirement Navigator portfolio. This portfolio is designed for steady, long-term growth while keeping returns smooth and stable.
It aims to reduce big swings in value, making it a better fit for most members in this option. In simple terms, you will feel less impact from market ups and downs because the portfolio holds back some gains when markets rise and releases them when markets fall.
AF Retirement Navigator investment
Your investment portfolios
Alexander Forbes Goals-based LifeStage strategy portfolios
Niche and balanced multimanager portfolios
AF Active Balanced High GrowthAccelerator
AF High Growth
AF Passive Bold
AF Houseview Income Target
AF Passive Houseview Income Target
AF Flexible Income Target
AF Inflation Income Target
AF Explorer
AF Passive Explorer
AF Retirement Navigator
Banker
Conserver
Real Return Focus
Performer
Stable Focus
Stable Focus Combined
Shari’ah High Growth
Shari’ah Medium Growth
The administration of the fund
Benefit payments (excluding two-pot savings claims) at 30 September 2025
The fund administrator processed over 8 288 claims paid for the pension fund and 16 158 for the provident fund.
97% of claims are paid within 5 working days after we receive the tax directives from SARS.
Payment is typically delayed when members don’t provide valid tax numbers or correct banking details.
Balanced single manager portfolios
Allan Gray Classic Balanced
Coronation Best Investment II
Foord Asset Management
Ninety One SA Pty Ltd Best Investment
M&G Portfolio Managers
Investing of contributions
1. We invest 96% of members contributions within 5 working days which is 5 days quicker than our standard turnaround times.
2. We receive over 540 contribution schedules from participating employers every month.
3. Our administration team takes an average of 2.42 days to invest contributions.
Responsible investing
Our approach to responsible investing
Alexforbes One strategy for responsible investing (RI) extends beyond merely achieving investment returns for our members. We evaluate the investment strategies employed by the funds’ multi-manager to hold the underlying investment managers accountable based on their environmental, social, and governance (ESG) impacts and understand how these factors influence portfolio performance.
Our investment portfolios choices are driven by ESG principles, focusing on opportunities that are both financially viable and ethically sound.
AF Investments carbon intensity
across all portfolios and their underlying investments
We are convinced that RI can yield positive returns while fostering beneficial change. The fund aims to help South Africa grow economically and socially.
Our trustees know that investing in portfolios that benefit society, the environment, and promote diversity and inclusion is important. These values guide our investment decisions and show our commitment to responsible investing.
Gender diversity
With growing focus on social inequality, gender diversity, particularly female board representation, has become a key ESG metric.
A 30% target is widely used by global providers, and South African companies are making strong progress. Our local portfolios reflect board-level female representation close to 30%, in line with the FTSE/JSE All Share Index.
Both our local and offshore portfolios align with their respective benchmarks. While global diversity still has room for improvement, we and our partners, like Mercer, remain
ESG integration
We assess and select top-rated asset managers based on how effectively they integrate ESG factors across asset classes. ESG ratings, from 1 (leader) to 4 (limited integration), are assigned through our due diligence process and reflect the overall investment strategy.
This year, our portfolio ratings reflect solid ESG integration, with most outperforming their benchmarks. We prioritise steady progress over perfect scores, staying aligned with the evolving ESG landscape.
Private markets – Ongoing participation and impact snapshot
The fund is already investing in private markets through two of the Goals-based LifeStage portfolios:
These two portfolios invest in the different ESG sectors namely: water, power, environment and housing. This means that by investing in these portfolios you are participating in ESG and contributing towards the recovery of the economy.
Impact snapshot
30 000+ SMMEs funded or impacted
1.6m (via debt funding) and 1.9m (via equitybased funding)
29 700+ females employed
9 SDGs targeted
6 200+ employees of colour in senior management
6
NDP target chapters contributed to households powered with renewable energy
The impact snapshot illustrates how investing in private markets positively contribute to communities and businesses across South Africa.
Your personal information
We know we require a lot of personal information from you, but we assure you that this is in line with legislation and the Conduct Standard.
The information we require is mandated by the Pension Funds Act and the Income Tax Act. The information we receive ensures that we can:
• manage your fund records efficiently
• process claims more efficiently
• submit the necessary reports to the Financial Sector Conduct Authority on the late payment of contributions
• contact you if you leave your employer and you don’t submit a withdrawal claim form
• maintain contact with you when you leave the employ of your employer
Financial year-end: 30 September 2025
The financial statements for the financial year ended on 30 September 2025 are in the process of being compiled.
Deloitte is the external auditor of the fund and the company’s services are closely monitored. The fund is valuation exempt. This means that the fund doesn’t have to submit a valuation report on the financial condition of the fund to the FSCA every three years. We confirm that the assets of both sections of the fund are equal to the liabilities:
• The pension section exemption is valid until 30 September 2026.
• The provident section exemption is valid until 30 September 2026.
• The board monitors the financial condition of the fund on a quarterly basis.
The fund’s rules
Financial year-end: 30 September 2025
You can view the fund’s general rules by appointment at the fund’s registered address: Alexforbes, 115 West Street, Sandton, Johannesburg.
Your employer-specific benefits in the fund are set out in your employer’s special rules. These special rules apply only to your employer’s members in the fund.
You receive a separate newsletter if these special rules are amended. You can view your sub-fund’s special rules at your employer.
Your fund’s service providers
Service Provider Function
Sponsor Alexander Forbes Financial Services (Pty) Ltd
Administrator Alexander Forbes Financial Services (Pty) Ltd
Employee Benefit Consultants
EB Consultants
Investment managers Various
Actuaries and Consultants
Auditors
Retirement benefit fund and trustee liability insurance
Alexander Forbes Financial Services (Pty) Ltd
The sponsor sets up the fund to provide retirement and other benefits to the fund’s members.
The administrators handle the day-today administrative duties of the funds. They ensure that the contributions paid to the funds and transfers from other funds are also invested.
An accredited financial adviser helps you choose the right benefits and investments for your needs.
Investment professionals who invest the assets of an investment portfolio in terms of their investment philosophy and market outlook. Your fund credit is invested in investment portfolio/s managed by investment managers. To see a full list of the investment managers, please consult the annual financial statements of your fund.
The actuaries make sure that the funds are in sound financial position. Together with the retirement fund consultants, they provide expert advice to the trustees on the funds’ management and the funds’ benefit structure.
Deloitte (South Africa)
Information officer
Monitoring person
Camargue Underwriting Managers (Pty) Ltd
Chantell Watkins
Wendy Wessels
The independent auditors examine the funds’ data, financial transactions and annual financial statements to ensure the funds’ financial situation has integrity and that the information reported in the annual financial statements is correct.
This insurance covers the fund and trustees for losses caused by theft or fraud and professional negligence of fund trustees and the principal officer.
The information officer is appointed by the trustees to fulfil the duties set out in the Protection of Personal Information Act (POPIA).
To manage compliance of employers in respect of contributions to the fund.
Death benefits
If you pass away while you are a member of the fund, it is the legal duty of the trustees to distribute your death benefit to your beneficiaries, preferably within 12 months of your passing. This benefit does not form part of your estate and can therefore not be distributed according to your will.
The trustees must conduct a thorough investigation and identify all your dependants and nominated beneficiaries, to accurately assess their level of dependency on you. The trustees have full discretion in allocating these benefits, which may be proportional.
For more insights into this important topic, click here to listen to the webinar Alexforbes hosted earlier this year and download this guide to understanding death claims payouts.
When allocating the death benefit, the trustees consider the information that you give in your nomination of beneficiaries’ form.
It is extremely important to update your nomination of beneficiaries’ form when your life circumstances change, for example, when you get married, divorced, one of your dependants dies or after the birth of a child.
You can update your nomination form on AF Connect any time of day or night.
or click here to download the guide to understanding your death benefits payout process.
The fund’s contact details
If you have any questions, comments or suggestions about the fund, your benefits, investments or any other fund related issues, please contact one of your management committee members or phone the Alexforbes One Call Centre on 0860 100 333
Fund name and Financial Sector Conduct
Authority registration number
• Alexforbes One: Pension Section (12/8/37997)
• Alexforbes One: Provident Section (12/8/37998)
Registered address Alexforbes 115 West Street Sandton Johannesburg
Complaints
The trustees of the fund aim to ensure that you have confidence in the fund and are satisfied with the standard of service provided by its service providers. If, however, you do have a complaint, this can be lodged at the following offices.
Alexforbes Complaints Centre
Tel: 0860 000 279
Fax: 011 263 0555
Email: contactus@alexforbes.com
Pension Funds Adjudicator
Tel: 012 748 4000 or 012 346 1738
Fax: 086 693 7472
Email: enquiries@pfa.org.za www.pfa.org.za
National Financial Ombud Scheme (NFO)
Tel: 0860 800 900 or 012 470 9080
Whatsapp: 066 473 0157
Email: info@nfosa.co.za
Information officer
Ms C Watkins
Email: affundio@alexforbes.com
Information Regulator
Woodmead North Office Park, 54 Maxwell Drive, Woodmead, Johannesburg, 2191.
Email: complaints.IR@justice.gov.za www.justice.gov.za/inforeg
Lodge an official complaint in writing to the fund/s.
All complaints should be lodged here so that they can be investigated and dealt with promptly.
Lodge your complaint with the Office of the Pension Funds Adjudicator (OPFA) in terms of the Pension Funds Act, 24 of 1956. The OPFA ensures that the rights of consumers of pension products and services are protected, and they are treated fairly within the prescripts of the law.
The National Financial Ombud Scheme (NFO) is an independent body that resolves complaints brought by consumers against South African financial institutions.
Lodge a complaint in writing to the funds’ information officer if you are dissatisfied with how your personal information has been processed, or if your privacy rights have been compromised or breached.
You are dissatisfied with the information officer’s response to your complaint, you may file a complaint directly with the funds. If you remain dissatisfied, you may lodge a complaint with the Information Regulator.
If the Information in this trustees’ annual report and the registered rules of the funds conflict, the funds’ rules will always apply.
These businesses are licensed as follows:
Alexander Forbes Financial Services (Pty) Ltd administers Alexforbes One (FAIS licence number 1177, company registration number 1969/018487/07 and pension fund administrator number 24/331).
Alexander Forbes Investments Limited manages the investments in Alexforbes One and is a registered insurer (FAIS licence number 711, company registration number 1997/000595/06, pension fund administrator number 24/217 and insurer number I155).
Please speak to your financial adviser for tailored advice based on your individual financial needs before you make financial decisions based on this information. This information is not advice nor is it intended as a personal recommendation, guidance or a proposal on the suitability of any financial product or course of action as defined in the Financial Advisory and Intermediary Services (FAIS) Act. While care has been taken to present correct information, Alexforbes and its directors, officers and employees take no responsibility for any actions taken based on this information, all of which require advice.