Retirement
Alexander Forbes Retirement Fund Annual trustees’ report 31 March 2026
alexforbes.com
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AFRF- Trustees report
Contents Chairman’s report
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Management
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Your board of trustees Trustee meetings Independent principal officer Cybersecurity update to members Legal and industry updates
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Investments
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Default invest strategy The Goals-based LifeStage model Growth phase Top 10 equity holdings as a percentage of the portfolio Asset allocation: 31 March 2026 Investment fees: 31 March 2026 Pre-retirement phase Environmental, social and governance (ESG) integration
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Rule amendments
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Fund update
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Fund overview
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Financial status on 31 March 2026 Valuation status and funding level Claims paid from 1 April 2025 to 31 March 2026 Investing contributions My Money Matters toolkit and contact centre Leaving your employer Retiring Maintain connection across the member lifecycle
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Retirement benefit counselling and member information
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Methods of communication
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AF Rewards
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General fund information
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Contact details
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General fund contact details Divorce orders Privacy statement Complaints
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AFRF - Trustees report
Chairman’s report Following on from last year’s report, the period under review marked another year of resilience for the Alexander Forbes Retirement Fund amid a rapidly evolving global and local environment. As reported previously, 2024 and early 2025 were characterised by significant geopolitical developments, persistent inflationary pressures and heightened regulatory focus. Against this complex backdrop, the fund remained well governed, financially sound and steadfast in its commitment to act in the best interests of members.
Looking ahead, the regulatory landscape is expected to continue evolving during 2026. Key developments anticipated include the phased implementation of the Conduct of Financial Institutions (COFI) Bill, revised regulatory and reporting standards, and increased supervisory focus on governance, market conduct and member outcomes. The trustees,
Entering 2026, global markets have been dominated
together with the fund’s service providers, are actively
by escalating conflict in the Middle East, with far
monitoring these developments to ensure readiness
reaching consequences for geopolitical stability,
and ongoing compliance.
energy markets and investor sentiment. The conflict has contributed to increased volatility across global equity, bond and currency markets, and has heightened uncertainty for policymakers, businesses and consumers alike.
Importantly, regulatory change is viewed not only as a compliance obligation but as an opportunity to further strengthen trust, transparency and accountability within the fund. The trustees remain committed to embedding sound governance practices, enhancing
Of particular concern is the potential impact of these developments on inflation and interest rates.
disclosure and ensuring that member interests remain central to all decision making.
Disruptions to energy supply routes and increased geopolitical risk premiums may place upward pressure on global oil and commodity prices. Should inflation prove more persistent than previously anticipated, central banks may be required to maintain higher interest rates for longer, delaying expected easing cycles. For consumers, this environment presents tangible challenges, including increased living costs, reduced disposable income and continued pressure on household budgets. These dynamics underscore the importance of prudent investment strategy, robust risk management and effective member communication.
In closing, while the operating environment remains uncertain and complex, the fund is well positioned to navigate these challenges. The trustees remain focused on strategic oversight, disciplined execution and supporting members throughout their savings journey. By maintaining a long term perspective and a strong governance foundation, the Alexander Forbes Retirement Fund continues to work towards its core objective: assisting members to achieve secure and sustainable retirement outcomes.
Despite these uncertainties, the trustees remain confident that the fund’s investment strategy is appropriately diversified and designed to withstand a range of economic outcomes. The fund continues to focus on long term, real returns that support members in achieving sustainable retirement outcomes, while managing short term volatility through effective asset allocation and governance oversight.
John Liackman Chairman
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AFRF- Trustees report
Your board of trustees The Alexander Forbes Retirement Fund is managed by a board of eight trustees made up of: Four external trustees appointed by the board
Four internal trustees appointed by the board
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. The trustees during the year under review were:
Karusha Moodley
John Liackman
Internal trustee
Chairman
Qualifications: BCom, CA Appointed: 1 October 2022
Qualifications: BEconSci Appointed: 13 March 2007
Fiona Rollason
Sandile Khumalo
Internal trustee
External trustee
Qualifications: BA, LLB, LLM Appointed: 1 March 2006
Qualifications: LLB, LLM Appointed: 1 May 2013
Michael Prinsloo
Nazley Sallie
Internal trustee
External trustee
Qualifications: BCom (Insurance Science), CFP® Appointed: 1 July 2025
Qualifications: Post Grad Financial Planning, LLM, MBA Appointed: 1 January 2024
Lavinia Khangala
Alvina Chetty
Qualifications: B Proc, LLB, LLM, CFP Appointed: 1 January 2026
Qualifications: LLB Appointed: 1 January 2026
Internal trustee
External trustee
Nomonde Zwane
Qualifications: MBA, MPhil Dev Finance Appointment: 1 March 2021
Alternate trustees The fund’s rules allow for alternate trustees. These trustees provide continuity in the management of the fund and also promote the transformation of the board.
Luyanda Mbatha External trustee
Appointed: 1 May 2023
Khanyisa Phika
External trustee
Appointed: 1 September 2025
Malande Tonjeni
External trustee
Appointed: 1 January 2026
Ziningi Kutama Internal trustee
Appointed: 1 April 2023
AFRF - Trustees report
The trustees’ responsibilities include: 1
Acting with fairness towards you and your family members
Managing the fund according to the rules of the fund, as well as pension fund and tax laws
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Taking all reasonable steps to make sure your interests are always protected
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Making sure you get appropriate and adequate communication
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Acting with care, diligence and in good faith
Making sure proper management control systems are in place Getting expert advice where they lack expertise
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Avoiding conflicts of interest
Making sure the operation and administration of the fund comply with all relevant laws
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The trustees believe that the Treating Customers Fairly outcomes are aligned with the fulfilment of their fiduciary duties.
The trustees have a legal duty to invest the fund’s money in a responsible manner. The trustee’s aim to provide you with:
• •
The greatest likelihood of securing a reasonable pension at retirement, by providing acceptable investment returns, at acceptable risk. Less volatile returns – particularly close to retirement – with the objective of generating an income stream that will maintain your standard of living after retirement.
The trustees objectives are considered in the investment strategy of the fund.
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AFRF - Trustees report
Trustee meetings The trustees meet formally four times a year to review the legal, benefit, financial (including investments) and governance framework of the fund. An annual investment workshop is held to review the investment framework and consider new developments in the investment industry applicable to retirement funds.
AFRF trustee and sub-committee meetings are well attended, with all meetings achieving over 90% attendance during the review period. Individual committee member attendance rates are similarly high, with the lowest at 80%. The overall attendance average for all trustees, committee and sub-committee members stands at 95%, reflecting a highly engaged and committed group of individuals.
Meeting focus
80% Lowest member attendance 90% + Meeting attendance 95% Overall attendance
Meeting dates
Quorum
Formal trustee meeting
24 and 25 June 2025
Yes
Formal trustee meeting
16 and 17 September 2025
Yes
Formal trustee meeting
2 and 3 December 2025
Yes
Formal trustee meeting
18 and 19 March 2026
Yes
22 October 2025
Yes
Meeting focus
Meeting dates
Quorum
Sustainability and Transformation (STSC)
13 August 2025 12 November 2025 25 February 2026
Communication (CSC)
6 June 2025 17 October 2025 27 February 2026
Yes
Audit and risk management (ARM)
3 September 2025 10 September 2025
Yes
Benefits S37C and D Benefits
6 June 2025 3 September 2025 12 November 2025 27 February 2026
Yes
General meeting
Sub-committee meetings
Yes
AFRF - Trustees report
Sub-committee meetings Sub-committees are in place to deal with the day-to-day running of the fund. Workstreams are also established to address specific key functions, such as cyber security, which then report back into either the relevant sub-committee or to the full board. In the first quarter of 2026, the Benefits sub-committee was established to provide broader oversight of the day-to-day management of all benefit types within the fund. The existing Death Benefits Distribution (Section 37C), Section 37D and Liquidation sub-committees were consolidated into the mandate of the Benefits sub-committee.
Communication sub-committee: The purpose of this committee is to make sure the fund complies with all the communication requirements set out in the Communication policy. The sub-committee also understands and promotes the Protection of Personal Information Act (POPIA).
Sustainability and transformation sub-committee: The purpose of this committee is to review and monitor the funds’ sustainability practices and transformation related to the management, operation and procurement processes of the fund. This committee provides the funds’ board with recommendations to promote sustainability and transformation in the Fund's management and operations.
Audit and risk management (ARM) sub-committee: The purpose of this committee is to review and manage the fund’s audit and risk management framework and monitor the effectiveness of financial controls to safeguard the assets and integrity of the financial reporting.
Benefits sub-committee: The purpose of this committee is to assist in the effective administration and oversight of various benefit-related matters payable to or receivable by the Fund. This includes the distribution of death benefits and considering applications submitted by participating employers for deductions from your benefits and contentious divorce orders.
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AFRF- Trustees report
All decisions made by the trustees and sub-committees will have reference to the fund’s code of conduct, specifically the fiduciary considerations to be considered and the treating customers fairly principles and outcomes that are aligned with these duties. For reference, the six treating customers fairly outcomes that must be considered in decision-making and delivery of services, restated from a fund and member perspective (highlighted), are set out below:
Treating customers fairly (TCF) principles The trustee’s recognise that the fund is established and managed for the benefit of its members and adopts the TCF principles in its decision-making. Customer confidence in fair treatment I can trust that the fund will treat me fairly.
TCF principles
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Customers are confident that they are dealing with firms where the fair treatment of customers is central to the firm culture. A fund must be managed and administered so that the fair treatment of members and beneficiaries is central to the fund’s culture. Products and services designed for customer need The fund provides choices that meet my needs for retirement. Products and services marketed and sold in the retail market are designed to meet the needs of identified customer groups and are targeted accordingly. Fund products should meet the needs and expectations of all stakeholders, including members, former members, beneficiaries, participating employers and spouses, after consideration of the needs and risk profile of the members and beneficiaries. Clear and transparent information The fund provides me with regular clear and relevant information. Customers are given clear information and are kept appropriately informed before, during and after the time of contracting Members and beneficiaries receive clear and appropriate information regarding the fund, benefits and the operations of the fund before joining (where applicable), on joining and regularly during their membership. Suitable advice - I receive advice relevant to my choices and needs. Where customers receive advice, the advice is suitable and takes account of their circumstances. Products perform as expected and service standards The benefits I receive from the fund are what I expect based on the communication received. Customers are provided with products that perform as firms have led them to expect, and the associated service is both of an acceptable standard and what they have been led to expect. No unreasonable post-sale barriers - I can exercise the choices available to me easily and receive my benefits when they are due. Customers do not face unreasonable post-sale barriers to change product, switch provider, submit a claim or make a complaint Funds and members do not face unreasonable barriers to submit a claim or make a complaint or to change product or switch provider where the rules of a fund allows for such choices.
AFRF - Trustees report
Keeping your information safe: A cybersecurity update Keeping the fund’s systems secure and protecting members’ information and benefits, is something the trustees take very seriously.
During the year, the fund arranged for an independent cybersecurity review, as required by regulation. An external specialist looked at how well the fund’s cyber framework provides for the management of cyber risks and how prepared it is to prevent, detect and respond to cyber threats.
The review looked at several important areas, including:
how cybersecurity responsibilities are assigned
how the fund is governed and overseen
the fund’s cybersecurity strategy
The outcome of the review was encouraging. The assessor noted that the fund has a solid cybersecurity foundation in place, supported by strong leadership and hands on involvement by the fund and sponsor. This shows a clear commitment to doing the right thing and meeting regulatory expectations. The fund achieved an overall cyber maturity score of 3.54 out of 5. In simple terms, this means that the fund’s cybersecurity controls are well established and working as intended, and that it has met — and in some cases exceeded — the targets set for this stage of implementation.
the strength of its core security and resilience measures
everyday cyber “hygiene” practices
how incidents would be reported to regulators if needed
Like most organisations, the fund has not yet reached the highest or “optimal” level of cybersecurity. Importantly, the review helped identify areas where the fund can continue to improve and strengthen its defences. Work is already under way to address these areas and to move the fund closer to an advanced level of cybersecurity over time.
The trustees will continue to monitor progress closely, to make sure the fund stays resilient to cyber risks and that members’ information and benefits remain well protected.
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AFRF- Trustees report
Legal and industry updates The Tax Laws Amendment Act (TLAA) If you terminate membership in the fund, you may withdraw all the money in your savings pot even if you have already made a savings withdrawal in that tax year. This change is introduced by the TLAA, a South African law that updates how retirement funds are taxed and accessed. The amendment, while approved by the President at the end of March 2026, became effective 1 March 2026.
Budget speech - de-minimis and limits Following the 2026 Budget Speech, key limits relating to retirement savings have increased. The legal allowances increased from R247 500 to R360 000, meaning members with smaller balances can now take their full benefit in cash rather than purchasing an annuity. The tax-deductible contribution amount increased to R430 000 to support improved long-term savings.
King V While trustees strongly support the principles of King V and the focus on improved governance outcomes, a full adoption approach is still being carefully assessed. The fund is undertaking a detailed analysis of the cost, complexity and practical implications of implementation. The intention is to adopt a fit-for-purpose approach, embedding King V principles where they add value, while ensuring that any additional governance requirements remain appropriate and cost-effective for members.
AFRF - Trustees report
Investments Default investment strategy The trustee-approved default investment strategy for the fund is the Goals-based Balanced LifeStage model. The default investment strategy aims to accommodate most members’ needs by considering charges, risk and return. The trustee default is the investment strategy chosen by most employers.
The trustees review the default investment strategy regularly to make sure it:
is appropriate within the legal requirements
The trustees chose the Goals-based Balanced LifeStage model as the fund’s default because it spreads investment risk across different: asset classes (types of investments)
remains cost effective
investment styles (ways or methods of investing) and asset managers (the people managing the investments)
remains appropriate for most members from a risk and return perspective.
This means that the trustees spread the investments in a way that limits exposure to any single risk. It is designed to give you the best chance of securing a reasonable pension at retirement based on your contributions and service. It provides acceptable investment returns, with acceptable risk and less volatile returns for members who are close to retirement.
The Goals-based LifeStage model The Goals-based LifeStage approach has two phases: 1
growth
2
pre-retirement
Growth
Growth phase
Following the most recent review, the trustees retained the Goals-based Balanced LifeStage model as the trustee default portfolio.
5
years before retirement
Your normal retirement age (NRA)
Pre-retirement phase
Retirement
Some employers have a bespoke investment strategy that is different from the trustees default strategy. The information is available from your employer Manco.
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AFRF - Trustees report
Growth phase Your priority during the growth phase is to:
• •
Save as much as you can for retirement each month at acceptable risk, and Keep your retirement savings invested whenever you change jobs so that you have enough money to live on after you retire.
You have between 35 and 40 years in the growth phase to build up your retirement savings. During the retirement savings growth phase, your retirement savings will be invested in a way that gives them the best chance of growing over longer periods of time.
Top 10 equity holdings (% of total portfolio)
AF Balanced High Growth
• • • •
Invested in both local and international shares, bonds, cash, property and alternatives
Standard Bank Group
2.7%
Naspers
2.4%
The amount invested in each investment type is not fixed
AngloGold Ashanti
2.3%
Gold Fields
2.1%
Prosus
1.8%
Glencore
1.8%
Firstrand Limited
1.7%
MTN Group
1.6%
Valterra Platinum Ltd
1.4%
Anheuser-Busch Inbev
1.3%
Total
19.1%
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.
AF Balanced High Growth investment performance: 31 March 2026 Total
Portfolio
*Benchmark
1 year
20.57%
18.90%
3 years
15.20%
14.26%
5 years
13.28%
12.49%
* The portfolio is a mix of different investments designed to balance risk. Its main goal is to grow in value over the long term. Specifically, it aims to earn returns that are 5% higher than the inflation rate each year, measured over a period of six years.
Asset allocation: 31 March 2026 Local
Africa
Global
Combined
Equity excluding property
36.7%
1.1%
29.8%
67.7%
Property
2.3%
0.0%
0.6%
2.8%
Bonds
11.7%
0.0%
1.6%
13.3%
Cash
4.5%
0.0%
3.7%
8.2%
Commodities
0.2%
0.0%
0.0%
0.2%
Alternatives
6.5%
0.2%
1.1%
7.8%
Total
61.9%
1.3%
36.8%
100.0%
AFRF - Trustees report
Policy fee on all assets Yearly fee (based on the employer's total asset size
Employers asset size First R50 million
0.67%
Next R50 million
0.60%
Next R100 million
0.52%
Next R300 million
0.48%
Above R500 million
0.45%
At date of report 31 March 2026, fees payable to investment managers for the management of the offshore assets in the portfolio are not included in the annual policy fee. These fees are deducted directly by the investment managers and are already accounted for in the portfolio valuations. This structure is being reviewed to provide greater transparency and easier understanding of the total fees and will be communicated separately.
Pre-retirement phase When you get closer to your normal retirement date, your investment portfolio changes automatically. The strategy has been structured in this manner to align your pre-retirement investment portfolio with the type of income you want to set up after retirement. This retirement income is called an annuity. The trustee default pre-retirement portfolio is the AFRF Houseview Income Target portfolio, which is aligned with a with-profit annuity. Therefore, if you are in the default investment strategy, your money automatically switches from the growth portfolio to this default pre-retirement portfolio. If you don’t want to be in the default portfolio or want to align to a different annuity at retirement, you can choose one of the other pre-retirement income target portfolios or a portfolio of your choice by completing a switch form informing Alexforbes of your chosen portfolio.
Portfolio
Annuity
AFRF Houseview Income Target portfolio (default)
With-profit – guaranteed income for life
AFRF Passive Houseview Income Target portfolio
With-profit – guaranteed income for life Living annuity – you decide how much money you get every year, within legislated limits. Your money is still invested after retirement.
AFRF Flexible Income Target portfolio
AFRF Inflation Income Target portfolio
Inflation-linked annuity – guaranteed income for life
If you need help deciding which option is best for you, we’ll connect you to 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
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Enviromental, Social and Governance (ESG) in practice ESG stands for Environmental, Social and Governance. It means Alexander Forbes Retirement Fund (AFRF) looks at investments not only for returns, but also for how companies impact the environment, people and how they’re managed.
Hey, I keep hearing about ESG what exactly is it?
So it’s not just about performance?
Exactly. It’s about investing responsibly to protect your savings and support long-term, sustainable growth.
Because it helps manage long-term risks, supports sustainable growth and aims for positive outcomes for society and the environment. So, your retirement savings are invested in a way that is built for long-term value.
And why does that matter for me as a member?
That sounds great in theory, but what does it look like in practice?
A big part of it comes through private market investments like infrastructure, property, private equity and unlisted credit. In these portfolios, ESG is actively considered when investments are selected.
AFRF - Trustees report
Am I invested in those? If you're in the trustee default investment strategy, you already have exposure to private markets as part of a diversified portfolio.
Okay, but how does that make a difference in the real world?
These investments play an important role in long-term outcomes.
These investments can support job creation, infrastructure development, local businesses and stronger communities, while still working toward your retirement goals.
Exactly, your savings are doing more than just growing.
So my retirement savings are doing more than just growing?
With ESG in AFRF, your savings grow while supporting a more sustainable future.
A Sustainable Future for Members and the Fund To ensure the fund remains strong and able to support members in retirement, the fund completed a review to identify what is needed to become a "fund of the future". This review identified several opportunities for improvement, and a plan has been developed to strengthen key areas identified. A sustainable fund also depends on a welldesigned investment strategy. The trustees believe that looking after your retirement savings is about
more than achieving strong investment returns today. It is about maintaining an investment approach that balances growth and risk over the long term, helping members build financial security and achieve better retirement outcomes. The trustees remain committed to ensuring that the fund delivers on its core promise: protecting and growing your retirement savings responsibly, for today and the future.
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AFRF- Trustees report
Rule amendments Provident section: Summary of Rule Amendment No. 5 (effective 1 January 2026) The fund rules were updated to clarify how partial benefit payments work. If a member takes part of their vested benefit as a cash lump sum, the remaining amount must be transferred out of the fund. The rules now clearly state what happens if a member leaves service, chooses a benefit payment, but passes away before payment is made. In this case, the benefit will be paid in line with the law (Section 37C of the Pension Funds Act). The number of trustees has been increased to strengthen governance. The board of trustees will now consist of four internal trustees and four external trustees. A standard five year term of office for trustees has been introduced, unless the trustees decide on a shorter period.
Pension section: Summary of Rule Amendment No. 5 (effective 1 January 2026) The fund rules were updated to clarify how partial benefit payments work. If a member takes part of their vested benefit as a cash lump sum, the remaining amount must be transferred out of the fund. The rules now clearly state what happens if a member leaves service, chooses a benefit payment, but passes away before payment is made. In this case, the benefit will be paid in line with the law (Section 37C of the Pension Funds Act). The number of trustees has been increased to strengthen governance. The board of trustees will now consist of four internal trustees and four external trustees. A standard five year term of office for trustees has been introduced, unless the trustees decide on a shorter period.
Fund update Governance levy A governance levy, which covers the essential governance and regulatory costs of the fund, was previously deducted as a percentage of payroll from contributions. From 1 April 2026, all members will pay the levy which will be directly deducted from fund credits rather than contributions. This change enhances transparency by making the levy more visible on member statements, easier
to monitor over time, and clearly separated from contribution-related costs. Communication on this change was included in the fund newsletters earlier this year. The current governance levy is R3.75 per member per month. This is reviewed annually or on the introduction of new legislation that increases the regulatory costs.
The levy also supports the rising costs associated with meeting ongoing legislative and regulatory requirements.
AFRF - Trustees report
Fund overview Financial status at 31 March 2026 31 March 2025
31 March 2026
Registered participating employers
1 518
Registered participating employers
1 490
Active members
358 386
Active members
425 786
Total assets under management
R139 billion
Total assets under management
R179 billion
Valuation status and funding level Both the pension and provident sections are valuation exempt until 31 March 2027. While valuation exempt, the fund completes an annual review based on the audited financial statements once they are finalised. This annual review is a final check and reconciliation of the monthly asset and liability reconciliation to make sure the accounts in the fund are matched. The interim financial review results on 31 March 2026 showed that the funding level for the pension section was 100.13% and 100.12% for the provident section. This is the same as the year before, 31 March 2025.
The pension section was
100.13%
funded
The provident section
100.12%
funded
Over
45 805 claims paid from
1 April 2025 to 31 March 2026
178 906 savings claims
(145 688 members) from 1 April 2025 to 31 March 2026
R15.41 billion in benefits were paid out to
48 251 members
or family members over the financial year.
A total of 97% of claims are paid within five 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.
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Investing contributions We receive over 2000 contribution schedules from participating employers every month. Our administration team takes an average of
4 days to invest contributions.
We processed
members’ 90% ofcontributions in less than
4 working days quicker than our standard 6 days turnaround times
Easy access to reliable financial information and advice It is important to consider your options when thinking about taking out the benefits you have saved in the fund. The fund tries to help with this by providing relevant information to make informed choices, as well as access to financial advice should you need it. It is recommended that you seek financial advice when considering decisions that will impact on your retirement savings.
AF Connect AF Connect allows you to view your benefit statements, tax certificates and fund information securely. WhatsApp self-service also provides easy access to key member information.
Connect with an Alexforbes financial adviser Benefit statements Latest tax certificate Claims summary and status
My Money Matters Looking for clear, helpful financial guidance? My Money Matters has you covered. From your first job to your final working day, it’s packed with expert tips and practical tools to help you make confident money decisions – whether you’re switching jobs, saving for retirement or just planning. It’s everything you need to take control of your financial future.
Register on AF Connect or reset password Learn more on specific topics Your messages are kept secure with WhatsApp’s end-to-end encryption.
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Get in touch: My Money Matters Centre: 0860 000 381 Email: mymoneymatters@alexforbes.com Website: mymoneymatters.alexforbes.com
AFRF - Trustees report
Leaving your employer One of the most important decisions you’ll ever make When leaving your employer, you must decide what to do with your retirement savings. One of the most important decisions you will ever make is to preserve your retirement savings for as long as possible. The pathway to preserve your benefit in the fund is simple, brief and efficient. From this simple, yet important decision, you stand to benefit from keeping your money in the fund (In-fund preservation):
No lengthy application form or FICA process
The following preservation options have been approved by the trustees.
In-fund preservation
Competitive administration and investment fees The opportunity to consolidate other retirement savings in the fund Trustee oversight and governance A choice of investment portfolios plus free switching Continued access to your existing online investment profile Access to AF Rewards (retail discounts) Ongoing communication and access to online tools A higher level of certainty regarding an improved retirement Easy access to financial advice (when required)
To date, approximately
20 000 fund members preserved their retirement savings in the fund after leaving their employers.
This option allows you to keep your money invested in the fund when you leave your employer. You’ll pay cheaper (institutional) rates and stay invested in the same or a similar portfolio. You can choose to transfer your retirement savings to another fund at a later stage.
The Alexander Forbes Retirement Income Solution – Preservation Fund You can transfer your retirement savings to a preservation fund that’s outside the fund. You’ll pay institutional rates and you’ll have the option of investing in similar portfolios. This option allows you to consolidate any other retirement savings from another preservation fund or from an employer in the future.
Remember any amount you withdraw in cash before you retire is money you won't have for retirement. You'll also pay tax on the money you withdraw.
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AFRF - Trustees report
Retiring The fund offers the following ways for you to receive an income at retirement. The trustees take time to carefully consider the most appropriate and cost-effective options.
Exploring your annuity options AFRIS Living annuity This option combines the benefits of both a living annuity and a life annuity. This means you get flexible pension income, can leave money for your beneficiaries and receive a guaranteed income. With the AFRIS living annuity, you can access a guaranteed income through the Just Lifetime Income portfolio.
With-profit annuity (guaranteed life annuity) A with-profit annuity guarantees you income for life. The trustees have selected the JULI Advanced with-profit annuity as one of the trustee choices. This with-profit annuity considers future inflation, real investment returns and all fees over the long term.
Summary of annuity features Feature
AFRIS Living Annuity (combined life and living annuity)
X
Income flexibility Guaranteed lifetime income
Market protection
Legacy for beneficiaries
JuLI With-Profit Annuity
against the life annuity portion
against the life annuity portion
against the living annuity portion
Limited payment periods – maximum spouses' income is 20 years
If you are not sure what to do with your retirement savings when you leave your employer or retire, you can contact the My Money Matters contact centre: 0860 000 381.
AFRF - Trustees report
Why your personal information matters Drive engagement and better outcomes
Maintain connection across the member lifecycle You move from active (employer-linked) to Infund (no employer link). The fund needs to be able to always contact you directly to ensure a smooth transition. Without this: Engagement is lost when it becomes most important
Ensure your savings can always “find you” Once you leave employment, the fund becomes your sole point of contact. At active stage: poor data carries forward into your exit At Infund stage: there is no fallback source of information for you
Contact details allow the fund to:
• •
Contact details allow the fund to:
• • •
Send benefit statements Communicate legislative, fee, and rule changes Issue important notices
For Infund, this depends entirely on the data the fund holds for you.
Communicate legislative, fee, and rule changes
Without this: You may disengage early while still active. You may become completely disconnected once you are Infund
Support claims and benefit payments Contact details are critical to:
• •
Process withdrawals, retirements, and death benefits Reach you or your beneficiaries quickly
The risk is highest when you are Infund (no employer support)
You should maintain a personal, verifiable email address so the fund can remain in contact with you and ensure your savings can find you
Enable communication and compliance
Fund newsletters and Trustee report
Protect data quality and reduce future risk Strong data at active stage:
• •
Flows into Infund preservation Reduces tracing costs and delays
Poor data today = future cost, risk and member disadvantage Accurate contact details help the fund stay connected with you throughout your journey, so your benefits, information and ultimately your savings can always reach you. To make this happen, provide your employer with at least a personal email address or mobile number. If either of these changes, remember to update your employer or, if you are already inFund, notify the Fund directly so that your information can be updated.
Retirement benefit counselling and member information There are several decisions you need to make during your retirement savings journey that will play a part in you achieving a reasonable retirement outcome. The information provided to help you with these decisions is grouped under the banner of retirement benefit counselling (eRBC) – the minimum requirements of the default regulations.
Retirement benefit counselling gives you important information on key concepts and financial guidance on your options to help you make informed decisions and determine if you need financial advice.
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AFRF - Trustees report
Then there’s our My Money Matters toolkit – a treasure chest full of financial information that educates and empowers. Don’t take our word for it! Try it out for yourself so that you can see what all the hype is about! If you’re really serious about achieving financial freedom today and into retirement, our My Money Matters toolkit will become your go-to source for everything money related. So, how will the My Money Matters toolkit help you? It provides guided decision journeys for important financial decision moments during your working life and beyond. The aim of the toolkit is for every person to make informed financial choices and access the support they need, to make decisions that are right for them.
https://mymoneymatters.alexforbes.com/
Methods of communication Getting information to members timeously and directly is important to the trustees and a strategy the fund has adopted. To deliver on this mandate, we would like to understand the reasons you aren’t reading or clicking the links to the communication we send you. The fund sends communication directly to you via email and SMS. We encourage you to please read the communication we send. Communication is also available on the fund website as well as on AF Connect. The fund is committed to exploring different ways of reaching members, which is why we’ve started a podcast series. This allows us to share important information in a more accessible and engaging format, giving members the flexibility to listen at a time that suits them. Our first two podcasts are now available and focus on practical, easy-to-understand topics that support better financial decisions:
Podcast 1 – Work and Wallet: Retirement savings for your 20s and 30s Focuses on helping younger members understand the value of starting early, building good savings habits, and making the most of their retirement benefits from the beginning of their careers.
Podcast 2 – Work and Wallet: About your risk benefits Provides a clear, simple overview of how the fund works, what benefits members have, and how to make informed decisions to get the most value from those benefits. We will continue expanding this series to cover a range of relevant topics, with the aim of making retirement planning more relatable, practical, and easier to navigate for all members. Please send us your feedback so we can improve on how we communicate with you.
Methods of communication The fund prefers to communicate with you electronically: Email SMS AF Connect Whatsapp
These methods of communication allow us to send you all our standard fund newsletters, annual trustee reports, statements and fund updates directly.
Very important note: to make sure you’re invited to the pre-retirement seminars, please make sure your HR or payroll department has your correct email address and mobile number.
AFRF - Trustees report
Your feedback We want you to engage with the communication we provide and for you to give us feedback. We are always looking for ways to improve and to provide information that interests you.
Make sure you give your HR or payroll department your information to update the monthly contribution schedule they submit so we can keep in contact with you.
Complete the survey and stand a chance
to win
R250 Takealot vouchers
The Alexander Forbes Retirement Fund is online Your retirement fund is available to you at all times on the fund’s website. This website will help make saving for your future a reality by giving you access to retirement fund news and information at the click of a button. You can also get your options on leaving and retiring brochures, claim forms and news from the trustees when you need it. Fund’s website: https://afrf.alexforbes.com/site
AF Rewards AF Rewards aims to save you money on everyday items and a lot more. You can access Alexforbes Rewards online (https://rewards.alexforbes.com) or using USSD by dialing *120*9006#.
AF Rewards is available to all members of the fund, including in-fund preservation members and deferred retirees! https://rewards.alexforbes.com/
AF Rewards From June 2022 to 31 March 2026,
we’ve saved members
R38.7 million.
34 548 mall vouchers and 90 683 coupons were requested
A quick overview of AF Rewards Supermarket coupons from Shoprite, Checkers, Checkers Hyper and Pick n Pay
Wellness coupons from Dischem
Travel deals Randgo
Thank you for using the platform, we look forward to saving you more in the future.
Airtime deals from Vodacom, Virgin Mobile, Telkom Mobile, Cell C and MTN
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4536-2026-08 • Getty Images
General fund information Registered fund information Fund name: Alexander Forbes Retirement Fund (Pension and Provident Sections) Registered address: Alexforbes, 115 West Street, Sandton
Financial Sector Conduct Authority registration number: 12/8/34768 (pension section) 12/8/34766 (provident section)
Contact details General fund contact details
Privacy statement
As a member of the fund, you have the right to see the rules of the fund as well as any of its financial statements or reviews.
Your information may be used to find you if you leave your employer and don’t complete a withdrawal claim form. If you want to know or read more about what we do with your information, you can view the fund privacy statement on the AFRF website https://afrf.alexforbes.com/site/fund#governance.
If you have any questions about anything in this report or your fund membership, please contact one of your management committee members or:
Call the Alexforbes Client Contact Centre on 0800 100 333 from Monday to Friday between 8:30 and 17:30 Email: admin@alexforbes.com
Divorce orders If you need to claim retirement benefits granted for a divorce order, please contact our divorce orders team: Email: afdo@alexforbes.com Phone: Alexforbes Help Desk on 011 324 3401
alexforbes.com
This privacy statement also informs you of your rights in terms of the Protection of Personal Information Act (POPIA).
Complaints If you’re unhappy with any aspect of our service, please email contactus@alexforbes.com or call 011 669 7026 so that we can resolve your complaint without delay. If there are any conflicts between the information in this trustees’ report and the official rules of the fund, the rules of the fund will always apply.