Verso Umbrella Retirement Funds
Verso Financial Services (Pty) Ltd established the Verso Umbrella Retirement Pension Fund and the Verso Umbrella Retirement Provident Fund in an effort to address the retirement funding needs of their clients and prospective clients. The Funds are independently and professionally managed by a Board of Trustees as a cost-effective alternative to Employers and Management Committees.
Umbrella Fund arrangements are structured solutions for small to medium funds that allow many unrelated employers to participate in one overall legal retirement fund structure, while at the same time defining their own terms of participation and risk benefits. This provides a professionally managed and cost effective alternative for clients who do not want the fiduciary responsibility that comes with the management of a private fund, or who lack the knowledge or time to effectively apply themselves as a Trustee of a fund.
The main differences between private and umbrella funds can be summarised as follows:
|Private Funds||Umbrella Funds|
It is possible to convert existing private funds to umbrella funds. If you would like to consider this option, please contact us for a full market survey comparing costs and benefits.
For more information on our umbrella funds, contact a member of our team.