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Employee Handbook Update 2018

GTC UMBRELLA PROVIDENT

GTC UMBRELLA PROVIDENT FUND LOOKING OUT FOR YOUR FUTURE The fund is governed and administered according to the provisions of the Pension Fund Act, 1956, and the Income Tax Act, 1982. It is managed by a Board of Trustees of whom 50% are independent and the balance appointed by GTC. The administration is done by administrators appointed by the Trustees. The participation of ADvTECH Limited in the fund is managed by a Board of Management consisting of 7 members. Of these, 4 are elected by the employees of ADvTECH who are members of the fund and 3 are appointed by ADvTECH. All permanent employees of The IIE’s Varsity College are required to become members of the Provident Fund. You can however, choose whether you want to contribute 6.8%, 9.5% or 12.75% of your pensionable salary. You are given the option to change your contribution rate to any of the other available contribution rates on the 1st of July each year. The contribution is tax efficient meaning that your income will be reduced by this amount before tax is calculated and deducted. Members of the fund are allowed to contribute additional voluntary contributions (AVC) to the fund, in a tax efficient manner, up to a maximum contribution of 27.5% of taxable income (this limit includes the compulsory contributions and is subject to an overall maximum of R350,000 per annum). When you decide to add AVC you need to commit to do it for the year until you have a choice again, effective 1 July the following year. Once a year, effective 1 July, members will have the option to amend their additional voluntary contributions. When this annual option date comes around you may increase, decrease or terminate your AVC. The AVC must be a monthly rand amount with a minimum of R100 or any figure in multiples of R100, payable via payroll. It is advisable to consult with a qualified financial advisor to assist you with the calculation of your maximum allowable AVC. Certain costs, such as admin, consulting, death and disability etc., are included in and deducted from the monthly contribution amounts. Upon withdrawal, members get what they have contributed less the deductions mentioned, plus investment return (please bear in mind that investment returns are market related, although positive over the medium to long term, there could be negative periods as well). Built into the associated risk benefits of this fund is the Death Benefit (including a Global Education Protector Benefit), Disability Income Protection, Critical Illness Benefit and Funeral Assistance Benefit. Please note that all group risk benefits cease when service terminates. Group Life Benefit Upon the death of a member an insured benefit equal to a multiple of 4 times annual pensionable salary plus fund credit are payable to the member’s beneficiaries. The benefit is subject to tax. It is very important to complete a nomination of beneficiary form to assist the Trustees to distribute the benefit in terms of Section 37C of the Pension Funds Act. The Global Education Protector Benefit Upon the death of a member, an additional benefit is payable over and above the insured death benefit in respect of the education costs of the children of the deceased member. Education is one of the most important and expensive monthly costs for most families. Discovery realises this and has developed the Global Education Protector Benefit to assist. This benefit is designed to fund the education of children in the event of the death of a member. Certain terms and conditions and rand limits will apply as set out from time to time. A comprehensive explanation document is available on the GTC website. Severe Illness Benefit (also known as Dread Disease or Critical Illness Benefit) The benefit is equal to one times annual pensionable salary subject to a maximum benefit of R800 000 for severe conditions. A tax-free lump sum amount will be paid to you if you are diagnosed with one of the illnesses defined in the insurer’s policy

GTC UMBRELLA PROVIDENT FUND document. A benefit paid under this policy will not affect the member’s Life Cover Benefit. Severity levels apply to this benefit and benefit payments could range from 5% up to 100% of the insured amount. Fringe benefits tax is payable on the premiums. This benefit covers a range of medical conditions from life changing events to terminal illness (please refer to the document on the GTC website). Pre-existing conditions may be excluded from the policy during the 12 months of membership. There is also cover for children who are younger than 18. The cover is for the same illnesses that the member is covered for as well as specific illnesses affecting children. The cover for a child is a maximum of 10% of the member’s cover. The automatic cover for each child in the family is at no additional premium and is free of underwriting. The benefit is subject to the Insurer’s standard terms and conditions. Disability Income Benefit In the event of your disability prior to retirement, a monthly benefit based on 75% of your pensionable salary would be payable, after a three (3) month waiting period; subject to an overall maximum of R215 000 per month inclusive of the Waiver Benefit. The insurer reserves the right to reduce the benefit to ensure it does not exceed predisability after tax income. If you have an individual policy providing a similar benefit then you must please enquire with your personal financial advisor about aggregation of benefits. In addition to the benefits described above, the insurer will also pay the medical aid contribution for the first 12 months of the disability. The employee must be the Principal medical aid member to qualify for this. Members of Discovery Health will have the entire medical aid contribution covered. Contributions to other medical aids will be subject to the maximums listed below: Member – R3,355 per month Spouse – R2,525 per month Children – R1,360 per month This disability benefit would only become payable if you have been accepted as disabled by the Insurer in terms of their standard terms and conditions. Once in payment your benefit will increase annually by the lesser of the official rate of inflation and 5%. Your membership of the fund would continue. Subject to the Insurer’s approval, the benefit may continue to be paid until the earlier of recovery, death or reaching your normal retirement age. Over and above the standard benefit of 75% of pensionable salary, the insurer will pay a contribution on your behalf towards the provident fund as long as you receive a disability benefit payment. This contribution aims to replace the employer contribution rate selected by you and will not include any AVC. The disability benefits are subject to the Insurer’s standard terms and conditions. In particular it must be noted that for new members a pre-existing condition exclusion could apply for the first twelve months of membership. Funeral Assistance Benefit In the event of death in your immediate family, a lump sum as per the following scale will be paid to cover the funeral costs: Member – R18,000 Spouse – R18,000 Children (14-21) – R18,000 Children (6-13) – R9,000 Children (1-5) – R4,500 Stillborn to 11 months – R2,250 Please note that the entire benefit ceases when the member reaches age 65. The benefit will cease for the non-member spouse when he/ she reaches age 65 even if the member is still working and younger than 65. Vitality Employees who are members of Vitality enjoy potentially significant additional benefits. Some of these affecting the group risk benefits are outlined below. Private School Upgrade Benefit This is applicable to Vitality members with at least bronze status. On the death of the employee, the Private School Upgrade Benefit allows a child in a public school to upgrade to a private school.

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