What are the 10X Default Regulation strategies?

There are three retirement-fund default regulations. We have outlined the regulatory requirements below, along with the details on how 10X has accommodated the changes to best suit our members.

Regulation 37: Default investment strategy

The requirement:

The Trustees must decide on an investment portfolio(s) in which contributions are invested automatically unless the member instructs us otherwise. The 10X Approach:

10X has always had a default investment strategy in place which we call the default glide path. The counselling document will be available on the 10X website. View the 10X Default Investment Strategy counselling document here.

Regulation 38: Default preservation strategy:

The requirement: Members become paid-up automatically when they leave their employer, until such time as we are notified of their withdrawal (or retirement). We must send them a paid-up certificate within two calendar months of leaving their employer. The 10X Approach:

When we are alerted to the fact that a member has not contributed for two months we will send them an email. This email will confirm that they have been made paid up and includes the members paid up certificate. This certificate will also be available on the member portal My10X.

View the 10X Default Preservation Strategy counselling document here.

Regulation 39: Default annuity strategy

The requirement: The Fund must have a strategy setting out what the Trustees propose are appropriate and suitable annuities for the members when they retire. The 10X Approach: The Trustees decided on three default annuities: the 10X Living Annuity, a Sanlam Inflation-linked annuity and an Old Mutual with-profit annuity. 10X currently emails members who are nearing retirement. A link to the Default Annuity Strategy counselling document has been added to the email that is sent 6 months before the member retires. View the Default Annuity Strategy counselling document here.