SNG ARGEN Umbrella Fund Survey 2021 & 2025
SNG ARGEN Umbrella Fund Survey
Welcome to the 2025 Umbrella Fund Survey. This survey covers the key dimensions of the South African commercial umbrella fund market, including fund scale, governance, administration, investment options, fee structures and their implications for member outcomes. The majority of the major players in the market participated, providing a broad and representative view of current market practices, trends and areas of differentiation.
The survey confirms that the shift from stand-alone retirement funds to commercial umbrella funds is continuing. All participating funds recorded growth since the previous survey, reflecting the appeal of scale, established governance structures and administrative efficiency. However, funds that appear similar at headline level can differ materially in their fee structures, investment choices, service models and governance arrangements. Meaningful comparison therefore
Cost remains an important driver of member outcomes, but there is no single “cheapest” or “best” fund for every employer. The survey shows that fee structures affect members differently depending on salary, accumulated savings and time to retirement, while qualitative factors such as trustee capability, independence,
administration quality, investment oversight and member support can be equally important. The strongest decision is therefore one based on the overall suitability of the arrangement for the employer and its members, supported by transparent information, disciplined governance and regular review.
We have prepared reports for 2021 and 2025, which provide further information and detailed insights into umbrella funds.
Explore How Fees Affect Your Retirement
Costs have a direct impact on a member’s expected retirement benefit and is probably the single most important factor influencing an employer’s decision when choosing an umbrella fund. This article covers important aspects to consider (i) when analysing and comparing fees, e.g. fee components, charging methods; (ii) the impact on individual members, etc., as well as (iii) an analysis of the RSC disclosure standard.
The comparison of funds’ RSC quotes presents interesting findings and highlights that fee comparisons should always be based on a like-for-like basis from umbrella fund providers, taking into account all relevant fee components.
Retirement Cost projection Calculator
This illustrative retirement calculator is designed to project an expected retirement outcome based on a specific set of circumstances (e.g. age, salary, retirement age, fee structure, etc.) and assumptions. This can be used to compare projected outcomes for a specific individual under different fee structures, or for different individuals under the same fee structure.
Retirement Cost Projection Calculator
Member profile
Projection assumptions
These assumptions apply to all scenarios.
Fee structure
Projected results
This calculator provides an estimate based on the assumptions entered. Actual outcomes may differ because of market performance, inflation, salary changes, fees and future contributions. It does not constitute financial advice.
Disclaimer: This Retirement Cost Projection Calculator is provided for illustrative and informational purposes only and does not constitute financial advice, investment advice, or a recommendation. The results are based solely on the assumptions and information entered by the user and should not be relied upon as a substitute for professional financial advice. Actual outcomes may differ due to changes in market conditions, fees, taxes, inflation, interest rates, and other factors. Users should consult a qualified financial adviser before making any financial decisions.