In the early seventies, the Association of Private Schools resolved to establish a group pensions and life assurance scheme for the purpose of providing benefits on retirement and ancillary benefits on death, disablement or resignation, for staff of private schools that elected to participate in the Scheme.

A Deed of Trust was entered into on 27 March 1974 and the Private Schools Pension Scheme commenced operation on 1 July 1974 when three schools elected to participate.  The Scheme is managed by a Board of Trustees.

The overall package of benefits are kept under close review by the Trustees and improved from time to time, in order to maintain the Scheme in a modern, relevant format.

During the course of 2000, the Rules of the Funds were amended to enlarge the Trustee Body to allow for Employee or Member Trustees, elected from the various regions of ISASA and also to allow for Pensioner representation on the Trustee Board. The Trustee Body now consists of 5 regional Member Trustees, including 1 Pensioner Trustee. The 5 Employer Trustees include SAHISA, SABISA, as well as ISASA appointed Members. The Chairman, Principal Officer and specialist are independent and are appointments from the industry.

The ISASA Pension and Provident Funds are administered by Old Mutual Employee Benefits.  The year 2004 marked their thirtieth year of administering our funds and a wealth of experience now guides the way in which they work for us.  There is a focused team employed on the Fund spread between Johannesburg, Durban and Cape Town.

The Old Mutual Administrators have continued to improve their service over the years and have steadily built up the expertise and data that is needed to manage this now large and widely spread and complex Fund. Communication with members is much improved and the occasional problems, which inevitably occur, are being effectively resolved.  Annual “roadshows” take place in the major centres and the schools are kept up-to-date with developments.  The Administrators, the Actuary, the Principal Officer and the Chairman now regularly attend the Bursars’ and Heads’ conferences.

With the number of members involved in defined contribution funds, it is crucial that they seek and are given sound and appropriate advice on investments of their accumulated credits before going on retirement. In conjunction with Old Mutual, the Trustees have put together a team of Old Mutual trained, controlled and disciplined consultants who are able to advise members on their needs in retirement and appropriate avenues for investment funds.

Members are welcome to compare advice from other financial advisors and brokers but should understand the difference in quoted values before taking decisions. Old Mutual are distributing the magazine “Rand and Sense” to all Fund members, with the aim to improve the knowledge of members regarding retirement funds and financial matters in general.

Should you wish to contact Old Mutual, please call Felicity Melville (011-217-1106), Lyndajane Hinton (011 217 1117) or Kim Henderson (031 250 4954).