Sentinel Retirement Fund at a glance

Key highlights

Contributions

R2 757 million
Annual contributions by 39 767 members

Leadership review

Joint review by the Chairman of the Board and the Chief Executive Officer

FJ Visser Chief Executive Officer

Leadership review

Chief Financial Officer’s report

Membership highlights

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Contributory members per participating employer 2016 %
Average age of contributory members 2016 %


Average monthly member pension paid (Rand)

Membership benefits

  2016   2015   2014   2013   2012
Number of pensions paid at 30 June 36 853   37 897   38 092   22 997   23 033
Total number of deaths/terminations 2 321   1 843   1 158   1 181   1 271
Members 316   248   151   149   215
Pensions 2 005   1 595   1 007   1 032   1 056
Number of retirement benefits 624   680   687   364   347
Number of disability benefits 188   194   205   75   94
Number of withdrawal benefits 4 809   4 843   4 674   3 299   3 364
Average commuted amount (R) 584 716   446 231   387 315   334 396   314 342
Average monthly member pension paid (R) 10 486   9 645   8 840   8 379   7 915
Total annual pensioner payments (Rm) 3 921   3 799   3 483   2 106   2 005

Membership and contribution statistics

2016   2015   2014   2013   2012
Membership at 1 July 43 256   45 990   34 707   35 141   35 246
Contributory membership at 1 July 38 655   40 777   31 108   30 458   30 691
Non-contributory membership at 1 July* 4 601   5 213   3 599   4 683   4 555
Entrants 7 832   9 915   20 574   6 608   6 886
Exits 9 975   12 649   9 291   7 042   6 991
Membership at 30 June 41 113   43 256   45 990   34 707   35 141
Contributory membership at 30 June 37 474   38 655   40 777   31 108   30 458
Non-contributory membership at 30 June* 3 639   4 601   5 213   3 599   4 683
Average monthly contribution (incl transfers during the year) (Rm) 237   241   226   187   154
Active members** 38 820   40 863   43 792   33 485   33 744
Deferred members 2 293   2 393   2 198   1 222   1 397
Unclaimed benefits 6 951   7 547   8 092   5 330   4 720
Pensioners 19 644   19 878   20 100   13 919   14 156
Beneficiaries 15 000   14 914   14 723   8 303   8 111

*Includes interim members.

**Contributing and interim members.

Investment spread

Sentinel actively pursues growth through world-class investment management and the provision of modern flexible benefits underpinned by best of breed systems and specialist skills


Sentinel’s four capitals

An integrated report is compiled primarily to explain how an organisation creates value over time, through various ‘capitals’ that include the traditional financial capital always reported on.

These capitals represent stores of value that can be built up, transformed or run down over time in the production of goods or services. Their availability, quality and affordability can affect the long-term viability of an organisation’s business model and its ability to create value.

The IIRC reporting framework identifies six capitals, which are listed as:

  • financial
  • intellectual
  • social and relationship
  • manufactured
  • human
  • natural.

These six capitals are not equally relevant or applicable to all organisations. While most organisations interact with each capital to some extent, these interactions might be relatively minor, or so indirect that they needn’t be discussed in the integrated report.

Sentinel considered the uses or effects of all six capitals when preparing this integrated report. Given the nature of Sentinel’s operations, only four of the six capitals are of sufficient impact to be reported. The four capitals reported on are the financial, intellectual, human, social and relationship capitals, while the manufactured and natural capitals are set aside. Sentinel’s exposure to these two capitals is so limited that reporting on these areas is not material.

Performance

Sentinel sets out specific key performance indicators (KPIs) for each of the capitals for which we measure progress against objectives. Shortfalls against objectives may be an early indicator of potential problems to be addressed.