Retirement Fund Administrations Services
NBC administers Defined Contribution, Defined Benefit and Hybrid Retirement Funds. In the case of Defined Contribution and Hybrid Retirement Funds, full individual member choice can be offered to those requiring it.
The company’s administration services range from maintaining accurate and comprehensive membership details and updating members’ remuneration and contributions monthly, to making benefit payments within agreed turnaround times, preparing and issuing member benefit statements.
Services include obtaining tax directives, treasury services and operation of the fund’s bank account, book-keeping services and maintaining of management accounts for the fund, preparation of fund cash flow statements, interfacing with the fund’s appointed auditors for preparation and submission of annual financial statements to fund trustees and the regulatory authorities in terms of prevailing legislation and regulations, paying all fund and member income tax and issuing tax certificates as well as overseeing the transfer of cash to asset managers chosen by fund trustees in terms of their chosen investment strategy.
State-of-the-art technology, administration and accounting systems are used to store and manage all fund data on a real-time basis.
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