You might belong to an umbrella fund and not even know it
SA retirement funds are consolidating rapidly with umbrella funds growing strongly at the expense of stand-alone retirement funds
You might be a member of an umbrella retirement fund and not even know it. You probably don’t realise there could be both advantages and disadvantages in being a member of one of these funds instead of one set up to invest the savings you, your colleagues and employer make.
An umbrella fund is a retirement fund which multiple and possibly unrelated employers may join as opposed to a single fund established for one employer only. Umbrella funds are set up by a large financial institution, usually a life assurer, or by a union or bargaining council. They are very different from what are known as standalone funds, which are set up by a single employer for its employees only.