27four Investment Managers
7th October 2019
27four Payroll Savings
Enabling your workforce to save
Is there more that you can be doing as an employer to help your employees save towards their future financial security?
- Putting money away for a rainy day provides security for when times get tough. Many South Africans contribute to Stokvels which are not regulated and their contributions do not grow as they are not invested in the financial markets.
- Many employees find allocating money to discretionary savings incredibly difficult after receiving their pay checks.
- The employer can assist through a payroll savings scheme whereby a deduction is made for the employee prior to the salary being paid and is then invested (in the employee’s name) in an investment product.
- Help generate financial security and wellness for your employees leading to a more prosperous workforce.
Get started with as little as 10 employees
Keeping things simple and efficient
Frequently asked questions
What is it?
A mechanism through which an employer can assist employees with investment savings via a payroll deduction.
Where will the money be invested?
The money will be invested in a money market fund which is a low risk domestic portfolio that invests in high quality and diversified money market instruments.
What is the minimum investment?
Monthly savings deductions start from as little as R200 per month per employee.
Who owns the investment?
The investment is opened in the name of the employee and is portable on an employee’s exit from the employer.
Who is it for?
Payroll savings is aimed at employees who have traditionally been left out of the investment market due to high costs and high monthly minimum investment amounts.
What are the benefits?
No debit order, no advisor and no platform fees for the employee on collection of the monthly investment.
What is the cost?
The total cost is 0.40% per annum of the investment.
How to set up a 27four Payroll Savings scheme?
Simply contact our client services centre to initiate the process.
What are the FICA requirements?
For each employee wishing to join the scheme, the following documentation would be required along with confirmation of the monthly deduction to be made in respect of each employee:
- Copy of ID document
- Proof of residence not older than 3 months
- Proof of bank details not older than 3 months
What value added services are there?
- Access to 27four Online – a platform to access your investment account online and keep track of your investment journey with us.
- A dedicated client services centre. Call us toll-free on 0800 000 274 (weekdays from 08h00 – 17h00).
- Investment statements emailed or posted on a monthly basis.