Who is the administrator?
In 2004, the LPF Trustees contracted Alexander Forbes Financial Services to perform the day-to-day administration functions of the LPF. The LPF Trustees are satisfied with Alexander Forbes’ performance to date and have noted that AF has recently received prominent awards for its administration, system and controls. Alexander Forbes publishes many important informational documents including "Equity" which is aimed at members of retirement funds.

What is the provident fund administration fee?
Alexander Forbes charges an administration fee equal to a percentage of each members' Fund salary to administer the provident fund.  Contact zzLPF@aforbes.co.za for more details.

Services covered by fee
The administration fee covers the day-to-day administration and accounting functions performed by Alexander Forbes, for example: Providing one benefit statement and one investment statement to members per annum. Managing claims submitted to the insurers. Applying for tax directives and deducting and remitting income tax due. Full accounting functions up to preparing annual financial statements.

Fee charged by LPF
The LPF must pay other expenses such as investment manager fees, Financial Services Board (FSB) fees, trustee meeting expenses, promotional fees and audit fees. This fee is also a percentage of Fund salary per member. Contact zzLPF@aforbes.co.za for more details

This method, whereby the administration fee is calculated as a percentage of salary, is used by many other retirement funds. Experience has shown that this fee negotiated by the Trustees compares favourably with the fee charged by other administrators of similar umbrella funds.