What is the Legal Provident Fund?
Essentially the LPF is a retirement fund created by the legal profession for the legal profession. Law firms simply join the existing administration and management platform that provides all the components needed to provide retirement and risk benefits to their employees.
Who manages the Legal Provident Fund?
A Board of Trustees made up of respected attorneys, advocates and professionals.
Who may join the Legal Provident Fund?
Partners, directors and employees of law firms.
Employees of advocates and advocates’ groups.
What type of Fund is the LPF?
The LPF is a defined contribution provident fund. It operates using the concept of an umbrella fund.
Who is the Administrator?
In 2004, the Trustees contracted Alexander Forbes Financial Services (AF) to perform the day-to-day administration functions of the LPF.
What three benefits are offered?
1. Provident fund
2. Life cover
3. Disability cover
What are the membership conditions?
When an employer first elects to participate in the LPF, the existing employees and directors have the option of whether or not to join. Thereafter, for new employees and directors, membership is compulsory after 12 months of employment (or earlier as determined by the employer). Membership for partners is optional.