Evolutionary Awards – InSite: Benefits Calculator
The Evolutionary Entries.
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Category: Evolution in improving member outcomes
Describe your evolution:
Our Benefits Calculator is a game-changing tool designed to simplify exit decisions. This innovative calculator shows what members can take in cash for each exit type—Retirement, Savings Pot Withdrawal, Death, and Retrenchment. It considers the Non-Vested and Vested Portions in the Vested Pot, the Retirement Pot, and the Savings Pot. The calculator breaks down taxable amounts, splits Savings Pot withdrawals (taxed at marginal rates for certain exit events), and calculates what will be paid to SARS. It even adjusts for increased marginal rates with withdrawals and allows members to modify their rates. This tool empowers informed decision-making with confidence!
Describe the impact your evolution has had in response to its identified challenges and targeted outcomes.
Members of retirement funds need a simple, accessible tool to help them understand the financial implications of various benefits events. Whether it’s retirement, savings pot withdrawals, death, or retrenchment, members deserve a clear picture of what happens to their funds in each scenario. This is why inSite Connect has developed the Benefits Calculator. Having an easy-to-use calculator is essential for empowering members to make informed decisions about their future.
It allows members to see exactly how much will go to SARS in taxes, breaking down the taxable portions for each benefit type.
Moreover, administrative fees often apply during Savings Pot withdrawals, and members need to see how these fees affect their final payout.
To enhance user experience, the calculator provides an explanation with each calculation, helping members understand exactly how the amounts were derived. By offering transparency and simplicity, the calculator demystifies complex financial details, allowing members to see how changes in their marginal rate or benefit type affect the final amounts.
The Benefits Calculator achieves this in an easy-to-understand way, offering a customised experience for each fund. It can be tailored to include specific administrative fees for savings pot withdrawals, ensuring members have an accurate, fund-specific tool at their disposal. With this simple yet powerful resource, retirement fund members can confidently plan their strategies, knowing exactly what they and their beneficiaries will receive.
