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Important Information

This website is intended for qualified financial advisers who have clients residing outside the United States. The information on this site should not be relied upon by private investors or third parties and is not intended for citizens or residents of the United States or Bermuda. The availability of this site and information on and other investment options does not constitute an offer or solicitation to anyone. By using this site, you agree to our Terms of Use. Multiple language translations of this site may be provided. However, the English language version, in all instances, shall be controlling.

The information provided herein does not constitute investment advice and is not intended as an offer or solicitation to the reader. The products or services described or referenced herein may not be suitable or appropriate for every investor. There is no guarantee of capital or performance. Investors may lose money, including a possible loss of capital. Many of the products and services described or referenced herein involve significant risks and no decision should be made or transaction entered into unless all such risks are fully understood and it has been independently determined that such decisions or transactions are appropriate for the investor. Any discussion of risks contained herein with respect to any product or service should not be considered a disclosure of all risks or a complete discussion of the risks involved. The reader should not construe any of the material contained herein as investment, hedging, trading, legal, regulatory, tax, accounting or other advice. The reader should not act on any information in this site without consulting its investment, hedging, trading, legal, regulatory, tax, accounting and other advisers.

South Africa: Where applicable, the funds and portfolios are approved under Section 65 of the Collective Investment Schemes Control Act 45, 2002 (CISCA). Sanlam Collective Investments (RF) (Pty) Ltd is the South African Representative Office.

Switzerland: The representative in Switzerland is ARM Swiss Representatives SA, Route de Cité-Ouest 2, 1196 Gland, Switzerland. The paying agent in Switzerland is Neue Helvetische Bank AG, Seefeldstrasse 215, CH-8008, Zurich, Switzerland. The Prospectus, the Articles of Association and [annual and semi-annual report, if any] [annual financial statements] can be obtained free of charge from the representative in Switzerland. The place of performance and jurisdiction is the registered office of the representative in Switzerland with regards to the Shares distributed in and from Switzerland.

United States: Where applicable, the funds, portfolios and products are not available in the United States or to citizens or residents of the United States.

A U.S. Person is (a) any individual who is a citizen of the U.S, (b) any individual who is a resident of the U.S. for U.S. income tax purposes, (c) a corporation, partnership or other entity created or organized under the laws of the U.S. or any of the States or having its principal place of business in the U.S., (d) a U.S. estate or U.S. trust, the income of which is subject to U.S. federal income tax, (e) any U.S. corporation, U.S. partnership, U.S. trust, U.S. estate or other entity that is organized principally for passive investment and in which one or more individuals or entities described above hold units of participation representing in the aggregate 10% or more of the beneficial interests in the entity, (f) a pension plan for the employees, officers or principals of an entity created, organized or existing in or under the laws of the U.S. or which has its principal place of business within the U.S., (g) any trust, if a court in the U.S. is able to exercise primary supervision over the administration of the trust, (h) any trust, if one or more U.S. persons has the authority to control all substantial decisions of the trust, or (i) any other person or entity who is treated as a U.S. person under Section 7701(a)(30) of the U.S. Internal Revenue Code.

Bermuda: Where applicable, the products are not available in the Bermuda or to citizens or residents of Bermuda.

A Bermudian Person is any (a) individual who (i) is ordinarily resident in Bermuda, (ii) has Bermuda status under Bermuda law, or (iii) is employed in Bermuda, (b) company incorporated in Bermuda which is not an exempted company (i.e. a “local company”), (c) any partnership formed in Bermuda, or (d) trustee of a trust which has been established or made by a person who is resident in Bermuda and the trust fund is held for residents of Bermuda.

Ai Investment Engine: An investment engine built to predict and pro-actively adapt to changing markets.

Annualised Total Returns: Annualised return is the weighted average compound growth rate over the period measured.

Annualised Return: This is the weighted average compound growth rate over the period measured.

Asset Allocation: This is how money invested is divided among different asset classes and investment types, such as stocks, bonds, real estate, commodities, alternatives, and cash.

Average Volatility: Measures how much a fund´s total returns have fluctuated in the past, the more a fund´s return fluctuates, the riskier the fund is likely to be.

Capital Growth: Capital growth is the profit made on an investment, measured by the increase in its market value over the invested amount or cost price. It is also called capital appreciation.

Collective Investment Scheme (CIS): Collective investment schemes (also called unit trusts) are portfolios of assets such as equities, bonds, cash and listed property, in which investors can buy units. They allow private investors to pool their money together into a single fund, thus spreading their risk across a range of investments, getting the benefit of professional fund management, and reducing their costs.

Correlation: This value reflects the correlation between the returns of two instruments, the Fund's return compared to the calculation benchmark's return. A value of 1 indicates a perfect positive dependency and –1 indicates a perfect negative dependency between the two instruments.

Cumulative Return: This is the aggregate return of the portfolio for a specific period.

Derivatives: Derivatives are instruments generally used as an instrument to protect against risk (capital losses). Examples are futures, options and swaps.

Equities: An equity or share represents an institution/individual’s ownership in a listed company and is the vehicle through which they can “share” in the profits made by that company. As the company grows, and the expectation of improved profits increases, the market price of the share will increase, and this translates into a capital gain for the shareholder. Similarly, negative sentiment about the company will result in the share price falling. Shares/equities are usually considered to have the potential for the highest return of all the investment classes, but with a higher level of risk i.e. share investments have the most volatile returns over the short term. An investment in this type of asset should be viewed with a 7 to 10-year horizon.

Maximum Drawdown: A portfolio’s maximum loss in a peak-to-trough decline before a new peak is attained. Max Drawdown It is usually quoted as the percentage between the peak and the trough. It is an indicator of downside risk over a specified time period.

Maximum Drawdown Period: The number of periods (months) in a peak to trough (valley) decline that encompass the maximum drawdown for an investment.

Maximum Drawdown Recovery Period: The number of periods (months) of the trough (valley) to peak incline that encompass the maximum drawdown recovery for an investment.

Multi-asset Class Funds: Multi-asset class funds invest in a combination of asset classes (such as cash equities, property or bonds). This increases the diversification of an overall portfolio and reduces risk (volatility) compared to holding one class of assets only.

Passive Investment Vehicle (e.g. index tracker): A style of investing where a fund’s portfolio mirrors or replicates a particular market index by investing in all of the underlying funds within that index. Passive investing is the opposite of active investing in which a fund’s manager attempts to beat the market with various investing strategies. Also known as “passive investing” or “index investing.”

Return/Volatility: Indicates the amount of return an investment produces per unit of risk. When comparing this measure between two investments, the one with the higher ratio is generally superior from a return and risk perspective.

Standard Deviation: This statistical measurement of dispersion about an average, depicts how widely a mutual fund's returns varied over a certain period of time. When a fund has a high standard deviation, the predicted range of performance is wide, implying greater volatility.

Sharpe Ratio: The Sharpe ratio is a risk-adjusted measure that calculates the mean of a fund’s returns over that of the risk-free rate. The higher the Sharpe Ratio, the better a fund’s historical risk-adjusted performance.

Sortino Ratio: The Sortino ratio measures the risk-adjusted return of an investment asset, portfolio, or strategy. The Sortino Ratio is similar to the Sharpe Ratio, but unlike the Sharpe Ratio, the Sortino Ratio differentiates harmful volatility from total overall volatility by using downside risk.

Total Expense Ratio (TER): This is the total costs associated with managing and operating an investment (excluding administration, financial planning and servicing fees). These costs consist primarily of management fees and additional expenses such as trading fees, legal fees, auditor fees and other operational expenses. The total cost of the fund is divided by the fund’s total assets under management to arrive at a percentage amount, which represents the TER.

Financial Account: A Financial Account is an account maintained by a Financial Institution and includes: Depository Accounts; Custodial Accounts; Equity and debt interest in certain Investment Entities; Cash Value Insurance Contracts and Annuity Contracts.

Plan holder: The term ‘Plan holder’ means the person listed or identified as the holder of a Financial Account. In the case of a parent/child relationship where the parent is acting as a legal guardian, the child is regarded as the Plan holder. With respect to a jointly held account, each joint holder is treated as a Plan holder.

Resident Country Taxpayer Identification Number (Resident Country TIN): A Taxpayer Identification Number or a Resident Country(ies) functional equivalent in the absence of a Resident Country(ies) TIN. A TIN is a unique combination of letters or numbers assigned by a jurisdiction to an individual or an Entity and used to identify the individual or Entity for the purposes of administering the tax laws of such jurisdiction. Some jurisdictions do not issue a TIN. However, these jurisdictions often utilise some other high integrity number with an equivalent level of identification (a ‘functional equivalent’). Examples of that type of number include, for individuals, a social security/insurance number, citizen/personal identification/service code/number, and resident registration number.

Active Non-Financial Entity (NFE): Any NFE (being an entity that is not a Financial Institution (FI)) that meets any of the following criteria:

  • i. Less than 50 percent of the NFE’s gross income for the preceding calendar year or other appropriate reporting period is passive income and less than 50 percent of the assets held by the NFE during the preceding calendar year or other appropriate reporting period are assets that produce or are held for the production of passive income;
  • ii. The stock of the NFE is regularly traded on an established securities market or the NFE is a Related Entity of an Entity the stock of which is traded on an established securities market;
  • iii. The NFE is a Governmental Entity, an International Organisation, a Central Bank, or an Entity wholly owned by one or more of the foregoing;
  • iv. Substantially all of the activities of the NFE consist of holding (in whole or in part) the outstanding stock of, or providing financing and services to, one or more subsidiaries that engage in trades or businesses other than the business of a Financial Institution, except that an entity does not qualify for this status if the Entity functions (or holds itself out) as an investment fund, such as a private equity fund, venture capital fund, leveraged buyout fund or any investment vehicle whose purpose is to acquire or fund companies and then hold interests in those companies as capital assets for investment purposes;
  • v. The NFE is not yet operating a business and has no prior operating history, but is investing capital into assets with the intent to operate a business other than that of a Financial Institution; provided, that the NFE does not qualify for this exception after the date that is 24 months after the date of the initial organisation of the NFE;
  • vi. The NFE was not a Financial Institution in the past five years, and is in the process of liquidating its assets or is reorganising with the intent to continue or recommence operations in a business other than that of a Financial Institution;
  • vii. The NFE primarily engages in financing and hedging transactions with or for Related Entities that are not Financial Institutions, and does not provide financing or hedging services to any Entity that is not a Related Entity, provided that the group of any such Related Entities is primarily engaged in a business other than that of a Financial Institution; or
  • viii. The NFE meets all of the following requirements:
    • a. It is established and operated in its jurisdiction of residence exclusively for religious, charitable, scientific, artistic, cultural, athletic, or educational purposes; or it is established and operated in its jurisdiction of residence and it is a professional organisation, business league, chamber of commerce, labour organisation, agricultural or horticultural organisation, civic league or an organisation operated exclusively for the promotion of social welfare;
    • b. It is exempt from income tax in its jurisdiction of residence;
    • c. It has no shareholders or members who have a proprietary or beneficial interest in its income or assets;
    • d. The applicable laws of the NFE’s jurisdiction of residence or the NFE’s formation documents do not permit any income or assets of the NFE to be distributed to, or applied for the benefit of, a private person or non-charitable entity other than pursuant to the conduct of the NFE’s charitable activities, or as payment of reasonable compensation for services rendered, or as payment representing the fair market value of property which the entity has purchased; and
    • e. The applicable laws of the NFE’s jurisdiction of residence or the NFE’s formation documents require that, upon the NFE’s liquidation or dissolution, all of its assets be distributed to a Governmental Entity or other non-profit organisation, or escheat to the government of the NFE’s jurisdiction of residence or any political subdivision thereof.

Central Bank: An institution that is by law or government sanction the principal authority, other than the government of the jurisdiction itself, issuing instruments intended to circulate as currency. Such an institution may include an instrumentality that is separate from the government of the jurisdiction, whether or not owned in whole or in part by the jurisdiction.

Controlling Person: The natural persons who exercise control over an Entity. Generally, the person who has control over the Entity is the one who has a controlling ownership interest. Typically, this means they own 25% or more of the Entity. Where no person has control of the Entity through ownership interests, the Controlling Person will be the person who holds the position of senior managing official. In the case of a trust, such term means the settlor(s), the trustee(s), the protector(s) (if any), the beneficiary(ies), or class(es) of beneficiaries, and any other natural person(s) exercising ultimate effective control over the trust, and in the case of a legal arrangement other than a trust, such term means persons in equivalent or similar positions. The term ‘Controlling Person’ shall be interpreted in a manner consistent with the Recommendations of the Financial Action Task Force.

Custodial Institution: Any Entity that holds, as a substantial portion of its business, financial assets for the account of others. An Entity holds financial assets for the account of others as a substantial portion of its business if the Entity’s gross income attributable to the holding of financial assets and related financial services equals or exceeds 20 percent of the Entity’s gross income during the shorter of: (i) the three-year period that ends on 31 December (or the final day of a non-calendar year accounting period) prior to the year in which the determination is being made; or (ii) the period during which the Entity has been in existence.

Depository Institution: Any Entity that accepts deposits in the ordinary course of a banking or similar business. Entity: A legal person or a legal arrangement, such as a corporation, organisation, partnership, trust or foundation.

Established Securities Market: An exchange that is officially recognised and supervised by a governmental authority in which the market is located and that has a meaningful annual value of shares traded on the exchange.

Financial Institution: Any of the following:

  • i. A Depository Institution
  • ii. A Custodial Institution
  • iii. An Investment Entity
  • iv. A Specified Insurance Company

Governmental Entity: The government of a jurisdiction, any political subdivision of a jurisdiction (which, for the avoidance of doubt, includes a state, province, county, or municipality), or any wholly owned agency or instrumentality of a jurisdiction or any one or more of the foregoing (each, ‘Governmental Entity’). This category is comprised of the integral parts, controlled entities, and political subdivisions of a jurisdiction.

  • i. An integral part of a jurisdiction means any person, organisation, agency, bureau, fund, instrumentality, or other body, however designated, that constitutes a jurisdiction, with no portion inuring to the benefit of any private person. An integral part does not include any individual who is a sovereign, official, or administrator acting in a private or personal capacity.
  • ii. A controlled entity means an Entity that is separate in Form from the jurisdiction or that otherwise constitutes a separate juridical entity, provided that:
    • a. The Entity is wholly owned and controlled by one or more Governmental Entities directly or through one or more controlled entities;
    • b. The Entity’s net earnings are credited to its own account or to the accounts of one or more Governmental Entities, with no portion of its income inuring to the benefit of any private person; and
    • c. The Entity’s assets vest in one or more Governmental Entities upon dissolution.
  • iii. Income does not inure to the benefit of private persons if such persons are the intended beneficiaries of a governmental program, and the program activities are performed for the general public with respect to the common welfare or relate to the administration of some phase of government. Notwithstanding the foregoing; however, income is considered to inure to the benefit of private persons if the income is derived from the use of a governmental entity to conduct a commercial.

International Organisation: Any international organisation or wholly owned agency or instrumentality thereof. This category includes any intergovernmental organisation (including a supranational organisation) (1) that is comprised primarily of governments; (2) that has in effect a headquarters or substantially similar agreement with the jurisdiction; and (3) the income of which does not inure to the benefit of private persons.

Investment Entity: Any entity will be treated as an Investment Entity if it meets the conditions below:

  • i. Entity that primarily conducts as a business (or is managed by an Entity that conducts as a business) one or more of the following activities or operations for or on behalf of a customer:
    • a. trading in money market instruments (cheques, bills, certificates of deposit, derivatives, etc.); foreign exchange; exchange, interest rate and index instruments; transferable securities; or commodity futures trading;
    • b. individual and collective portfolio management; or
    • c. otherwise investing, administering, or managing funds or money on behalf of other persons; or
  • ii. Satisfies the Financial Asset Test (FAT). If 50 percent or more of the Entity’s gross income is attributable to the activities mentioned above during the shorter of:
    • a. The three-year period ending on 31 December of the year preceding the year in which the determination is made; or
    • b. The period during which the entity has been in existence.

The second type of ‘Investment Entity’ (‘Investment Entity managed by another FI’) is any entity the gross income of which is primarily attributable to investing, reinvesting, or trading in Financial Assets where the Entity is managed by another Entity that is a Depository Institution, a Custodial Institution, a Specified Insurance Company, or the first type of Investment Entity.

Participating Jurisdiction: A jurisdiction –

  • i. with which an agreement is in place pursuant to which it will provide the specified information under CRS, and
  • ii. which is identified in a published list.

Passive NFE: Any NFE (being an entity that is not a FI) that is not an Active NFE. (Note: Similar treatment will be applied to an Investment Entity located in a Non-Participating Jurisdiction and managed by another Financial Institution).

Related Entity: An Entity is regarded as being related to another Entity if:

  • i. One controls the other; or
  • ii. The two Entities are under common control.

Control means: Direct or indirect ownership of more than 50 percent of the vote and value in an Entity.

Reportable Account: An account that, pursuant to due diligence procedures consistent with CRS, has been identified as an account that is held by one or more persons that are Reportable Persons or by a Passive NFE with one or more Controlling Persons that are Reportable Persons with respect to another Jurisdiction.

Reportable Person: A Reportable Jurisdiction Person other than:

  • i. a corporation the stock of which is regularly traded on one or more Established Securities Markets;
  • ii. any corporation that is a Related Entity of a corporation described in clause (i);
  • iii. a Governmental Entity;
  • iv. an International Organisation;
  • v. a Central Bank; or
  • vi. a Financial Institution.

Reportable Jurisdiction Person: An individual or Entity that is resident in a Reportable Jurisdiction under the tax laws of such jurisdiction, or an estate of a decedent that was a resident of a Reportable Jurisdiction. For this purpose, an Entity such as a partnership, limited liability partnership or similar legal arrangement that has no residence for tax purposes shall be treated as resident in the jurisdiction in which its place of effective management is situated.

Reportable Jurisdiction: A jurisdiction –

  • i. with which an agreement is in place pursuant to which there is an obligation in place to provide the specified information under CRS;
  • ii. which is identified in a published list.

Specified Insurance Company: Any Entity that is an insurance company (or the holding company of an insurance company) that issues, or is obligated to make payments with respect to, a Cash Value Insurance Contract or an Annuity Contract.

Resident Country(ies) Taxpayer Identification Number (TIN): Taxpayer Identification Number or a resident country’s functional equivalent in the absence of a Resident Country(ies) TIN. A Resident Country(ies) TIN is a unique combination of letters or numbers assigned by a jurisdiction to an individual or an Entity and used to identify the individual or Entity for the purposes of administering the tax laws of such jurisdiction.

Further details of acceptable Resident Country(ies) TINs can be found at: http://www.oecd.org/tax/automatic-exchange/tinsandtaxresidency. Some jurisdictions do not issue a TIN. However, these jurisdictions often utilise some other high integrity number with an equivalent level of identification (a ‘functional equivalent’). Examples of that type of number include, for individuals, a social security/insurance number, citizen/ personal identification/service code/number, and resident registration number.

General Declarations

  1. Under the Segregated Accounts Companies Act 2000 (as amended) (“SAC Act”), investments will be held in the name of an account (the “Segregated Account”) linked to the Plan holder by Sanlam Global, a wholly owned subsidiary of Sanlam, incorporated under the laws of Bermuda, and registered under the SAC Act (refer to the Plan Terms and Conditions for the details).
  2. Investments, deposits, contributions, investment income and other funds received and/or attributable to the funding of the Plan shall be allocated and linked to the Segregated Account.
  3. The Segregated Account is separate, distinct and identifiable from the other segregated accounts of Sanlam Global and the general account of Sanlam Global and the assets of the Segregated Account are not chargeable with liabilities arising out of any other segregated accounts or the general account of Sanlam Global.
  4. On the Plan inception date, the money linked to the Plan holder’s Segregated Account will be placed in a sub-trust. The Segregated Account will be the sole beneficiary of the sub-trust, unless another is named by it. The sub-trust will allocate the money among the Investment Options selected by the Segregated Account pursuant to the instructions of the Plan holder.
  5. Money will be withdrawn from the sub-trust for the purposes set out herein, including the payment of all fees contemplated herein.
  6. Funds and financial instruments are held by the sub-trust and the Plan holder will have no direct holdings or be able to exercise any rights of a shareholder in the Funds or the financial instruments.
  7. The Plan Terms and Conditions, the Application and the Investment Options Booklet shall constitute the entire investment Plan and such Plan shall be governed by and construed in accordance with the laws of Bermuda, including, without limitation, the SAC Act. All disputes regarding this Plan shall be subject to the exclusive jurisdiction of the courts of Bermuda.
  8. The Investment Options, Funds and financial instruments used in any investment strategy are subject to market risks. No representation, guarantee or warranty is made by Sanlam Global to the performance or investment returns of the Investment Options, Funds, financial instruments or investment strategies selected by the Plan holder. There is no assurance or guarantee of capital or performance, and the Plan holder may lose money, including loss of capital.
  9. The value of investments in foreign currency may fluctuate materially due to changes in exchange rates.

Investment Options Declarations

  1. Annual fees will be recovered proportionally across any available daily priced Funds, unless otherwise specified.
  2. The Plan holder must invest and maintain an investment amount equal to 5% of the total value under this Plan in a reserve Fund of the same denomination as the investment currency, from which fees can be deducted, unless an adequate value of Funds are daily priced.
  3. If an instruction by the Plan holder entails the conversion of one currency to another currency, the Plan holder will bear the risk of any exchange rate movements between the time of the instruction and the time of the relevant conversion transaction.
  4. The Plan value will be based solely on the value of all the underlying Investment Options selected by the Plan holder from time to time, and all proceeds from the disposal of Funds within the Investment Options, and otherwise, are payable in Bermuda in the chosen investment currency.
  5. The Funds are administered subject to the terms and conditions stipulated by the investment managers of the respective Funds. All issues of Funds and any subsequent dealings will be on the terms and conditions of such investment manager’s then current prospectus/current scheme particulars and principal/constitutional documents. Prospectuses are available on request. Neither Sanlam Global nor any of the segregated accounts nor the general account of Sanlam Global, will be liable for any loss suffered by the Plan holder as a result of any time calculation standards, practices and procedures of these persons or their delay of liquidations or refusal to allow liquidations at a specific date or price.
  6. Income distribution by a Fund, if any, shall be applied for the purchase of additional participation rights in the Fund, if feasible.
  7. Sanlam Global is entitled to exclude any Fund from new investments and to divert all investment instructions in respect of a Fund that is excluded from new business to a reserve Fund (nominated by Sanlam Global) of the same denomination as the Fund being excluded.
  8. Sanlam Global is entitled to remove a Fund from the list of Funds at any time. Should a Fund be so removed, Sanlam Global will be entitled to switch all investments in such Fund to a reserve Fund (nominated by Sanlam Global) of the same currency denomination as the Fund being removed.
  9. The Plan holder specifically requests that information which parties providing the Funds must disclose in terms of any law (e.g. financial statements), not be provided to the Plan holder unless otherwise requested in writing.
  10. The Plan holder will accept the website as carrier of notices to be given in terms of this Plan.
  11. In order to comply with applicable laws and regulations regarding market timing, late trading or any other activity which may be considered excessive short-term trading, Sanlam Global may, from time to time, be required to respond to requests from regulators and fund companies for any relevant account information, including, but not limited to, information on the Plan holder in order to comply with such laws or regulations.
  12. As a part of anti-money laundering legislation, the Plan holder will on demand provide all verification documents and information requested by Sanlam Global in order for Sanlam Global to comply with all applicable laws and regulations.
  13. Investment amounts will be allocated to the Funds only after receipt of all verification documentation and information.
  14. Funds wired to a bank account will not be refunded prior to completion of the verification process as required by anti-money laundering legislation.
  15. Management of the Investment Options will occur as described in the Plan Terms and Conditions.
  16. The Plan holder may dispose (a “withdrawal”) of his or her participation rights in Funds within the Investment Options. Such withdrawal will be processed in accordance with the terms and conditions stipulated in each Fund’s then current prospectus. Where withdrawal restrictions are applied by a Fund, payment of a withdrawal will be deferred until Fund proceeds are received from the fund manager.
  17. Sanlam Global is entitled not to process any requests for changes between Funds (“switches”) or withdrawals from the Funds until the appropriate instruction from the Plan holder has been given to all persons concerned. The Funds are in many instances subject to withdrawal limitations and minimum values for switches.
  18. Trades and withdrawals from Funds in the Investment Options are processed on the Fund’s trade date, which may be daily, weekly or monthly. The Plan holder should refer to each Fund’s prospectus for details.
  19. Should any transaction be in progress (e.g. switches, new business, withdrawals, cost recoveries, etc.) any investment instruction or request will pend until the existing transaction in progress has been completed. This may lead to a delay in the purchasing or withdrawal of Funds.
  20. The choice of Plan and underlying investment options has been made independently by the Plan holders.

Plan Holder Declarations

  1. Each Plan holder acknowledges having reviewed the prospectus of each Fund selected, has received and understood an explanation of the various risks associated with each Fund and Investment Option and takes full responsibility for the Funds and Investment Options selected.
  2. Each Plan holder acknowledges that a minimum percentage of the original investment amount must remain in the Plan in order for the Plan to remain in force (as indicated in the Plan Terms and Conditions). Plans with values that fall below this minimum will be subject to termination and any redemption fees will apply.
  3. Each Plan holder acknowledges that any Model Portfolio selected will be managed at the sole discretion of the Model Portfolio Manager and that an additional fee for such Model Portfolio may be deducted from that investment.
  4. Each Plan holder acknowledges receiving and understanding the explanation of the applicable fees and charges associated with the Plan and the Investment Options selected.
  5. Each Plan holder authorizes Sanlam Global:
    • i. to act in accordance with the Plan holder’s instructions, or the instructions of any person authorized by the Plan holder in respect of this Plan, and to do all things necessary to give effect to any such instructions.
    • ii. to accept and act on any switch instruction given by a financial advisor who is authorized by the Plan holder, provided that Sanlam Global may refrain from accepting an instruction from a person that Sanlam Global regards as not being appropriately authorized and the Plan holder shall release Sanlam Global from any claim, liability or expense arising from any action it may take in reliance upon instructions given by the authorized financial advisor.
  6. With respect to the U.S. tax law called the Foreign Account Tax Compliance Act ("FATCA") and the OECD Standard for Automatic Exchange of Information ("AEOI"), each Plan holder agrees to supply any documentation or information that may be needed to ensure compliance and the Plan holder agrees that Sanlam Global, its delegates, its duly authorized agents, and any of its associated or affiliated companies, can supply any such documentation or information to the relevant taxing authorities to the extent required under FATCA and AEOI and its implementing regulations and applicable intergovernmental agreements.
  7. Each Plan holder provides consent to Sanlam Global, and its delegates, its duly authorized agents and any of its respective related, associated or affiliated companies, to hold, use, disclose and process the personal information provided with or in connection with this application for any one or more of the following purposes:
    • i. To manage and administer my investment through the Plan, including processing the personal information in connection with anti-money laundering checks on me.
    • ii. To communicate with me as necessary through my financial advisor named below in connection with my affairs and generally in connection with my investment through the Plan.
    • iii. To provide personal information to third parties, including financial advisers, regulatory bodies, auditors, technology providers or to the Sanlam Global and their delegates and their duly appointed agents and any of their respective related, associated or affiliated companies for the purposes specified above, as may be considered necessary in connection with my affairs and generally in connection with my investment through the Plan.
    • iv. For Sanlam Global’s internal administration.
    • v. To comply with legal and regulatory obligations applicable to Sanlam Global, including but not limited to, disclosure of information required by taxing authorities in the U.S., U.K., or any other jurisdictions with whom the government of Bermuda may have entered into an agreement (such as U.S. FATCA or AEOI).
    • vi. For other legitimate business interests of Sanlam Global.
  8. Each Plan holder acknowledges receiving, reading, and understanding the content of the following publications of Sanlam Global: the Investment Options Booklet, the Plan Brochure, the Plan Terms and Conditions and the Charges Sheet. Such publications of Sanlam Global are hereby incorporated by reference into this mandate.
  9. Each Plan holder understands that there is no assurance or guarantee of capital or performance and assumes the risks inherent in the Funds and Investment Options selected (including currency risks) knowing that the realization of those risks may cause financial loss (including capital loss).
  10. Each Plan holder warrants and represents that no Plan holder named herein is a “United States (“U.S.”) Person” or a “Bermudian Person”, and does not intend to sell or transfer the rights hereunder to such person(s), or is a resident of any country subject to U.S., Bermuda or U.N. sanctions.
    • i. A U.S. Person is (a) any individual who is a citizen of the U.S, (b) any individual who is a resident of the U.S. for U.S. income tax purposes, (c) a corporation, partnership or other entity created or organized under the laws of the U.S. or any of the States or having its principal place of business in the U.S., (d) a U.S. estate or U.S. trust, the income of which is subject to U.S. federal income tax, (e) any U.S. corporation, U.S. partnership, U.S. trust, U.S. estate or other entity that is organized principally for passive investment and in which one or more individuals or entities described above hold units of participation representing in the aggregate 10% or more of the beneficial interests in the entity, (f) a pension plan for the employees, officers or principals of an entity created, organized or existing in or under the laws of the U.S. or which has its principal place of business within the U.S., (g) any trust, if a court in the U.S. is able to exercise primary supervision over the administration of the trust, (h) any trust, if one or more U.S. persons has the authority to control all substantial decisions of the trust, or (i) any other person or entity who is treated as a U.S. person under Section 7701(a)(30) of the U.S. Internal Revenue Code.
    • ii. A Bermudian Person is any (a) individual who (i) is ordinarily resident in Bermuda, (ii) has Bermuda status under Bermuda law, or (iii) is employed in Bermuda, (b) company incorporated in Bermuda which is not an exempted company (i.e. a “local company”), (c) any partnership formed in Bermuda, or (d) trustee of a trust which has been established or made by a person who is resident in Bermuda and the trust fund is held for residents of Bermuda.
  11. If a corporate or trust Plan Holder is named herein, the authorized signatory of such Plan Holder warrants and represents that no U.S. Person is a substantial owner of such corporation or trust. (i.e., owns or holds, directly or indirectly, more than 10% of the stock or beneficial interest of such entity).
  12. Each Plan holder agrees to immediately notify Sanlam Global in writing should a Plan holder, or beneficial owner of a Plan holder, become a U.S. Person or Bermudian Person and acknowledges that Sanlam Global reserves the right to require the immediate termination of a Plan if a Plan holder subsequently becomes a U.S. Person or Bermudian Person.
  13. Each Plan holder represents that: no funds have been or will be contributed to the Plan that have been obtained from a U.S. Person or Bermudian Person.
    • no funds have been or will be contributed to the Plan that have been obtained from a U.S. Person or Bermudian Person.
    • no interest in the Plan is being acquired for or on behalf of a U.S. Person or Bermudian Person and no interest in the Plan will be transferred to a U.S. or Bermudian Person.
    • no solicitation to purchase a Plan took place while the Plan holder was present in the U.S.
    • the Plan is being acquired for investment purposes.
  14. Each Plan holder consents to the storage of personal information on any server, database or website maintained by, and restricted to authorized personnel of Sanlam Global or any service provider used by Sanlam Global, regardless of jurisdiction.
  15. Each Plan holder acknowledges that Sanlam Global will not be liable for any losses incurred as a result of any act or omission by a service provider in Bermuda, any delay or error with regard to currency conversion, the failure of any mechanical or electronic device or network, or any duty, levy, or tax of whatever nature imposed on the Plan holder.
  16. Each Plan holder warrants that all information provided in and pursuant to this application for a Plan is true and accurate in every respect, agrees that such information forms the basis for which investments are made through the Plan and acknowledges that any misrepresentation may lead to the closure of the Segregated Account, and/or the termination of the Plan.