Momentarily October 2012

contents

32 Momentum Health reaches 100 000 members 34 More Momentum Health benefits for 2013 18 Momentum heeds adviser feedback

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42 Momentum 94.7 Cycle Challenge

12 Multiplication through division 16 Olympians and financial planning

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20 Should your life policy pay to your estate 24 Basic emigration principles 31 The obligations of cohabiting partners 56 MSTI on the path to success

16 “I h av e g i v e n e v e ry t h i n g to b e h e r e,� wa s a co m m e n t ma d e by t h e o v e r w h e l m i n g ma j o r i t y o f O lym p i a n s .

B u t w h at e x ac t ly d o e s t h i s m e a n? I t m e a n s ma k i n g s ac r i f i c e s i n o r d e r to ac h i e v e yo u r g oa l s.

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contents

For island picnics in the middle of t h e Z a m b e zi, m y g r a n d m ot h e r w o u l d pac k h e r e n t i r e d i n n e r s e r v i c e, f u l l ta b l e c lot h s a n d l i n e n n a p k i n s. S o now we offer our guests something s i m i l a r: i s l a n d p i c n i c s w i t h ta b l e s, s i lv e r wa r e, f u l l b a r, P e r s i a n c a r p e t s, h a m m o c k s, t h e w o r k s!

48 44 Lexus LX 570 Exceeds Excellence 46 Timelessly Elegant Patek Philippe 48 Royal Chundu River & Island Lodge 50 Els-Club Copperleaf Golf Course

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Foreword: Head of MDS

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Note from the editor

10 Travel guide 11 Taste test 54 Revved up 55 Cutting edge M e c h a n i c a l ly, t h e 2012 L e x u s LX 570 f e at u r e s a p o w e r f u l, 5.7 l i t r e, V8, 32 va lv e p e t r o l e n g i n e p u s h i n g o u t 270 k W w i t h d ua l i n t e l l i g e n t Va r i a b l e Va lv e Ti m i n g a n d d o u b l e o v e r h e a d c a m s h a f t s. To p s p e e d i s e l e c t r o n i c a l ly l i m i t e d to 210k m / h .

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Foreword

Change Is In the Air We are nearing the end of the year and with this in mind, I would like to provide you with some insight into the changes that have been made since I was appointed as Head of Momentum Distribution Services (MDS).

These changes had to be made in order to ensure that the continual success and growth of MDS as a distribution channel is non-negotiable.

I am pleased to announce that changes to the MDS Retail Distribution structure is the first important step on our journey of establishing MDS as dominant player in our sector. We will be migrating from the current 3-province and 17-region structure into a 5-province and 15-region structure (where regions will consist of both corporate and consultancy regions). Together with the added focus and market presence that additional, newly appointed General Managers will create in the market, the refocused regions will provide us with the critical mass for growing our footprint and business.

Your marketing advisers will provide you with more details regarding these changes.

The new structure will be as follows: • Johannesburg 1: Central Johannesburg, East Rand and Mpumalanga – Suzelle Okes • Johannesburg 2: West Rand, North West, Free State and Northern Cape – vacancy • Pretoria: Pretoria, Centurion, Rustenburg and Limpopo – Albert Roux • Cape Town: Cape Town, Boland, Southern Cape and Eastern Cape – vacancy • KwaZulu-Natal: Durban, Midlands and outlying areas – Sylvia Gibson We will shift towards this new structure and filling the above vacancies during October and November, and I am looking forward to having this process finalised by January next year. Due to the interdependency between distribution and administration, the administrational roles will also be aligned to this structure.

Over the next couple of months we will also mould

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Riaan Coetzee Head of Momentum Distribution Services

our thinking and plans around creating a specific focus in the administration environment by considering a split between front-office and back-office administration roles and responsibilities. As always, we will keep you updated on any further developments.

Riaan Coetzee

Reading Momentarily Gains You CPD Points!

Professional financial planners and advisers do not need regulations to force them to keep up to date with changes in legislation, economic updates, updates on changes in financial products, etc. They acquire knowledge in many ways, and develop their skills in order to apply this knowledge and implement what they have learnt in their practices.

Continuous Professional Development (CPD) is the formal term used in a professional environment for this. As a professional body, FPI provides various opportunities for members to develop themselves or to earn CPD points. Professional reading that can be linked to the various topics under each component of financial planning qualifies for unstructured CPD, as defined in the FPI CPD policy.

FPI recognises the quality of the content of Momentarily and would like to reward our professional members with 1 CPD point for reading the magazine and gaining knowledge on relevant topics. This will be applicable to each edition, as FPI is confident that the content will continually be of a high standard and in line with the financial components in the FPI Competency Profile. We would like to congratulate the editor and her team for putting this magazine together.

Sherma Malan Certification Manager, FPI

Note from the Editor

This is always my favourite time of year – Summer is in full swing and we can start looking forward to our year-end holidays. More significantly, October was also Breast Cancer Awareness month. And with the shocking statistics of one in every 29 women being diagnosed with breast cancer, it is hard not to think of these women who are mothers, daughters, wives and sisters to someone.

Working in the short-term insurance and health arena, we have a special role to play in encouraging our end clients to discover ways of leading healthier and more secure lifestyles.

As November progresses, one of our favourite annual events is due to take place – the Momentum 94.7 Cycle Challenge. Many participants use this fun-filled fitness event as an opportunity to raise donations or awareness for different charities and causes, whether it is the Pink Drive or Choc. It seems South Africa is becoming ever more health conscious with each passing week, and I am admittedly proud to be part of an organisation that encourages health and fitness in our great nation.

With so much on the go at Momentum as the year draws to a close, we have decided that the next edition of Momentarily will be moved from January to March 2013. There will be plenty of exciting initiatives rolling out as the New Year begins, including the increased emphasis on consumer financial wellness through the Momentum UNISA Financial Wellness Index. Healthcare consumers want solutions that suit their unique needs, not products designed for general population groupings,

PUBLISHER Bernard Hellberg bernard@tcbgroup.co.za EDITOR Nosipho Damane nosipho.damane@momentum.co.za +27 12 671 8936 MANAGING EDITOR Nicola Weir nicola@tcbgroup.co.za DESIGN & LAYOUT Renier Keyter renier@virtualdavinci.co.za Language Nicolene van Wyk Elizabeth De Villiers

Distribution Lebogang Tefo SALES MANAGER Bryan B. Kayavhu +27 83 785 6691 bryan@tcbgroup.co.za REPRODUCTION Virtual Da Vinci Creative Room +27 12 425 5800 info@virtualdavinci.co.za www.virtualdavinci.co.za COVER IMAGE © iStockphoto.com PRINTING Business Print Centre, Pretoria CONTRIBUTORS TO THIS ISSUE Riaan Coetzee, Nosipho Damane,

and the financial wellness index will give intermediaries the opportunity to educate consumers on the wellness options that better suit their individual needs.

Momentum will also be streamlining a number of its new business processes to eliminate paperwork and ensure faster turnaround times, and similar initiatives are also in the pipeline for claims processing. In addition, we are set to see the emergence of a strong and independent Momentum Short-term Insurance (MSTI) division. With MSTI in place, intermediaries can look forward to spectacular short-term solutions.

In the meantime though, this issue of Momentarily is packed with great reads and informative updates on industry practice. Discover what financial planners have to learn from Olympic athletes, brush up your knowledge of emigration rules and regulations, and get your clients thinking about the ins and outs of whether they have a life policy payable to their estate.

On the Momentum platform, get the lowdown on how Momentum Health is set to keep increases low and benefits high for 2013 and review future developments in short-term insurance.

Until next year then, I wish you all the best over the festive season.

Nosipho

Lebogang Tefo, Rone Heymans, Paul Nell, Cindy-Lee Rasdien, Pieter Erasmus, Brigitte Fraser, Frank Magwegwe, Nico Matthee, Bronywn Burns, Bernard K Hellberg.

AFRICAN SPIRIT MEDIA / TCB GROUP 343 Lynnwood Road, Lynnwood, Pretoria, 0081 Tel: 021 876 3137 Fax: 0866 790 006 mail@tcbgroup.co.za www.tcbgroup.co.za Momentum Head Office: +27 12 671 8911 268 West Avenue, Centurion, Gauteng, 0157 www.momentum.co.za Momentarily is a quarterly publication for financial professionals. This edition of Momentarily will be published on our intermediary website www.mdsonline.co.za and on www.momentarily.co.za. Please note that in

this publication, the terms financial planner and financial adviser are used interchangeably – both meaning a professional who renders investment advice and financial planning services to individuals and businesses.

Momentarily magazine is published quarterly by African Spirit Media, part of the TCB Group, on behalf of the Momentum Group. Opinions expressed in this publication are not necessarily those of African Spirit Media, the TCB Group, FirstRand, MMI Holdings, the Momentum Group, or any of the subsidiaries of the aforementioned companies, their strategic partners or their clients. Information has been included in good faith by the publisher and is believed to be correct at the time of going to print.

No responsibility can be accepted for errors and omissions. No material (articles or photographs) in this publication may be reproduced or transmitted, in whole or in part, in any form by any means electronic or mechanical, including a storage and retrieval system, photocopying or recording without prior written permission of the Editor.

Submissions of articles and photographs for publication are welcomed, but the publisher, while exercising all reasonable care, cannot be held responsible for any loss or damage. Please ensure that all material is sent by e-mail to nosipho.damane@momentum.co.za. Copyright © 2012. All copyright for material appearing in this magazine belongs to African Spirit Media, part of the TCB Group, and/or the individual contributors. All rights reserved.

Travel Guide

26 Sunset Avenue

Cape Town is known for its exquisite coastline, but the much sought after residential area of Llandudno is a tiny atoll of magnificent properties with white sandy beaches and turquoise sea.

A five-star luxury villa, 26 Sunset Avenue is an exclusive property on the slopes of the Atlantic Seaboard next to the Sandy Bay Nature Reserve.

The villa seamlessly gives way to the elements and was designed around light and nature with its open, illuminated interior. The modern living areas open onto a spacious wrap-around deck with spectacular sea views from each of the six identical suites. The villa has a heated swimming pool, steam room, home theatre system, home automation system, gourmet kitchen, spacious living areas and a host of other amenities. The villa manager’s team will gladly arrange a butler, private chef, beauty treatments and many other services. For more information, please visit www.26sunsetavenue.com.

A World of Wonder in the Clouds

54 on Bath – now open for business!

Tsogo Sun’s 54 on Bath hotel in Rosebank is now open for business. This new boutique hotel boasts 60 deluxe rooms, 12 executive rooms and a top notch eatery, Level Four restaurant – an uncomplicated yet elegant space that allows for intimate and comfortable dining and opens up to the renowned fourth floor roof terrace and garden. Guests and local residents can choose to either relax in the intimate champagne bar on the fourth floor or enjoy a special cocktail at the boutique coffee bar in the lobby lounge. Extensive research determined the niche offering, satisfying the yet unfulfilled preferences of the discerning business and leisure traveller to Rosebank and surrounds. The hotel is perfectly situated for the leisure and business traveller with easy access to designer shops, boutiques and entertainment facilities at the Rosebank Mall through the hotel’s link from the second floor. For more information, visit www.tsogosunhotels.com.

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After two years of anticipation, the Aerial Cableway Hartbeesport has officially reopened!

Both the site and the cableway system itself were completely rebuilt, and this incredible transformation now offers families and adventure-seekers a world-class cableway experience with state-of-the-art safety features.

With a complete new management system and equipment, the Aerial Cableway Harbeespoort has successfully been refitted and re-engineered to international specifications boasting fourteen modern Swiss cable cars. Just 45 minutes out of Johannesburg and Pretoria, the cableway offers 360° panoramic vistas of the Magaliesberg as well as views of Pretoria and Johannesburg and the splendour of Hartbeespoort Dam. The site also offers visitors a Bugatti Restaurant, a Bugatti Express at the top, as well as the Pizza Shack and Lookout Bar. Tickets cost R120 per adult R60 for children. Book your ticket online and pay a discounted price of R100 and R50 respectively. For more information or to book online visit www.hartiescableway.co.za.

Taste Test

The Finest Quality Vodka Rated 100 Proof Belvedere is the first super premium luxury vodka brand to offer 100 proof vodka. Comprised of 50% alcohol, the positive characteristics of new Belvedere Intense are amplified creating a bold and elegant experience for any occasion. In order to increase the alcohol content, Belvedere Intense is double filtered through pure charcoal. Due to the intensity of the vodka, it is an ideal choice for creating delicious cocktails. The natural flavours of Belvedere Intense are a perfect complement to the caramel, spicy, and bitter chocolate aromas given off by this vodka. As distinctive as these flavours, the Belvedere Intense bottle is unmistakable. With a glossy black bottle and silver foil trees with the iconic Belvedere palace in pale grey, the packaging is sure to catch the eye of any vodka fan. Now available in selected liquor outlets nationwide, for more information visit www.belvederevodka.com.

Waterkloof Says Cheese Waterkloof Estate, renowned for their eco-conscious approach to wine making and their fine dining restaurant, reaffirmed its natural principles with the addition of world renowned, naturally matured Healey’s Farmhouse Cheddar to its family. Consistently in the world’s top four cheddars since its inception in 2005, Healey’s Farmhouse Cheddar has, over the years, garnered quality accolades worldwide for its cheddar cheese, aged anywhere from eight to 24 months. Healey’s famous cheddar is made by hand with unpasteurised, free range Friesian milk and still matured with a muslin cloth in a natural cave-like environment which encourages mould growth that enhances flavour. These cheeses, which are clothed and greased to form a natural outer rind to harness its clean, full nutty flavour, contains no artificial colourants or preservatives. Healey’s Farmhouse Cheddar is available for retail sales at Waterkloof’s tasting lounge for R35 per 200 grams or at selected delis, restaurants, and stores countrywide including Food Lovers Market, Woolworths, Spar and Checkers. For more information visit www.healeys.co.za.

Clos Malverne Hits the Sweet Spot

Family-run wine estate, Clos Malverne, nestled in the heart of the picturesque Devon Valley outside Stellenbosch, has given its oh-so-cool signature ice cream and wine pairings a vibrant spring twist with new combinations to enliven hibernating palates. For just R55, you can indulge in a rainbow of four unique homemade ice creams cleverly paired with a matching estate wine. Why not try the gooseberry and macadamia nut ice cream paired with the lightly wooded Clos Malverne chardonnay or the estate’s popular coffeestyle pinotage, Le Café, matched with a scoop of carrot cake ice cream. The Clos Malverne ice cream and wine pairings are available until the end of November and are served from Tuesdays till Saturdays between 10h00 and 16h00. Bookings are essential. For more information or to book, visit www.closmalverne.co.za.

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Funds at Work

Multiplication Through Division–

You Do the Math The importance of Small, Medium and Micro Enterprises in closing the retirement and insurance gap in South Africa.

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Funds at Work

In South Africa, the Small, Medium and Micro Enterprise (SMME) sector is an essential part of promoting and achieving economic growth through the widespread creation of wealth and employment (van Scheers, 2010). SMMEs account for the majority of employment in our economy, with smaller employers accounting for almost 80% of all newly created jobs.

By now we are all fully aware that South Africans are grossly under-insured and their retirement savings are appallingly low. This has resulted in a retirement savings and insurance gap (True South Actuaries and Consultants Bureau of Market Research University of South Africa (UNISA), 2010). Momentum's Financial Wellness Index, which tracks South African households, found that 50% of households are in the "drifting unwell category", which means that their financial position is unstable. This lack of financial wellness is broadening the retirement and insurance gap.

Employer-sponsored benefits are often the only form of retirement savings and insurance cover individuals have. This underpins the critical role that private sector businesses have to play in closing the retirement and insurance gap in South Africa.

on the employee, their family, and the SMME in these circumstances.

SMMEs employing between 50 and 300 employees should, according to this school of thought, have more sophisticated employee benefits needs. The staff turnover within these SMMEs is lower, due to the increased stability of the SMME and the skills levels of employees. Also, with the lower staff turnover, individual employees become more aware of the need for long-term savings. The business owner will see a higher return on investment when offering a bundled solution which includes insurance and retirement savings as each employee's needs are catered for. The efficiencies of larger groups are also higher, and the SMME may experience more value for money when they offer bundled income replacement solutions.

Although we see a lower staff turnover rate in larger The Amended National Small busines Act of 1996 classifies an SMME according to size or class of business, i.e. number of staff members permanently employed and turnover.

Opportunities exist for financial advisers to grow their practices in the SMME segment, by numbers or by industry.

Some schools of thought argue that SMMEs employing fewer than 50 people have more basic needs for employee benefit solutions. Due to the expenses associated with young start-ups, the business owner may only be concerned about the very basic risks associated with being an employer, such as the financial burden that could be placed on business if an employee resigns, or more seriously, becomes disabled or dies. For example, occupational hazards that occur in the manufacturing or construction segments are a reality, with many employees ending up incapacitated due to work-related accidents.

Not only does the SMME itself then need to carry the cost of temporary or replacement staff, but the family members of these employees are bound to come knocking on the door of the SMME for financial assistance. These could range from medical costs to disability compensation, death benefits and/or funeral costs. The cost of offering group insurance cover could be significantly lower than the potential burden placed

About 68% of all South African workers are employed by small businesses employing fewer than 50 people.

According to data produced by the Companies and Intellectual Property Registration Office (CIPRO) and its current replacement, the Companies and Intellectual Property Commission (CIPC), the number of active SMME enitities is estimated at between 600 000 and 675 000.

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Funds at Work

SMMEs, the South African employment landscape has shifted from people staying in one job throughout their entire working life, towards people having a number of jobs during their lifetime. In most cases, people cash in their retirement savings instead of preserving it when they change jobs, even though the need for people to preserve their retirement savings is more prominent than ever before due to the retirement savings gap.

The majority of South African workers are employed by SMMEs, and with the changing employment landscape, the SMME segment offers vast opportunities for transitioning individuals from group to individual insurance solutions. Every time an employee resigns or retires from their employer, the opportunity exists to engage with them for advice on the continuation of their benefits.

The income replacement solution that is offered to the group should therefore provide the opportunity for individual members to meet their long-term needs, despite the probability that they will change jobs a number of times prior to retirement. For example, preserving the client’s retirement savings without disinvesting from the market, and offering the client the option to continue insurance cover on an individual basis without underwriting. With this increased need for more complex employee benefit solutions, we see a corresponding increase in the SMMEs’ understanding of the need for sound financial advice.

This school of thought bases its philosophy on the number of employees per employer.

On the other hand, some may argue that the SMME's need for employee benefits should be based on the industry they are in. For example, smaller employers employing less than 50 people in the business services industry could have more sophisticated employee benefits needs, due to the diversity of the group and the potentially higher level of financial sophistication of its employees. Larger SMMEs, such as a construction company employing 200 workers, could have less

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sophisticated needs due to the larger pool of unskilled workers. This view argues that the type of employee benefits needed could be driven by the industry and level of financial sophistication of the employees, and not simply the number of workers employed by the SMME. Regardless of the school of thought you support, segmentation is key, as is the need for SMMEs to establish income replacement solutions that provide real access to long-term solutions.

Change your view, grow your business In South Africa, the SMME sector is a critical role player in closing the retirement and insurance gaps, as the majority of their labour force is financially unwell and depend on their employers for assistance in planning for retirement and covering their insurance needs. Market segmentation within the SMME space should drive the financial adviser's view of their clients and help them to understand the different needs across the various segments.

Together, income replacement providers, financial advisers and employers can assist employees to close their retirement and insurance gap and to improve their overall financial wellness. Understanding the SMME market segments is therefore critical for the growth of your business and the financial wellness of your clients.

Text: Brigitte Fraser: Head of Broker Management, FundsAtWork, Momentum Employee Benefits Images Š iStockphoto

Wealth

Olympians Have Much to Offer to Financial Planning “Focus, discipline, hard work, goal setting and, of course, the thrill of finally achieving your goals. These are all lessons in life.” – Kristi Yamaguchi, 1992 gold medallist figure skater.

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Wealth

With the end of the London 2012 Olympics, worldwide post-mortems on the event are the order of the day, and South Africa is no exception. I believe that these postmortems are necessary. Without them, I cannot see how countries can determine what they need to achieve from the games in future.

So, how did South Africa do at London 2012 Olympics?

Judging by the goal of 12 medals initially set by SASCOC, SA’s medal haul of three golds, two silvers and one bronze means that this goal was not achieved. Aside from the arguably unrealistic goal set by SASCOC, South Africa’s performance can be measured as follows: • South Africa finished 24th place in terms of gold, silver and bronze medals won, making us the highest ranked African country.

• The haul of three gold, two silver and one bronze medals means South Africa equalled its best performance since readmission to international sport in 1992.

• The 2012 athletes were just one gold medal shy of being on par with South Africa’s performance at the 1912 Stockholm Olympics, which was our best performance to date.

To some, South Africa’s performance at London 2012 will have been great; to others, it would have been average – depending on how the performance is measured.

As I was reflecting on this, it dawned on me that there is a great lesson Olympians offered to financial planning, and that is to have a clear vision and measurable goals.

From the interviews, one could tell that all Olympians at London 2012 had this, including those who did not win medals, whose goals in many instances were simply to give the best performance they could.

In my experience, the number one reason people do not save enough for their future is that they have no clearly defined goals to work towards. One of the most effective things financial advisers can do is to help their clients write down a list of goals they would like to achieve as part of their financial plan. And, like

Olympians, they need to be disciplined and stick to the plan which will help them achieve those goals. They must be realistic about the fact that their goals may not be the same as everyone else’s, as no two clients are in the same financial situation – just as different athletes compete in such different sports that their performance cannot be measured by the end result alone. For example, a goal to achieve investment returns of inflation plus 4% cannot be measured against investment returns of another individual.

Another lesson learned from the Olympians is the importance of intense practice, coupled with expert feedback. Like Olympians who practise intensely and constantly seek out advice, and learn from the best coaches, sound financial planning requires the assistance of a reputable financial adviser. This means an adviser who is able to give expert feedback in areas such as the dangers of market timing, behavioural biases that affect investment decisions, and the optimal amount of money to save to achieve retirement goals.

“I have given everything to be here,” was a comment made by the overwhelming majority of Olympians. But what exactly does this mean? It means making sacrifices in order to achieve your goals. Gabby Douglas, the US gymnast who won a gold medal at the Olympics this year, is one of the Olympians who made an extreme sacrifice at the age of 12 years old. She had to move to another state without her family to train with an elite gymnastics coach. This is also relevant to financial planning. When it comes to money, there is no such thing as a free lunch. Sacrifices in the short term, such as deferring consumption in order to be better off in the longer term, are required. And with a financial adviser by their side, it’s easier for clients to make such sacrifices.

Text: Frank Magwegwe, Head: Middle Market Segment, Momentum Retail Image: © iStockphoto.com

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Special Feature

Taking On the Challenge

Momentum heeds advisers’ feedback

Being told by independent consultants where and how Momentum is leading the life insurance industry is great for boosting intermediary confidence, loyalty and enthusiasm about our products. But MDS Management were quick to jump at receiving adviser feedback that helped to identify and improve weak points, turn negatives into positives, and keep the company growing.

NMG Consulting – a specialist multi-national consultancy focused on the investments, insurance and reinsurance industries – conducted an in-depth study in which more than 100 leading intermediaries in the South African life risk insurance market were interviewed.

The findings were hugely revealing, not only about the current dynamics of South Africa’s insurance market, but also about Momentum’s outstanding performance on a comparative scale.

The NMG general publication entitled SA Life Insurance Insights Report indicates that demand dynamics are highly supportive of life sales and profitability in South Africa. The limitations of public health, retirement and disability support systems in South Africa provide the foundation for demand.

Other contributing factors include population size and fragmentation, which creates a set of economically viable segments rather than a single homogenous market.

The South African market rewards non-price differentiation to a greater extent in comparison to

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international markets. The report states: “In many of the markets we cover, high price and high value positioning is typically niche, but in South Africa it is possible to be an at-scale, mainstream player commanding a price premium based on product or risk differentiation.” That said, NMG’s South African study revealed that product is highly differentiated – with Momentum leading on coverage and price at a market level.

Indeed, the study shows that Momentum is differentiated from the large mainstream competitors.

While some competitors may perform on brand, product and relationships or technology, they tend to underperform significantly on operations, new business processing and access to underwriters; or on the other end of the spectrum, are perceived as expensive or lacking in flexibility.

Momentum also leads on relationship management, a reflection of historic adviser alignment and adviser consultant quality supported by proactive technical experts. Momentum is a segment leader with

Special Feature

investment specialists, supported by strong positioning in wealth management. The company also ranked highly as a segment leader with banks and strong beneficiary of adviser-level autonomy in risk provider selection.

Alignment of business models is the most meaningful short-term threat – which is perhaps to be expected in light of the recent merger.

While the adviser channel is also growing, it is in fact showing relative decline compared to aligned channels.

Commission caps and overrides mean that aligned economics can be more attractive. High share of wallet to lead means advisers can easily migrate into aligned structures. Current fragmentation and transactional adviser business models mean that institutional benefits around succession planning, practice management and lead generation are significant.

In the adviser channel, business models are becoming more specialist and institutional. On aggregate risk and investment, specialists forecast more than 20% per annum growth in risk premium, compared to 6% for the generalist advisers. With the expectation of a small number of generalist advisers, specialists seek more strategic company-level relationship management.

However, while specialists are successful in niches, they face growth challenges.

The NMG study revealed that Momentum has an excellent franchise. With over 50% lead relationships and 66% average share of wallet at lead accounts, Momentum outperforms competitors and market leaders in international markets. Franchise quality is supported by strong capability, which also extends across non-aligned segments. Momentum has excellent positioning with ex-agency general practitioners, although many still reward mainstream competitors with the majority of business allocations.

Momentum’s first challenge lies in the risk specialist franchise. While Momentum is perceived as having good positioning with the most productive risk specialists, other competitor capability citations mean that Momentum is perceived as low value and reliant on price. Strong franchise and capability, but increasing competitive threats, have influenced value perceptions.

This provides an important growth segment where Momentum should address underperformance in service and relationships.

The NMG study shows that within the risk specialist market, two types of customer advice models have emerged: advisers focused on high net worth customers rewarding product complexity; and firms investing in non-referral leads, seeking on volume and ease of sale. Investment specialists are interested in risk, but the ideal proposition is unclear. The current product complexity and remuneration structure is not aligned to the service led, renewal-based investments, and existing referral models are unsatisfactory.

Product simplicity presented the second and perhaps

most significant challenge for Momentum. It ranked highly among participant advisers regarding negative citations focused on product complexity. In fact, recommendations for improvement (across the adviser community) consistently cited product simplicity.

Advisers indicated a need for clearer, simpler definitions of products to counter the industry tendency to over-complicate products. The general trend is that of reducing the number of product levels and focusing on simplicity. While issues of complexity clearly require attention, Momentum’s pricing was well received with references to continuous pricing models as a source of price competitiveness.

Greater empowerment and ability of adviser consultants to make decisions was also noted, and it is clear that improved training is needed in order for adviser consultants to understand our business and the industry better.

Momentum was noted as having a strong performance at market level, although a number of risk specialists presented requests for streamlining the underwriting process to make it more user-friendly, simplifying the application process. There can be no denying that the Momentum/Metropolitan merger has impacted operational service, in particular the speed of handling new business, and Momentum recognises that accuracy of new business processing and the underwriting process are important factors correlated to lead provider positioning.

In terms of feedback on technology, advisers revealed that while technology is not a critical success factor for Momentum, online new business submission appears to lag in comparison to lead competitors. Statements such as improvements to the technology/interface are required, that there are too many different systems, and the online/offline capability need to be addressed.

Such research is invaluable, not only to individual company players, but to the growth and improvement of the industry as a whole. While advisers cite “product coverage and flexibility” as the primary source of differentiation, derived analysis suggests that “ease of sale” is increasingly important.

Most importantly, however, is that the 2012 NMG study highlights areas in which Momentum can continue working with intermediaries to build the company as a market leader on product flexibility and highly differentiated from larger competitors on service and underwriting.

Text: Bronwyn Burns Image © iStockphoto

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Legal

The Question Every Adviser Should Ask: Do you have a life policy payable to your estate?

It is an accepted fact that nothing in life is certain besides death and taxes. One tends to find time and money to address tax. However, the eventuality of death is neglected, and usually at the ultimate financial expense of the family.

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Legal

When conducting an estate plan, one of the most important facts to ascertain is whether the client is financially prepared for death and, more importantly, whether the client’s surviving dependants are also prepared and provided for. It is surprising that the overwhelming response is no, judging by the following factors: The results when conducting personal estate planning re-structuring exercises, and the number of sales in execution in respect of late estates that frequently appear in the newspapers.

At every stage of our lives we are led to believe that assets minus liabilities equals nett worth. Provided your assets exceed your liabilities, your wealth and success is determined and defined in this way.

That is all good and well while an individual is alive to provide for themselves and their dependants, but what would happen should this individual pass away?

Answers from real clients include (but are not limited to) the following: • “My assets exceed my liabilities sevenfold, so what possible problem could I have?”

• “I am 100% secure and have no financial concerns or issues” • “If a problem arises, then it is not mine to deal with, as I will be dead.”

• “My accountant tells me that I do not need to waste my time with a financial planner, as he has everything under control.”

It goes without saying that one of the most important aspects of estate planning is to ensure that the executor of the deceased estate is provided with sufficient liquidity to settle the death-related associated costs when the Testator/Testatrix passes away.

Why is it then, that in almost all instances after having performed an estate planning analysis, the client’s current position on death (assuming the date of the analysis is the date of death) reflects an immediate liquidity problem? This is one of the easier financial risks to mitigate. However, few address it with the necessary seriousness.

So what constitutes death-related associated costs?

It may include outstanding liabilities (including bond/s, credit card/s, overdraft, motor vehicle/s finance); debts owed by the deceased to other creditors (including suretyship/s); funeral and final expenses; executor fees, transfer fees, masters fees; potential accrual claim; income tax and capital gains tax; and estate duty.

It is a fact that a number of clients will be technically insolvent upon death, despite the fact that the accumulative value of their respective assets far exceeds

the accumulative value of their associated costs. The reason for this “technical insolvency” is because there is no liquidity in the estate. Hence the executor may be compelled to realise assets by way of a sale in order to realise cash. This is ultimately at the expense of dependants and family members. On death (assuming it is today) the reality is that the executor will need to sell the residential home to realise capital to settle some or all of the above mentioned death-related costs.

Case study The following is an illustrative example of an actual recent estate structuring analysis that was conducted: Client: Mrs Smith (not real name) Marital Status: Widowed Age: 49 Children: 3, aged 11 years, 14 years, and 17 years Assets Primary residence: R4,000,000 (bequeath to children) Property, golf estate: R3,200,000 (bequeath to children) Property, town house: R950,000 (bequeath to children) Business interest: R38,000,000 (bequeath to children) Loan account: R900,000 (bequeath to children) Cash: R300,000 (bequeath to children) Personal use assets: R1,000,000 (bequeath to children) Life policy: R6,000,000 (beneficiary children) Total Value of Assets: R54,350,000 Liabilities Nil: R0 Nett Worth: R54,350,000 The death-related associated costs that the executor of Mrs. Smith’s estate would need include: Associated Costs Transfer costs for fixed property: R122,250 Capital Gains Tax: R1,025,640 Estate duty (estate liability): R 8,426,464 Executor’s fees 3,99% (VAT inclusive): R1,929,165 Master’s fee: R600 Funeral and final expenses: R50,000 Total Associated Costs: R 11,554,119 Should Mrs Smith pass away today, the executor will need an amount of R11,554,119 in order to ensure that the estate of the late Mrs Smith is wound up. The

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concern for Mrs Smith is not unique in nature, as she clearly has value in fixed assets. However, what she lacks is liquidity, and in order to generate liquidity, the executor will consider the liquidation of assets. This gives rise to a number of real concerns, namely forced sale/s. But this gives rise to several more questions, such as whether it is the right time to be selling assets and whether one would get true value if the asset/s is/ are sold immediately. Also, no one knows how long will it take to sell the asset, or whether the deceased estate will still be “technically solvent” after the sale of the assets.

Personal aspects of this process also need to be considered, such as the impact on intended bequests to others in terms of her last will and testament. Also, keep in mind that the sentimental value of an asset is not considered during this process and that this cannot give true effect to the last will and testament, as the intention of the Testatrix cannot be carried out when a bequeathed asset is sold. Typically in this situation a potential war amongst family members looms. Is this what Mrs Smith really wants and intended for her family and children?

The alternative solution to a forced sale An alternative solution, as opposed to a forced sale of assets, would be the use of a life policy that would provide the executor with sufficient liquidity in order to settle all the related associated costs.

Example: Insurance policy to create liquidity to settle the death related associated costs Assets Primary Residence: R4,000,000 (bequeath to children) Property, Golf Estate: R3,200,000 (bequeath to children) Property, Town House: R950,000 (bequeath to children) Business Interest: R38,000,000 (bequeath to children) Loan Account: R900,000 (bequeath to children) Cash: R300,000 (bequeath to children) Personal Use Assets: R1,000,000 (bequeath to children) Life Policy: R6,000,000 (beneficiary children) Proposed New Life Policy: R15,100,000 (beneficiary the Estate) Total Value of Assets: R69,450,000

Total Associated Costs: R15,038,024 *The estate duty and executor’s fees increased proportionately due to the policy’s existence.

What is the position upon Mrs Smith’s death now that the new policy is in force? The executor of the estate will now have sufficient liquidity to settle all the associated costs in respect of the estate, and there would be no need to realise assets for liquidity. It is important to note that the value of the policy will be included in the dutiable estate for estate duty purposes as “deemed property” (hence the reason for the increase in estate duty). The policy is also payable to the estate and it will attract executor fees – hence the reason for the increase in executor’s fees and that both these costs are mitigated by increasing the sum insured proportionately.

Benefits of addressing the liquidity shortfall There is no forced sale. Mrs Smith can really and truly Rest In Peace – for now. It is important to understand that an estate structuring analysis performed today may very well be outdated tomorrow as a result of a material positive and/or negative financial changes to her estate, for example if she wins the Lotto. The financial planner will continue to do regular reviews of the client’s needs, goals and ambitions.

One could consider negotiating executor’s fees, as a reduction of executor’s fees from 3.99% (VAT inclusive) to, say, 2.5% (VAT inclusive) on the R69,450,000 estate amounts to a saving of R722,330 in executor fees, which will result in a lesser associated cost payable (R14,315,694). Hence, loved ones benefit directly.

So what is important here?

Educating our clients and preparing them for death remains a challenge. However, it is our duty to continue in this quest, as it will secure the wealth created by the client during his/her lifetime, it will secure the future living expenses of dependants and family members, and it will assist in the true creation of wealth for future generations. It is a fact: An educated, informed and happy client is any business’ most powerful advert, assisting the financial planner to build a successful and sustainable business.

Liabilities Nil: R0 Nett Worth: R69,450,000 Associated Costs Transfer costs for fixed property: R122,250 Capital Gains Tax: R1,025,640 Estate duty (estate liability): R11,307,879* Executor’s fees 3.99% (VAT inclusive): R 2,531,655* Master’s fee: R600 Funeral and final expenses: R50,000 24

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Text: Paul Nell (BA Law, LLB, CFP): Business Development Manager, Business Solutions Images © iStockphoto

Legal

So Your Client is Leaving the Country?

Basic emigration principles explained Clients considering emigration will often seek guidance and advice from their financial planner.

Although emigration and exchange control are very complex areas of expertise, it is necessary to have a basic knowledge of its purpose and rules.

A South African resident is defined as any natural person or legal entity that is a permanent resident in South Africa, or is domiciled or registered in South Africa.

If a South African resident chooses to leave the Republic to take up permanent residence in any country outside the Common Monetary Area (CMA), which consists of Lesotho, Namibia, South Africa, and Swaziland; they have to apply for emigration facilities from an authorised dealer. This authorised dealer is a person or institution authorised by the Treasury, usually a bank.

The purpose of emigration and exchange control, in general, is to allow for the reasonable transfer of assets between different countries, without any major damaging effects on the capital account of the balance of payments of a country.

Liaise with South African Revenue Services (SARS) to obtain a Tax Clearance Certificate

Before emigrating, a person will have to "formally record" their emigration. This is done according to the following process:

Written confirmation from SARS will be given to confirm that the applicant's tax commitments have been met. Alternatively, confirmation must be obtained that suitable arrangements have been made to liquidate any obligations in this regard. This confirmation would not be required where applicants resided permanently outside the Republic for a period longer than five years and where they have no assets other than inheritance or insurance policies.

Complete an Application for Foreign Capital Allowance

Once an emigrating client has formally recorded their emigration, they qualify for the following:

Emigration applicants must complete an Application for Foreign Capital Allowance. In this application the following is recorded: Full details of the nature and value of their assets, both in and outside the RSA. Information regarding any liabilities which will be outstanding in the Republic after their departure.

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The applicant must also declare whether any assets, cash or otherwise, were received as donations or gifts within the last three years or as capital distributions from Inter Vivos Trusts within the last three years, prior to the date of emigration, and furnish details thereof.

Where a family unit is involved, the total assets of the family unit must be listed and signed by the head of the family.

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Cash allowance (equal to a travel allowance) If it is a single person, he/she will qualify for R1 million less any amounts already used in respect of the annual single discretionary allowance. This allowance is limited to R1 million per adult per annum, which may be apportioned between monetary gifts and

Legal

loans, donations to missionaries, maintenance orders and alimony and child support payments.

If it is a family unit that is emigrating, foreign exchange of up to R1 million per adult (less any amounts already used in respect of the annual single discretionary allowance) will be available and an additional amount of up to R200 000 per child under the age of 18 years.

Annual foreign capital allowance (settling in allowance) A settling in allowance is available. For a single person it will be limited to a maximum of R4 million for that calendar year and for a family unit it will be R8 million.

Allowance to export certain items Household and personal effects, motor vehicles, caravans, trailers, motor cycles, stamps and coins, per family unit or single person, within the overall insured value of R2 million, may be exported.

Excess facilities Amounts and assets exceeding the above mentioned limits must be held in a blocked account in the control of an authorised dealer in foreign exchange. Regulatory restrictions apply to this blocked account. If an emigrant requires access to this account at a later stage, for example after the relaxation of exchange controls, the emigrant can apply to the Financial Surveillance Department of the Reserve Bank for the release of blocked assets.

Any cash balances that remain, as well as the total proceeds of any asset subsequently sold, must be credited to an emigrant’s blocked account. Such funds

may be used locally for any purpose.

All shares owned by the emigrant at the time of departure or accruing thereafter must also be deposited with an Authorised Dealer and may not be released, except temporarily for switching purposes, without the specific authority of the Financial Surveillance Department.

Note: On application the South African Reserve Bank can allow for the release of funds in excess of the above limitations, in which case a 10% penalty is levied on the value of the asset/s.

Income after departure Current income may be transferred to the emigrant at his new place of residence through normal banking channels. Permissible income includes interest, dividends, director’s fees, monthly pension payments and income from testamentary trusts.

The effect of emigration on financial planning When a client emigrates, their financial plans will have to be reconsidered, and the planning process will have to be continued in the new country of residence.

The local financial planner will generally remain involved with the assets that remain within South Africa. Some of the most common areas of impact are discussed below.

Retirement annuities Withdrawal pre-retirement: It is generally not possible to withdraw from a retirement annuity prior to retirement, except where the fund value is below R7 000 and it is made paid-up. An exception will be in the case of a formal emigration, in which case the full fund value can be withdrawn prior to retirement. This withdrawal

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amount will be subject to income tax.

Living Annuities: A living annuity may not be transferred to a Financial Services Provider (FSP) abroad. An emigrating client has to leave the Living Annuity with an FSP within South Africa. The income will be paid into the client’s blocked account and from there it will be transferred to the client’s foreign bank account.

Permission for such payment will be obtained from the Reserve Bank as part of the emigration process.

Life insurance The client will really only have two options when emigrating in respect of existing life insurance policies.

The decision made will depend on whether any family members remain in South Africa and what the extent of the remaining assets and liabilities are. The options are either to cancel the policies and acquire new policies in the new country of residence, or to maintain the policies in South Africa.

Where the policies are maintained, the premiums can be paid from the blocked account or it can be paid from offshore. When the policies become payable due to a successful claim, it will pay out in rands into the policy holder or beneficiary’s South African bank account.

Where an emigrant is a nominated beneficiary on another person’s policy, and that policy pays out, the benefit may be transferred abroad upon the presentation of a death certificate and documents from the insurance company reflecting the beneficiary information.

Estates and transfers to beneficiaries Inheritances: Bequests and distributions from a deceased South African resident’s estate may be transferred to a non-resident beneficiary or a beneficiary who has formally emigrated, without limitation, on the production of the Liquidation and Distribution Account bearing a reference number from the Master of the High Court. Where a non-resident dies with South African assets in the deceased estate, it may be freely transferred in accordance with that person’s will.

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Legacies and Distributions: Cash bequests and cash proceeds of legacies and distributions due to non-resident beneficiaries, or beneficiaries who have formally emigrated, may be transferred abroad on production of the Liquidation and Distribution Account bearing a reference number from the Master of the High Court. Where the total assets in the resident's estate – amounts to less than R125 000, cash bequests and cash proceeds of legacies may be transferred abroad on production of the Last Will and Testament and Letter of Executorship.

Capital Distributions from Local Testamentary Trusts: Capital distributions to non-residents may be remitted abroad on production of a Trustees’ Resolution and Last Will and Testament confirming the beneficiaries’ entitlement to such Capital Distribution.

In conclusion It is evident that emigration can become quite complex and will influence the financial planning conducted.

When a client is planning to emigrate, it is necessary to review all assets, including the person’s insurance portfolio, retirement benefits, will, and remaining family structure. This will result in an amended financial plan for the assets remaining in South Africa. In respect of the procedures to formalise the emigration, it is best to refer the client to a reputable authorised dealer, who will assist the client in completing all the necessary forms and allows for the smooth transfer of assets and future income.

Text: Rone Heymans (B.Com, LLB, CFP): Business Development Manager, Business Solutions Images © iStockphoto

Legal

What’s Mine is Ours

Maintenance obligations of co-habiting partners

It is a well known fact that the formation of a marital partnership creates legal rights and obligations between the two parties. It is a spouse’s obligation to make provision to maintain the survivor’s living standards in the event of their death, and it is the financial adviser’s obligation to make their clients aware of the risks to their financial planning, should they fail to do so.

In 1990 the Maintenance of the Surviving Spouse’s Act was introduced, and created the opportunity for the survivor to claim against the estate of the deceased, if he or she did not make such provision. The Act extends this right to spouses married under the Marriages Act, partners in a union under the Civil Union Act or Customary union, as well as spouses in Muslim marriages.

Co-habitants, more commonly referred to as domestic partnerships or "common-law spouses", do not enjoy the same rights. A claim against a deceased partner’s pension benefits is likely to be successful if the survivor can prove that he/she was a dependant on the deceased partner, in which case the trustees of the fund may award a benefit. However, an outcome such as this is unlikely in the event of a claim for maintenance, or in the event of Road Accident Fund claims.

But is this a real risk in terms of financial planning?

Some sources indicate that the number of co-habitants recorded in the 2000 census almost doubled, compared to the figures of the previous census in 1996. If that rate can be applied as a trusted benchmark, close to 20% of our population could potentially fall within this group.

This is consistent with worldwide trends. And therefore this is a real risk!

There are two potential risks that the adviser needs to address as part of a holistic financial plan. The first is not having a co-habitation agreement which could potentially resolve some issues that arise at dissolution of the partnership, be it at death or separation. This agreement should address important aspects of the partnership, such as division of assets (especially jointly owned assets), rights and obligations of each partner, contributions to the partnership, etc. This agreement could be legally binding and has similarities to a business partnership agreement or maybe even

an ante-nuptial contract. A written form of agreement makes proving such a partnership easier than a verbal or implied arrangement.

Secondly, the fact that our law does not currently recognise co-habitants’ rights and obligations does not mean either party can expect to walk away without any financial consequences. There have been numerous court cases in recent years where the court found that even with the lack of any formalities, a partnership did in fact exist, and awards were made to surviving partners.

Although an arduous and costly process awaits the survivor, it is possible to succeed with such a claim. It remains the financial adviser’s duty to ensure that there is sufficient liquidity at the time of the client’s death to provide capital that can generate an income and enable the survivor to maintain a decent standard of living.

In 2008 we saw the Domestic Partnership Bill come to light and once this Bill becomes law, it should address most financial concerns of co-habitants, and award rights and obligations to both parties involved.

The Bill has, however, since been drifting in the ocean of draft legislation, and we wait in anticipation to see what exactly it will entail.

Until we have legislation governing these informal unions, financial advisers need to be aware of these risks, and advise their clients accordingly to mitigate the risk as far as possible.

Text: Nico Matthee: Legal Business Development Manager, Personal and Business Solutions Image © iStockphoto

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Health

Momentum Health Celebrates

100 000

th

Member Mark

An increasing demand for quality healthcare and strong customer service levels has attributed to the rapid growth of the Momentum Health medical scheme.

As one of the largest medical schemes in South Africa, Momentum Health recently celebrated a growth in its principal membership to beyond the 100 000 mark, with an annual membership growth rate of 5% in the past year alone. Thanks to having achieved an average annual growth rate in excess of 10% since 2005, the scheme is considered to be one of the fastest growing schemes in the open medical scheme market.

Despite South Africa’s relatively stagnant and challenging private healthcare market, Momentum Health is proof of a medical scheme that has successfully continued to grow their membership with a favourable membership profile, which continues to contribute to the scheme’s increasing solvency and overall sustainability.

“We are excited about this milestone, as it shows us that members are recognising our scheme’s commitment to great service delivery, value for money and innovation,” says Momentum Health Head of Marketing and Sales, Damian McHugh. “This is only possible through the support and dedication of our staff, who play such an integral role in delivering on our promise to members.”

“With a continued need for personalised healthcare in South Africa, more than 100 000 families have already placed their trust in us to ensure that their healthcare needs are met,” McHugh added. “We continually need to look at ways to improve our innovative product offering and the level of service that we provide to our members. This is done by providing tailored products to suit all healthcare needs and lifestyles (because one size does not fit all) and by delivering on our brand promise of ‘the value of choice’.”

Momentum Health’s growth also produced an enviable set of financial results for 2011, having achieved an operating surplus of R85 million. Also,

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after adding investment income, a net surplus of R118 million (up from R22 million and R70 million in 2010) was added to its members’ reserves.

The scheme’s solvency level has also vastly improved and is currently sitting at 24%, well ahead of its business plan to reach the required 25% by 2015, as agreed with the Council for Medical Schemes.

Momentum Health’s strong position was futhermore reaffirmed by the Global Credit Rating Company, an independent risk rating group, which awarded the scheme an A+ rating, forecasting a positive outlook.

With a strong sense for technological innovation, such as the scheme’s mobisite, and a consumer centric approach that puts members’ needs first, Momentum Health is well positioned to continue excelling in an ever changing healthcare landscape.

Demonstrating its continued dedication to customer service, Momentum Health’s administrator was also named top administrator in the 9th Annual Professional Management Review Africa National Healthcare Administrators’ survey. As the highest rated administrator, Momentum Health also walked away with the prestigious Diamond Arrow Award. In addition, the scheme’s customer satisfaction index reflected a satisfaction in excess of 90% since June 2011 (a record seven consecutive months).

Well done to Kavitha Mugganlal and Fortunate Mokoena who each won a Blackberry 9900 in the September draw of the Momentum HealthReturns competition.

Get those phones activated and ready because you may soon be phoning home from the world famous beaches of Mauritius. Good luck to each and every one of you that took part in the Momentum HealthReturns competition.

Health

Hitting a Health High

Momentum Health keeps increases low and benefits high for 2013

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Health

For the year ahead, Momentum Health introduced new benefit enhancements and increased benefit limits on all options. Damian McHugh, Head of Marketing and Sales for Momentum Health, says: “In 2012 the scheme made significant strides in the areas of product innovation, financial strength, and superior service, making it a formidable player in private healthcare.

In 2013 we will be building on our success with a continued focus on safeguarding the interests of our members, and enabling better and more innovative solutions to address their wellbeing.”

Momentum Health’s average contribution increase for its membership as a whole has been set at only 7.9% for 2013. The average employer may experience varying increases due to the fact that increases differ per option, and because of the option distribution in employer groups being different from that of the scheme as a whole. Many employers will be able to lower their respective increase by using the unique benefit design of the scheme without necessarily decreasing benefits. The scheme offers unique product features such as Provider Choice and HealthSaver.

These enable members to tailor their increases to better match their needs and level of affordability.

Benefits Momentum Health’s benefit philosophy strongly endorses the notion that prevention is better than cure, and therefore encourages its members to follow an active, healthy lifestyle.

Momentum’s HealthReturns programme is an innovative approach to active and healthy living. This popular offering – which is available to Momentum Health members on the Access, Custom, Incentive, Extender and Summit options – has been further enhanced for 2013. Members who maintain the top two activity levels for three consecutive months will earn additional GP visits – between 1 and 4 visits, depending on their option – to use within the subsequent 12-month period. This benefit is in addition to the HealthReturns (of up to R5,400 per adult per year) that members will still be earning, and which will be paid on a more frequent monthly basis in the coming year.

Benefit enhancements for 2013 include the addition of an antenatal visit paid for by the scheme on two of its lower end options, and the provision of doula benefits on all options as an alternative to the use of a midwife for home births. The scheme will also introduce its own primary healthcare provider networks for two of its options to service the out-ofhospital needs of those members.

New low income offering “2013 will also see the launch of our new offering for employers requiring cover for their low income employees,” says McHugh. “Within the current medical scheme legislative environment, and in the absence of a fully implemented National Health Insurance,

access to quality healthcare remains unaffordable to the majority of South Africans. Momentum’s new low income offering will enable employers to offer a holistic, cost-effective healthcare solution to all their employees, thereby helping reduce absenteeism and creating a healthier, more productive work environment.”

Celebrating a milestone year Momentum Health also recently celebrated a growth in its principal membership beyond the 100 000 mark.

Having achieved an average annual growth rate in excess of 10% since 2005, with its membership doubling over the same period, the scheme is considered one of the fastest growing schemes in the open medical scheme market. “With a future-focused product philosophy in place, we are confident that we will remain the best choice for private healthcare consumers into the future,” says McHugh.

Momentum Health, one of the largest open medical schemes in South Africa, covers over 100 000 families and has the youngest principal member profile among the largest open schemes in the country (average age 42,8) as of December 2011.

The medical scheme offers affordable, world class healthcare through ongoing innovation and comprehensive complementary products that offer value of choice.

Its products have been customised to provide the best fit for the individual needs of the private healthcare consumer, such as: • Provider Choice – enables members to save up to 35% on their contributions by selecting to make use of certain associated providers.

• Momentum’s HealthSaver – supplements access to private healthcare cover as it covers any services rendered by a registered healthcare provider, including treatment that is excluded by the scheme (e.g. cosmetic surgery).

• Momentum’s innovative HealthReturns programme – allows members to earn up to R5,400 per year (terms and conditions apply).

• Multiply – Momentum’s rewards programme which offers additional benefits and discounts through its wide range of partners.

• Mobisite – instant access to medical aid information and additional functionality, such as searching for a service provider on your cellphone.

Momentum Health boasts an A+ rating from the independent Global Credit Rating Agency, underlining its strong claims paying ability.

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And the winner of the iPad is...

Congratulations to Jaco Roets for regularly participating in our mPanel Intermediary research studies and topics – he is the lucky winner of the first of our iPads

More about Jaco: Jaco has been in the financial services industry for the last 15 years and is currently an Independent Financial Adviser at JWB Brokerage in Krugersdorp. He lives life aspiring to excellence, doing the right thing the first time round.

Why does Jaco participate in the surveys?

He participates in surveys because it enables him to share his views and insights into how financial advisers think and operate. This gives him the opportunity to contribute his input.

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Special Feature

Cycle Challenge Reinvents the

Wheel The 2012 Momentum 94.7 Cycle Challenge takes to the streets of Johannesburg with an exciting new logo and race formats.

Momentum’s association with Johannesburg’s iconic cycle race over the past three years has been good for the Momentum brand. So good, in fact, that we have just extended the sponsorship contract until the 2016 event.

The two main sponsors, Momentum and Primedia, owner of the 94.7 radio station, initiated a facelift for the Cycle Challenge brand, and introduced new race formats.

According to Danie van den Bergh, head of Momentum Brand, the graphic design team looked at many other logos related to all aspects of the cycling world, and found that the majority included a cyclist as part of the design. “Although this seemed to be the obvious way to go, we felt it had been overused.

We wanted to find something that would stand apart, rather than blend into the world of cycling events.”

The result was a new logo inspired by the hub and spokes of a bicycle wheel. “It symbolises the movement of a wheel, and many elements working together – specifically the people who take part and those who organise the race and its related events.

There is also a suggested tagline to accompany the logo: ‘Ride for a purpose.’ Its message is that when we work together, we can make a difference,” explains van den Bergh.

The final touch was the inclusion of vibrant colours to give the logo a fun appearance to match the spirit of the day, and to reflect the energy of Johannesburg.

Pick your ride The Momentum 94.7 Cycle Challenge this year will introduce a new cycling experience – the Momentum

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94.7, 40 km ride. If you have always longed for an opportunity to cycle with your family, your friends or your colleagues, or if you feel that you are simply not ready for the Momentum 94.7 Cycle Challenge, then the 40 km ride is for you.

The ride will take place on an 8 km loop track inside and around the Waterfall Country Estate on Saturday, 10 November 2012. Cyclists can ride as many loops as they can manage, up to the maximum of five, making up the 40 km. The 40 km ride takes place on the same day as the Momentum 94.7 Kiddies Ride.

The increasing popularity in mountain biking has prompted race organisers to offer two routes this year to accommodate varying skill and fitness levels.

The shorter route will headline a 30 km course which entails a manageable intermediate ride through the Leeukop Prison. A longer, technical 55 km route will follow a similar course, but with additional trails within the Waterfall Country Estate in Sunninghill, as well as the surrounding Gautrain Depot areas. These courses promise to be both exciting and challenging, as riders will have to navigate undisturbed dirt trails through rugged Highveld terrain.

Lifestyle

Exceeding Excellence The Lexus LX 570

In the Lexus world, where the long list of inclusive luxuries are matched only by a similarly long list of Lexus service and quality accolades, a vehicle has to truly excel to be viewed as range topping. The LX 570 fits this bill and, thanks to even more improvements, surpasses it, making this the epitome of luxury amongst large SUVs.

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Lifestyle

In the world of luxury SUVs, the LX 570 is one of the most powerful, spacious and best equipped vehicles on the market. It boasts a host of cosmetic and technical improvements that result in a distinct new look, more luxury features and even better dynamic performance. So comprehensively equipped is the LX 570 that only a single model with all conceivable luxuries is offered in South Africa – the LX 570 5.7 V8 with SE specification grade.

The most noticeable visual change relates to the front of the new LX 570, where the Lexus Spindle Grille makes its appearance in supersized form, showing the versatility of the brand’s new design direction by moving away from the elegance featured on the GS into far bolder territory. It is offset by two square bi-xenon headlights incorporating daytime running lights (DRLs) and a new bumper design. Both the headlights, with auto function, and the LED tail lights boast a new look.

The HID headlights come with high beam assist, which automatically dims the high beams when an oncoming vehicle is detected. Once vehicles have passed, high beam is automatically reinstated.

Prominent design features also include outside mirrors with power folding and reverse auto-tilt, and integrated puddle lights welcoming both driver and passengers to the LX when the key is detected. Keyless entry provides access to the spacious, luxuriously appointed cabin, boasting three rows of seats with capacity for eight passengers who can all enjoy the lavish Lexus SE-grade equipment.

Both driver and front passenger are cosseted by electrically adjusted seats with a built-in heating function – 8-way adjustment for the passenger and 10way for the driver, including reclining, lumbar support, vertical adjustment, a cushion extender, and memory setting for the driver.

The centre console houses a full-colour multiinformation touch sensitive TFT display screen. The driver information options accessed through this system include the Multi-Terrain Select mode with wheel angle display, full GPS HDD navigation with voice command, use of the ventilation system and control of the standard, Lexus-exclusive 19-speaker Mark Levinson sound system with 450 Watt maximum power, 15 channels and single-feed, in-dash DVD/CD. The display screen also houses the visual display of the Back Guide Monitor, which incorporates a rear camera system with guidelines to assist in safe reversing, as well as three additional cameras for safely negotiating parking in tight urban spots or to check obstacles during 4x4 use.

Passengers will enjoy the other convenience features, such as a 12V power outlet located behind the third row of seats in the cargo area, a second-row power outlet, armrests, cup holders, lidded storage boxes and dual rear seat entertainment system.

The rear entertainment system, yet another standard feature on the LX 570, features a DVD player,

dual 7” LCD screens mounted behind the front-seat headrests, and a wireless remote control.

The LX 570 is equipped with 10 airbags, including driver- and front-passenger knee airbags, front and second-row seat-mounted side airbags in the outboard seating positions, and roll-sensing side curtain airbags that cover all three rows.

For ease of entry to the luggage bay with its total potential load capacity of 1,276 litres, the rear liftgate with in-built reverse camera sports power operation.

The LX 570 has a remarkable braked towing capacity of 3,225 kg.

Mechanically, the 2012 Lexus LX 570 features a powerful, 5.7 litre, V8, 32 valve petrol engine pushing out 270 kW with dual intelligent Variable Valve Timing and double overhead camshafts. Top speed is electronically limited to 210km/h.

Power is transferred to all four wheels by a 6-speed, sequential-shift electronically-controlled automatic gearbox with paddle shift. Artificial intelligence shift control minimises unnecessary upshifts when climbing hills or on winding roads. A new alloy wheel design characterises the 2012 Lexus LX – split 5-twin spoke, 20” wheels with liquid graphite finish and 285/50 tyres.

A full-size spare alloy wheel is provided.

To keep the LX planted to tar, dirt or any other surface, Lexus engineers employed a coil spring-type, double wishbone independent suspension in front, while the rear axle links to a four-link, coil-spring system lateral rod-type suspension. Four-wheel disc brakes with a multi-terrain ABS, brake assist, electronic brake-force distribution, vehicle stability control , off-road ready active traction control, hill-start assist and crawl control with turn assist all take the thinking out of driving on- and off-road and allow the driver full control of the LX 570, no matter the driving environment.

The full-time four wheel drive system incorporates a Torsen limited slip centre differential. Power transfer between high and low range is facilitated by merely pushing a console-mounted button.

The electronic Multi-Terrain Select system is designed to give the LX 570 superior performance across different driving conditions, and the driver can choose between five road condition modes.

A 4-year/100,000 km manufacturer’s warranty and a complete maintenance plan for 4 years/100,000 km takes care of the peace of mind aspects. This ultimate luxury off-roader is available for R1,178,600.

Text: Bernard K Hellberg Image © Quickpic,

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Lifestyle

Timelessly

Elegant Patek Philippe reasserts its tradition and marks a new chapter in perpetual calendars with the launch of the Ref. 5940 Ultra-thin self-winding perpetual calendar.

Text: Nicola Weir Images Š Patek Philippe

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Lifestyle

The ultra-thin self-winding Perpetual Calendar has ranked among Patek Philippe's most popular complicated watches for many years. Now, the workshops are re-launching it in a format that emphasises the brand's heritage in perpetual calendars: the Ref. 5940 in an 18K-gold cushion-shaped case.

In the category of grand complications, which includes tourbillons, minute repeaters, or split-seconds chronographs, the perpetual calendar unquestionably offers the greatest everyday utility because it always indicates the correct date by taking into account the different durations of the months. Perpetual calendars were coveted complications in Patek Philippe pocket watches dating back to the 19th century. And when wristwatches became fashionable, their factory in Geneva was the first to miniaturise the ingenious calendar mechanism to such a degree that it would fit in cases for the wrist, which incidentally were much smaller then than they are today.

It was 1925 when Patek Philippe presented the world's first wristwatch with a perpetual calendar.

Watch No.97'975 displayed the hours and the minutes from the center, the seconds in a subdial at 9 o'clock, and the moon phases at 3 o'clock. Its analog calendar indicated the date with a hand from the centre, the day of the week at 12 o'clock, and the month at 6 o'clock, taking into account leap years but without actually displaying the 4-year cycle as is customary today. The calendar functions were implemented as instantaneously jumping displays – a particularly challenging degree of difficulty.

Around this time, the Art Deco movement established itself in Europe. With its clear and creative style elements, it influenced the fine arts and architecture, furniture, and product design in a distinctive way that has since lost none of its persuasive eloquence.

Patek Philippe embraced the style as well. Not as a short-lived trend, however, but as a sustained design philosophy that continues to manifest itself in the Gondolo collection.

The class of so-called form watches includes all timepieces whose cases are not round. Form watches can be square, rectangular, or triangular as well as rhombus-, tonneau- and cushion-shaped. The still young and readily visible wristwatch soon acquired the status of a design accessoire and remains very much en vogue to this day. At Patek Philippe, cushion-shaped watches were highly popular, and some models can now be admired in the showcases of the Patek Philippe Museum. Alongside the round Calatrava classics, the unique Golden Ellipse and the inimitable, casually elegant Nautilus, are envoys of Patek Philippe's timelessly beautiful design language.

The cushion-shaped case experienced a first renaissance in 2010 with the ultra-thin split-seconds monopusher chronograph Ref. 5950 in stainless steel, and now, it stands in the limelight again with the new Continued 2 ultra-thin perpetual calendar Ref. 5940. With a length of 44.6 mm and a width of 37 mm, it features a contemporary format with strong masculine appeal due to its modest height of merely 8.6 mm. In the high-tonnage presses at Patek Philippe's workshops, the slender silhouette is literally wrought out of 18K-gold blanks with the traditional cold-

forming technique, followed by numerous consecutive machining steps.

Finally, long hours of manual work are invested in polishing each case to a mirror gloss. It has gracefully curved flanks that appear to melt into the seamlessly integrated strap lugs. The watch is delivered with a sapphire-crystal snap back, which allows the owner to observe the consummately finished movement at work, and with an interchangeable snap back in solid yellow gold.

The caliber 240 Q movement is a masterpiece of technology crafted in its entirety in the manufacture's ateliers for complicated watches. Composed of 275 individual parts, it is only 3.88 mm high, despite the fact that it is self-winding. The basic movement launched in 1977, with a 22K-gold off-centre mini-rotor recessed in the plate, already accounts for 2.53 mm. So a mere 1.35 mm remains for the mechanical memory that spans an entire 4-year cycle and at the same time emulates the lunar orbit. The perpetual calendar always indicates the correct date, automatically taking into consideration the months with 31, 30, or 28 days, and the 29th of February in leap years.

It does not need to be corrected until 2100, a secular year that omits the leap day pursuant to the rules of the Gregorian calendar. But this adjustment can be made quickly and easily, and thereafter, the watch will continue to display the correct date for the next 100 years, provided it remains wound without interruption.

The moon-phase display is similarly accurate: it deviates from the true position of the moon by one day every 122 years, which is equivalent to a daily error of 0.002%.

And finally, the rate accuracy of the movement – responsible for timekeeping precision – is impressive as well. It ranges from -3 to +2 seconds per day as stipulated by the directives of the Patek Philippe Seal for all mechanical movements with diameters of over 20 mm. This beats the values required for officially certified chronometers.

This stunning rate accuracy is celebrated on a dial that deserves the attribute of “timelessly elegant” in every respect. It has a grained, cream-colored surface that perfectly matches the gold hue of the case and is framed by a black transfer-printed railway-track minute scale that faithfully follows the contours of the bezel.

Applied Breguet numerals as well as slender, leafshaped hands in gold indicate the time, accompanied by three subsidiary dials for the calendar displays. At 9 o'clock: the day of the week and the 24-hour dial, at 3 o'clock: the month and leap-year cycle and at 6 o'clock: the analog date and the moon phases. All indications are well organised and crisply legible, as is customary at Patek Philippe.

With its new Ref. 5940, Patek Philippe opens up a new chapter in perpetual calendars with the revival of the cushion-shaped case that looks as topical today as the 1920s and 1930s Art Deco showpieces in the Patek Philippe Museum that inspired it. The stately timepiece is worn on a matt black hand-stitched alligator strap with square scales and a prong buckle in 18K yellow gold.

Patek Philippe watches are available in South Africa at The Watch & Jewellery Gallery in Sandton, Johannesburg. Call +27 11 784 2595 for more information on their current selection.

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Lifestyle

Zambia’s Pot of

Gold

Royal Chundu River & Island Lodges

Basking on the banks of the Zambezi, you are able to lose all sense of time and regain perspective. Suddenly these are the only things that count: a splash in the infinity pool, the tinkling of ice in your tumbler, the shimmering gold of Southern Africa’s most majestic river – all enjoyed from the shade of your daybed. Welcome to Royal Chundu.

Text: Pippa de Bruyn Images © Royal Chundu

The roiling tide of water that is the Zambezi moves inexorably towards its 100-metre plunge at the Batoka Gorge, where sky-high plumes of spray mushroom-like cumulus clouds into the air. Victoria Falls, aptly baptised The Smoke That Thunders, is one of Africa’s greatest spectacles, but to appreciate the real beauty of the river that births it, you need to find yourself on its upper reaches, on a shoreline far from the hustle and bustle of the main attraction.

Comprising two luxurious lodges – River Lodge and Island Lodge – Royal Chundu offers space and privacy amidst an untamed riverine wilderness. The lodge

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encompasses 15 kilometres of pristine river frontage, with rapids upstream and downstream creating an aquatic oasis. Opposite lies a nature reserve, where elephants, buffalo and a variety of antelope wander. It’s wild, yet utterly luxurious. Small wonder then that it was crowned Zambia’s Leading Luxury Lodge and Zambia’s Leading Eco-lodge in the 2011 World Travel Awards.

If you’ve ever dreamed of being marooned on a tiny palm-dotted island – one with room service and an infinity pool, open-air bath tub and king-size bed, hairdryer and air-conditioning – Royal Chundu’s Island Lodge is the place to visit. With only four villas, it is

Lifestyle

arguably the most exclusive lodge on the Zambezi – a great place to celebrate your nuptials or reignite old romantic embers.

River Lodge is no less of an aphrodisiac. Every one of the 10 airy suites, connected via a teak boardwalk, is carefully positioned to maximise views of the untamed forests and river without compromising privacy.

If there’s any complaint, it’s how hard it is to tear yourself away from your new riverside home, with its deep armchairs, king-size bed and double showers – all with views of the swirling river and abundant birdlife.

But move you must, even if only because the pool deck beckons with double-size day beds and smiling staff to pour the first gin and tonic of the day. It’s the kind of place where you’re happy to rediscover the joy of doing nothing, so make sure you schedule enough time to do just that!

Naturally there are guided trips to Victoria Falls, a 30-minute drive from the lodge (best undertaken in Royal Chundu’s 1939 Rolls Royce), as well as gameviewing trips to nearby Chobe National Park.

But some of the best experiences on offer are unique to Royal Chundu. Firstly there’s the colonial elegance and detailing of the lodge itself: located on the site of the old Royal Chundu Zambezi River Lodge, it was built almost entirely from scratch by owner Hugh O’Mahoney, who attributes his style to the influence of his mother, Kitchie O’Mahoney.

Like so many intrepid women who settled in Africa after World War II, glamorous Kitchie was a born adventurer: from Malaysia, she travelled to Dorset, England, where she met and married Mike O’Mahoney, before finally setting sail for the uncharted wilds of Africa, where Mike had accepted a post as a surveying engineer in Northern Rhodesia.

According to Tina Aponte, Kitchie’s granddaughter and Royal Chundu’s managing director, “Kitchie embodied refinement in the extreme – regardless of the terrain. She refused to lower her standards, ever, and we’ve tried to uphold this. She always served in and on silver, so I scoured antique stores and websites to find authentic silver tea and coffee sets for the rooms and dining tables. For island picnics in the middle of the Zambezi, my grandmother would pack her entire dinner service, full tablecloths and linen napkins. So now we offer our guests something similar: island picnics with tables, silverware, full bar, Persian carpets, hammocks, the works!”

Another experience unique to Royal Chundu is the makoro trip that explores the tiny village of Mushekwa.

Here Edith Mushekwa, midwife and marriage counsellor – among other things – and daughter of the village founder, personally meets guests. She takes them on a tour of the village, showing them her modest but immaculate mud and thatch house, the community garden, the precious manketi trees (according to Edith, “even the very poor can survive on this nut!”) and the other interesting plants this fishing and farming community relies on to survive.

Keen birders can ask for a personalised safari, looking specifically for species endemic to the Royal Chundu area, such as the black-cheeked lovebird or the emerald cuckoo. These trips can last from as little as two and a half hours to a full day – the choice is

entirely yours. Similarly, the Royal Chundu fishing trips are tailor-made to your requirements, be they to catch the infamously difficult tiger fish or the prized Upper Zambezi yellow fish.

Whatever your interests, don’t miss Royal Chundu’s river rafting, an exhilarating trip that requires no experience. Guests are taken by open-topped vehicle to launch their inflatable canoes upstream from the lodge.

Every canoe has an experienced paddler who steers guests from lush reed banks, through island eddies and deep-flowing channels, into playful rapids that are enormous fun to traverse. A makeshift bar, set up on a sandy beach is just reward for the intrepid rafter.

The floating spa is another reward well worth claiming. With the lullaby of the river trickling past, you will be rubbed into a submissive, blissful state, ready for the next adventure – an hour in the hammock, before the evening sunset cruise, when the sinking African sun turns the river into molten gold.

Meals are served in a variety of locales, from the al fresco viewing deck to the elegant dining room. But it is dinners in the open-air boma that are a real highlight, with the famed Makishi (masked) dancers providing one of the most riveting performances you’ll witness in any lodge.

If you must make yourself available to work demands, the lodge offers Wi-Fi, satellite TV and cellphone signal. There’s also a business centre and conference facilities for small groups who appreciate that inspiring surrounds lead to inspiring solutions. But better by far to switch off that phone. For this is a magical place. As a recent visitor commented in the guest book, “At Victoria Falls I saw a rainbow, and now I know where that pot of gold is found: just a few kilometres upstream, at Royal Chundu!”

Royal Chundu Luxury Zambezi River Lodge (10 units) and Island Lodge (4 units) is a 30-minute journey from the Victoria Falls and Livingstone airport by road. It is also within easy striking distance of Chobe National Park in Botswana.

For more information or to make that booking, call +27 (0) 87 700 8310, e-mail reservations@royalchundu.com or visit www.royalchundu.com

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Lifestyle

Get everything Els, and nothing less The Els Club-Copperleaf

Built on the land once lived on by Ernie Els' grandfather, Copperleaf is proud to be home to South Africa's first Els Club, and a golf course designed by Ernie Els. Text: Henco Meintjes Images © Copperleaf Golf and Country Estate

The best design principles have been brought together at Copperleaf to produce a golf course which is aesthetically pleasing, with an unforgettable setting of natural grasslands and rocks, wide fairways, spectacular water hazards and challenging bunkers. All of this makes The Els Club-Copperleaf a testing and enjoyable experience for golfers at any level.

Booking a round of golf is easy and convenient at Copperleaf due to the commitment to service and easy helpfulness of The Golf Shop staff. The Golf Shop offers professional advice and the latest ranges of quality golfing clothing and accessories in a modern, relaxed environment. The knowledgeable staff will assist with any query you may have, and can offer tips and suggestions on equipment and virtually anything relating to golf – all to ensure that you are fully prepared for an unforgettable golfing experience.

Out on the course, keeping your tee shot to the left of the four fairway bunkers will definitely land you in a good position for your second shot on the 371 metre 2nd hole. If the flagstick is positioned to the back of this green, keep your approach shot short of the flag – the green has a big drop at the back that will make your ball run a long way off the green.

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From the back tees, the 4th hole plays as a formidable 626 metre par 5. A straight drive down the middle of the fairway should put you in a perfect position for your second, slightly downhill shot towards the green, even though it is still about 300 metres away. Be wary not to pull your second shot to the left, as there is a massive water hazard and hidden bunker just waiting for an errant shot. If you do find yourself in any of the two bunkers next to the green, play a soft landing shot onto the green. The green is very fast and this may cause your ball to roll over into the bunker on the other side.

The par 5 8th hole is slightly uphill from the tee and the fairway snakes all the way from the tee box to the green.

Your drive should favour the left side of the fairway straight over the bunker on the left of the first dogleg.

From this lie you can play a 3 Wood into the green that should add a very well deserved birdie to your scorecard.

The 11th fairway is split into two parts. The first part ends with rough and a couple of bunkers that you do not want to try and play from. So playing a easy swing 3 Wood or long iron from the tee, should work out perfectly. From here there are fewer bunkers so another well placed shot should end up close to, or on the green for a great score on this hole.

Lifestyle

At 384 metres the 12th doesn’t look like much of a challenge from the tee box, except if you have a fade on your tee shots because there is a huge water hazard to the right of the fairway making a straight drive the way to go. Your approach shot should be aimed at the left of the green. The green slopes dramatically towards the water on the right so any shot to the right will as a rule, end up in the drink.

The last hole at Copperleaf highlights the splendor of this great golf course with a sweeping view of the Club House situated on the hillside to the back left of the hole. Once again water comes into play on the 18th but the wide inviting fairway adds a sense of relief from the tee. Playing uphill from your second shot you need to think about adding a club to get the correct distance to the green, and to try and avoid the perfectly placed bunkers guarding it. If you manage this, the club house awaits – a fitting reward for finishing a challenging and inspiring course.

Modern and minimalistic design principles are felt throughout the newly designed Els Club, offering spectacular facilities for golfers to relax after their round. The Els Club offers guaranteed five-star golfing, and the ideal way to perfect your game, clear your mind and relax afterwards. For golf bookings contact The Els Club-Copperleaf on +27 12 668 8900 or +27 78 719 1677 or visit www.copper-leaf.co.za.

That Something Extra Set in a unique location with luxurious facilities and an atmosphere reminiscent of the warmth of a best friend, at Copperleaf Spa the number one priority is your experience, relaxation and rejuvenation. The vision of Copperleaf Spa is to create a memory that will never be forgotten and bring renewal and transformation with every breath you take. Highly professional and dedicated therapists offer the best possible service and advice for all your beauty and wellness needs. Copperleaf Spa also offers personalised treatments ranging from a hot stone massage for hard working executives, to manicures and facials for dedicated personal assistants. For bookings contact Copperleaf Spa & Gym on +27 12 668 8930 or email melanie@copper-leaf.co.za.

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Peak Hours The following periods are the peak periods during business days (Monday Friday): • The morning peak period will last for three hours, beginning at 05:30 and ending at 08:30.

• The afternoon peak period will also last for three hours, beginning at 16:00 and ending at 19:00.

Services Intervals During Peak/Off Peak/ Weekends and Public Holiday Periods • Service intervals are 12 minutes at peak periods.

• Service intervals are 20 minutes at off peak periods.

• Service intervals are 30 minutes on weekends and public holiday periods.

Opening/Closing of the Stations • All stations will be opened 15 minutes before the arrival of the first train.

• All stations will be closed 15 minutes after the arrival of the last train.

• No Bus services on weekends and public holidays.

One Gautrain Gold Card Per Passanger (Cost R10) • Gautrain Gold Card valid for 5 years (same card can be re-used over and over again).

• Remember to add enough “Pay-As-You-Go” value on your Gautrain Gold Card for your parking and bus fares.

• Children under 3 years of age travel free of charge. Carry non-paying children or ask attendant for assistance.

• The same Gautrain Gold Card can be used to board both the Bus and Train.

Revved Up

Toyota 86

Now With Added Adrenalin Toyota has pulled out all the stops with the introduction of the stunning 86. Based on close cooperation with Subaru, the 86 features a brilliant ‘boxer’ style 2 litre, flat fourcylinder engine that manages to develop 147 kW without the help of a turbo. This is achieved through an extremely high compression ratio, direct petrol injection and the sheer sophistication of the Subaru-designed engine that revs effortlessly to 7,400 rpm. Average fuel consumption is an impressive 7.8 litres/100 km and the 86 weighs in at just 1,239 kg. The 86 has a low, highly aerodynamic bodyshell stretched tight over the engineering hard points, making it the world’s most compact four-seat sports car design and it is equipped with an anti-lock braking system, electronic brakeforce distribution, traction control and an advanced, three mode vehicle stability control. The 86 range in South Africa comprises models: a Standard 6-speed manual, a High 6-speed manual and a High 6-speed Auto.

Volvo V40 Takes Highest NCAP Rating

Set the Roads on Fire New Bentley Continental GT V8 South Africans can now sit back in cushioned cobra-style seats, push the start button and hear the intense roar of the engine as they are transported to a world of luxury with the new Bentley Continental GT V8. Boasting a contemporary and fashionable style, the Continental GT V8 encourages its driver to explore a range of astounding features and enjoy the experience of driving, whenever and wherever the destination. The new Continental GTC V8 model will be offered beneath the flagship 6.0 litre, 12 cylinder GTC, which boasts a combination of luxurious refinement and the ultimate power of the twin-turbocharged W12 Continental engine that delivers an astonishing 631 break horse power. Inside the cabin, an Eliade cloth headlining, contemporary Dark Fiddleback Eucalyptus veneers, optional two-tone leather colour and short centre console provide ultimate comfort.

The Continental GT V8 achieves some of the most outstanding levels of fuel efficiency in the luxury performance sector, exhibiting the ability to travel over 800 km on a single tank.

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The stunning new Volvo V40 Hatch continues to offer the top-rated EuroNCAP safety rating. In the best ever test results recorded, the V40 scored an impressive 98% in the adult occupant safety category.

This was achieved through a holistic approach, a strong body structure and systems such as WHIPS (whiplash protection). Active safety systems on the V40 include auto brake, Pedestrian Protection, lane keeping aid and the company's patented BLIS – which helps the driver detect oncoming vehicles in the rear blind spot. The City Safety low-speed collision avoidance system has been further developed and it now operates at speeds of up to 50 km/h. NCAP reports indicated that the system worked superbly – making the V40 the first car to score maximum points in this category. The V40 offers a full range of engines to suit every taste – ranging from the first turbodiesel engine with a mere 94 gm/kilometre CO2 emission to the 187 kW turbocharged T5 petrol derivative.

16 models will be on showroom floors from midNovember this year.

Cutting Edge

Turn Your World Around BenQ, has launched the world’s slimmest F1.8 swivel-screen digital camera, the G1.

Constructed from seven lenses in six groups to build the world’s slimmest F1.8 swivel-screen digital camera, the G1 has an aspherical lens element that improves focus and image integrity. The 4.6x optical lens, complemented with a 24 mm wide-angle lens and lensshift O.I.S, can take beautiful pictures with a shallow depth of field as it significantly blurs the background, generating surreal, professional and romantic imagery. The 3” 920k pixel swivel-screen on the 14Mpixel CMOS senor means the G1 really can turn your world around. This beautifully crafted swivel-screen uses an AUO panel that has a wide color gamut that significantly improved optical performance for more saturated colours and realistic images. A sharper, clearer picture can be seen on the high contrast screen and faithful presentation of images and videos from all angles is possible. What’s more, the view is clear even under the outdoor sun. Visit www.benq.com for more information.

For Fanatics You swim. You bike. You run. You obsess over data and details?

Well, Garmin has just perfected your new training partner, the Forerunner 910XT. It’s the only all-in-one, GPS-enabled device that provides detailed swim metrics and tracks distance, pace, elevation and heart rate for running and cycling. Whether you’re training or racing, every second counts, so the 910XT makes it easy to transition seamlessly between sports. The auto multisport feature lets you switch sport modes at the press of a button, so you don’t lose precious seconds in transition. The optional quick release mount allows you to move the 910XT easily from wrist to bike and back again. It’s water resistant to 50 m and offers extensive swim metrics, including swim distance, stroke identification, stroke count and pool lengths. Make the most of every workout by uploading to Garmin Connect. Here, you can see your activity on a map and view detailed metrics. You can also plan new routes, create workouts and explore activities from other users. Visit www.garmin.co.za for more information.

Give your iPhone a Boost The Boostcase Hybrid is an innovative, award winning battery case for iPhone made up of a unique two-piece design that empowers Apple users to get the most out of their devices and enjoy the increasingly active and mobile world they know and love. A slim-fit, lightweight protection case that can stay on the iPhone at all times with an optional, snap on extended battery pack that will double the battery life on your iPhone. It has many advantages over single-piece iPhone battery extenders – the Boostcase has a removable battery so that you only need to make space for it when you know you’re going to need extra power and its modular design means you can mix and match styles and colours to your liking. The two segments fit seamlessly together and the case snaps firmly onto your phone. Visit www.boostcase.com for more information, or to locate a stockist.

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MSTI

Momentum Short-term Insurance on

a Steady Path to Success Since MMI Holdings’ 100% acquisition of Momentum Short-term Insurance, there has been steady progress made within the business. The future is certainly looking bright for short-term insurance within the group.

Brand Pretorius, CEO of Momentum Short-term Insurance (STI), recently announced some positive news regarding suspensive conditions that needed to be met with regards to the acquisition and finalisation of the transaction. “I am happy to announce that we are well on track in this regard,” he commented. “Firstly, we have received confirmation from an independent expert acceptable to the Johannesburg Stock Exchange (JSE), who confirmed that the terms of the transaction are fair to the shareholders of MMI and, accordingly, the JSE has approved the transaction.

“Secondly, the Financial Services Board (FSB) has approved the transaction subject to certain conditions being met. And finally, I attended a hearing with the Competition Tribunal recently and am pleased to report that they also approved the transaction unconditionally,” added Brand. This signifies great progress within the business, and solidifies STI’s future foundations within the MMI Group even more.

In addition to the approvals, Momentum STI has continued to make significant appointments of key individuals within their business over the last few months. Some of these appointments include: • Renee Rautenbach is a Chartered Accountant and also holds a Master’s degree in South African and International tax (Cum Laude). She will be fulfilling the role of Chief Financial Officer at Momentum STI. • Rudolf Britz is a qualified Actuary with more than 12 years of financial services experience. He will fulfil the role of Chief Actuary at Momentum STI. • Imran Mahomed is a qualified Actuary and has over 14 years of experience in the financial services industry.

He will fulfil the role of Chief Commercial Officer. This is a new role that has been created at Momentum STI. • Kobus Dreyer is the new Head of IT at Momentum STI. He is an old hand in the Momentum environment and has been with the company for 13 years. During this time, he has fulfilled various IT and operational management roles in Momentum.

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• Savina Harrilall holds a Master’s degree in Industrial Psychology, and also completed a diploma in Human Resource Management. She will be joining Momentum STI as the Head of Human Capital.

Momentum STI has also had very positive discussions with some of our key service providers, which we will continue to use into the future. “The feedback that we have received from these service providers is of a positive nature. They are excited to continue doing business with us, and look forward to incorporating innovative changes into Momentum STI’s future offering,” says Brand.

From an internal perspective, Momentum STI will use the opportunities within the MMI Group and join with other product houses, one being Multiply, in order to develop a new and exciting, enhanced product offering for clients and intermediaries alike. Momentum STI is also in the process of reviewing its commercial offering, which will definitely place them in an even more competitive position within the short-term market.

In closing, Brand adds: “One of Momentum STI’s goals is to make our business even more intermediaryfriendly than it already is. We want to create a business model where ease of doing business is improved significantly. We feel that this, combined with products and services that are better integrated with existing Momentum products and services, will enable us to become a significant player in the short-term insurance industry. We are excited about our progress and look forward to what else the future may hold for Momentum STI.”

Text: Pieter Erasmus: Head of Marketing, Sales and Distribution: Momentum Short-term Insurance Image © iStockphoto