RAND WATER PROVIDENT FUND ANNUAL REPORT 2022-2023

Treating Customers Fairly

A great member experience is a key driver towards establishing a member-centric fund. At Rand Water Provident Fund, we want our members to feel that their best interests are always considered, and treated fairly, especially during the exit process. The treating customers fairly (TCF) score measures our members’ perception of our performance against our expected TCF outcomes. The member experience measures the service quality experienced, and the office of the adjudicator oversees member complaints in the industry. • The Rand Water Provident Fund is committed to the principle of Treating Customers Fairly (TCF) which means treating our members as we would expect to be treated ourselves. It’s about making sure our services are performed in the way the member has been led to expect. • Members can be confident they are dealing with a fund where TCF is central to the corporate culture. • Services are designed to meet the needs of members and are targeted accordingly. • Members are provided with clear information and kept appropriately informed before, during and after active work life. • Where information is given, it is suitable and takes member expectations into account. • Investment options and contribution classes have led members to expect a certain retirement outcome; members are kept abreast of their investments through their benefit statements. • Members do not face unreasonable barriers to information relating to the fund; all decisions affecting members are timeously communicated to members.

6 TCF Outcomes

27%

35%

27%

15%

MEMBERS & BENEFICIARIES The Fund is confident that the Fund is managed and administered

INFORMATION Members and beneficiaries receive clear and appropriate information regarding the Fund, retirement benefits and the operations of the Fund on joining, and regularly during their membership of the Fund.

BENEFITS The Fund provides products and benefits which perform in a manner that meets the needs and reasonable expectations of its’ members and are in line with what members have been led to expect.

in such a way that the fair treatment of members and beneficiaries is central to the Fund’s culture.

01

02

03

04

05

06

PRODUCT & SERVICES The Fund’s products and services are developed and administered to meet the needs and expectations of members, with the ultimate goal of providing appropriate retirement income.

Where members of the Fund receive advice, the advice is suitable and takes account of their respective circumstances. RECORD OF ADVICE

The members do not face unreasonable barriers when submitting a claim or registering a complaint or changing classes and switching options where the rules of the Fund allow for such choices. UNREASONABLE BARRIERS

30

19

18

28

24 Rand Water Provident Fund Annual Report | 2022-2023