In keeping with Fedgroup’s vision to go beyond fund payments to providing true care, we created the Iteke learnership programme. The Iteke programme is open exclusively to our beneficiaries and provides matriculants with work experience and the tools to make important career decisions. This bridges the all-important gap between completing their schooling and finding gainful employment for those who do not have the resources to complete a tertiary education.
Iteke, which means ‘challenge yourself’ in Sepedi, provides learners with a year’s exposure to mentorship, work experience and a SETA-accredited tertiary qualification. The learners rotate through various departments, equipping them with a large skill set.
" It was an amazing, beautiful experience. It brought me closer to the organisation, just seeing the care that they’ve given us just to ensure that we get what we need at the end of the day, it was priceless. "
– Palesa Moditambi: Fedgroup sales administrator and former Iteke graduate
" If it wasn’t for the programme I wouldn’t be employed, I’d probably be working at a restaurant or something to make quick money. They gave me a steppingstone into my career. "
– Basetsana Monareng: Former Iteke graduate and staff member
Governance and Section 37C of the Pension Funds Act
We adhere completely to all PF130 guidelines, the FSCA’s approach to Treating Customers Fairly and the Consumer Protection Act. In addition, we draft internal policies and member communication ourselves, as we believe in doing this in the simplest manner possible, so that no communication is hidden in legalese. Fedgroup Employee Benefits has an extensive corporate governance infrastructure that focuses on the three cornerstones of corporate governance, in accordance with the Pension Funds Act: transparency, security and accountability.
Section 37C of the Pension Funds Act 24 of 1956 governs the distribution and payment of lump sum benefits payable on the death of a member of a pension fund, provident fund, pension and provident preservation fund and retirement annuity fund. These benefits are colloquially known as “death benefits”.
Transformation and Equity
Fedgroup Beneficiary Care is administered by Fedgroup Employee Benefits (Pty) Ltd, an approved administrator authorised to administer beneficiary funds as provided for in the rules of beneficiary funds and regulated by the FSCA. Fedgroup Employee Benefits (Pty) Ltd is a proudly Level 2 B-BBEE contributor.
We recognise B-BBEE as a pragmatic growth strategy that hopes to realise the country’s full economic potential, while also helping to bring the black majority into the economic mainstream.
We are committed to the principles of B-BBEE and over the past three decades have actively sought to assist marginalised groups in South Africa, play a positive role in building a more inclusive society, and actively ensure that more South Africans can enjoy a better life for themselves, their families and their communities.
Furthering this strategy, Fedgroup registered a new company, Ubuntu Holdings, in 2020. This is a majority black-owned investment holding company, that has been created by Fedgroup to continue to support and grow businesses in the financial services industry. Ubuntu Holdings houses the Iteke Trust which funds the Iteke Learnership Programme. The dividends extended by other companies that fall under the Ubuntu Holdings umbrella serve to grow the Iteke Trust and, by extension, the Iteke Learnership Programme. Importantly, this vehicle truly embodies the spirit of broad-based empowerment, as it uplifts numerous learners through their studies, continues to positively affect each successive intake of learners, and grows in scale as the program expands. As with our corporate purpose of putting people before profit, the returns yielded by the companies under the Ubuntu Holdings umbrella will be reinvested Into the Iteke Trust for further growth.