Discovery brings Employee Benefits offering to market

While Discovery Invest has already made inroads in the discretionary savings space with more than R70 billion assets under administration in just ten years since inception, we are now expanding to offer you an employee benefits solution encompassing retirement funds, group risk and healthcare.

Retirement funds

Discovery Retirement Funds are umbrella funds that improve on what is already available in the industry and are designed to drive and reward behavior change to assist employees to close their retirement savings gap. We do this through an online employee engagement platform that helps employees set retirement goals, see the progress they're making towards meeting their goals, understand their options, and make choices that fit their individual circumstances. The product also encourages positive investment behaviour through incentives such as boosts.

The investment offering

The default investment, the Discovery Target Date Retirement Funds provide a lifelong savings solution that dynamically adjusts the investment strategy to meet investors' needs in a single investment portfolio. This allows for a smooth transition from growth to income investing as the employee moves through different life stages. Employees can also choose to invest in the Discovery Balanced Fund range or the Discovery Dynamic Asset Optimiser Fund of Funds range at institutional asset management fees, and also have access to the most popular external funds for Invest retail clients. We offer boosts of up to 15% for asset transfers, depending on term to retirement, and boosts of up to 15% on all contributions to reward behaviour such as healthy living and safe driving. These boosts can then be used to supplement retirement savings. The boosts continue post-retirement by rewarding employees in the Invest Linked Annuity who practice responsible withdrawal levels and a healthy lifestyle with income boosts of up to 50%. Our admin fees are among the lowest in the market, starting at R25 per employee per month for the largest schemes. Each scheme is priced uniquely. We apply a 100% discounted admin fee for those employees who earn less than R5 000 a month.

Group risk benefits

The Discovery Group Risk benefit includes life cover, local and international cover for the education of your employees' children, severe illness cover, lump-sum and monthly disability protection and funeral cover.

Healthy company

Employees in good health are 15% more productive than those in poor health; experience fewer motivational problems; are more resilient to change and are more likely to be engaged with business priorities.Healthy Company is Discovery's digitally-enabled, comprehensive employee assistance programme and wellness solution. Healthy Company identifies and proactively supports at-risk employees and employees that are healthy, in managing the four key dimensions of their wellbeing through screening and risk classification, proactive tailored interventions, and data-driven insights.

Healthy Company is Discovery's employee assistance programme and wellness solution which provides your employees with access to:

• Health and wellness screenings through the Discovery Wellness Experience
• Tailored solutions which range from prevention and education to ongoing or episode management
• Online and mobile management capability through the Discovery website and app
• Referrals to healthcare professionals and programmes for further advice and treatment
• Access to financial experts for assistance with debt counselling or debt management
• Legal support on issues including divorce, parenting agreements, maintenance, breach of contract and claims payments
• Data-driven insights that cover an employee's health and wellbeing risks as well as their progress in managing these risks
• Insights are developed based on integrated data across all the essential features of an employer's health and wellbeing initiatives administered by Discovery.

Discovery also launched the Healthcare Fund, which allows employers to offer tailored benefits to their employees, over and above the benefits they receive through their medical scheme, Primary Care and Gap Cover.

In addition to bespoke offerings, the Healthcare Fund could be used to offer relevant employer benefits across health and wellness. Some of these benefits are from cover during the Self-payment Gap to flu vaccines, wearable devices or HealthyFood for all employees.

For more information, read the Employee Benefits brochure and the Employee Benefits Discoverer launch issue.

Disclaimer
Nothing contained herein should be construed as financial advice and this document is meant for information purposes only. Discovery Life Investment Services Pty (Ltd): Registration number 2007/005969/07, branded as Discovery Invest, is an authorised financial services provider.