Section 13B of the Pension Funds Act of 1956 requires the entity that administers and is responsible for the investments of a retirement fund to obtain the approval of the Registrar (Financial Service Board - FSB) as a fund administrator, and to comply with the conditions the Registrar may prescribe.
Liberty Life has been registered with the Registrar (FSB) to act as a fund administrator.
Liberty Life has been appointed by the Funds to act as the administrator of the Funds (in terms of the fund rules) and as the insurer and investment manager to the Fund.
The Lifestyle Funds are administered by Liberty because the Fund itself does not have an administration infrastructure. The Fund itself does not generate any income with which to pay for such administration.
The insurer handles most enquiries from members
Enquiries about the Fund's duties in respect of the fund policy between the member and the fund are usually dealt with by the insurer in its capacity as the administrator of the fund.
Enquiries about the insurer's duties under the insurance policies between the fund and the insurer are also dealt with by the insurer, but then in its capacity as the insurer under these policies.