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How much of my money is guaranteed? 
Any contributions in the Smoothed Bonus Fund are guaranteed.
However, the Insurer’s bonus rate consists of two parts, namely:
• A vested bonus – this part of the bonus is guaranteed and is declared monthly in advance; and
• A non-vested bonus - this bonus may be reduced or removed by the Insurer in the case of very poor market conditions and is declared on a monthly basis as well.

The monthly bonus is declared net of investment manager fees. The minimum monthly bonus net of fees is 0% (subject to no change in the tax dispensation that applies to retirement Funds) – currently you will only earn a negative return on this portfolio if MMI removes non-vested bonuses or, as discussed below, under certain circumstances if you switch out of the portfolio.

Separate bonuses (both vested and non-vested) are declared on the Old Bonus Series and the New Bonus Series – the bonus rates are likely to differ, for the two bonus series.

In order to reflect the part of your money invested that is guaranteed (in either the Old Bonus Series or the New Bonus Series), the Insurer holds two accounts in your name, namely the Vested and Non-Vested Account:

Your Vested Account
 This account is a record of the part of your money that is guaranteed, and consists of:

• Any retirement saving contributions and any money you transfer to this Portfolio from the Income Fund, Balanced Fund, or Shari'ah Fund, plus
• The vested bonus declared by the insurer on a monthly basis.

Because the balance in your Vested Account is guaranteed, it gives you some protection against your "final payment risk”.

Your Non-Vested Account
The balance in this account may be removed by the Insurer under adverse market conditions and consists of the non-vested part of the bonus that is declared monthly. Every 6 months, MMI transfers part (currently up to 5%) of the balance in your non-vested account to your vested account.

When you exit the Fund (i.e. receive a benefit), you will receive the full balance in your vesting and non-vesting accounts. Effectively, this means that your non-vested account “vests” when you leave the Fund.

Note that the Insurer has the contractual right to remove the non-vested account selectively in the cases of any switches out of the portfolio (and not on normal exits from the Fund such as retirements or resignations).