How does an employee upgrade an existing option?

  • Remember that option upgrades are not allowed partway through the year, and the member will only be allowed to upgrade their option effective 1 January of every year
  • A member may however upgrade their option partway during the year as a result of a life changing event such as death, divorce, marriage, retrenchment, new born baby, diagnosis of a chronic condition and retirement. Any upgrade partway during the year is subject to the approval of the Scheme Fund Manager. A request needs to be put in writing and forwarded to the Scheme via the workgroup arrangement.