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The measures that were approved by the directors and communicated to all affected members are as follows:
i. The creation of a notional fund effective July 2000 (in relation to each member), which would operate as if no switch of funds had taken place;
ii. The monitoring of the balance between the notional fund and the BCF until the value of the notional fund is equal to or just exceeds the value in the memberís BCF at which point the notional fund is terminated; and
iii. Prior to the crossover point, any retirement from the Provident Fund will be funded from the notional fund to ensure that no member suffers any loss.
The major issue with the Provident Fund was the switching of funds in July 2000 from the Guaranteed Accumulation Fund (GAF), a secure fund providing an annual return of 4-5% to the BCF, the least risky of the risky funds that was aimed at achieving higher returns to members.
Due to market conditions, the price per unit in the BCF declined in the two years since the switch with the consequent loss to members who had since retired and who were on the verge of retirement.
A presentation by the Fund Administrator, Zurich International Life, is also planned to take place for the benefit of the players and staff of the WICB Secretariat.