Benefits

The following benefits are available to all active members of the Fund who are employed by the company and under normal retirement age. These benefits also apply to disability members who belong to the Fund and are under normal retirement age. 
  • TFG Pensioners: Click here to see what benefits apply to you.
  • Deferred Members: Click here to see what benefits apply to you.

Click on “Summary of Benefits” below for a quick overview of your benefits. You also have the option to read a detailed explanation of each benefit.

Summary of Benefits

Withdrawal Benefit
(To read more click here)

You may withdraw your full Fund Value upon resignation or retrenchment from the company, provided that you are under the age of 65. The Fund Value includes all the contributions you and the company have made, plus investment returns (positive or negative). Withdrawal benefits are subject to tax. Members are strongly encouraged to preserve (save) their Fund Value in order to meet their retirement goals.

It is also very important to remember that any amount taken as a cash withdrawal benefit will impact the tax-free portion of the amount you take as a lump sum at retirement benefit. 


Retirement Benefit
(To read more 
click here)

The Fund offers a monthly pension that is secured by the member's Fund Value at date of retirement. The benefit is payable for life.

Disability Benefit
(To read more 
click here)

The disability benefit is a monthly benefit of 75% of total guaranteed package (TGP). This benefit is subject to capping and evidence of health limits, as well as other policy conditions as determined by the insurer. 

Death Benefit while in service
(To read more 
click here)

5 x annual pensionable pay plus Fund Value

Death Benefits are payable in accordance with section 37C of the Pension Funds Act.

Funeral Benefit
(To read more click here)

STANDARD FUNERAL BENEFIT Current
Funeral
Benefit
 
 Funeral
Benefit with
effect from
01 January
2021
Member and Spouse  R25 000 R30 000 
Child Age 14 – 21 R12 500 R15 000 
Child Age 6 – 13 R5 000 R6 000 
Child under Age 6 R2 500 R3 000 


Additional Voluntary Funeral Benefit

(To read more click here)

The company offers an additional voluntary funeral benefit at a premium, which is payable by the employee. The premium is R19.70 per month and offers the following additional benefits:

For a small amount of R19,70 (deducted from your salary monthly), you can increase this cover to an ADDITIONAL pay-out as follows: Current Funeral 
Benefit
Funeral
Benefit with effect from 01 January 2021
 
Member and Spouse  R15 000 R25 000
Child Age 14 – 21 R15 000 R15 000 
Child Age 6 – 13 R7 500 R7 500 
Child under Age 6 R3 000 R3 000 

 



 

Quick News

Contributions
16 Feb 2021
TFG Retirement Fund

Rule changes relating to your member contributions
Contribute more to your retirement
16 May 2017
Pay less tax by making Additional Voluntary Contributions to your retirement Fund.
Update your Nomination of Beneficiary form
21 Nov 2016
Find out how to nominate your beneficiaries.