Deferred Members

Deferred Members

If you chose to become a Deferred Member it means that you have chosen to leave (preserve) your Fund Value until you retire.

The following is applicable to Deferred Members:

• The Fund Value at the date that you leave service from your company will form the opening balance of your Fund Value account.
• No further contributions will be payable by you.
• Investment returns will be credited or debited to your Fund Value account in terms of the Rules of the Fund.
• A monthly administration fee is payable and will be deducted from your Fund Value.
• All risk benefits such as disability and funeral benefits cease.
• Annual Benefit Statements will be issued to you.
• Transfers to Living or Life annuities (monthly pensions) are allowed at retirement age.
• Life-Stage Investment switch options may continue. 


Retirement Benefit

• When you retire from the Fund, you will have the same options available to you as the active members.
• Deferred Members must start drawing a pension by no later than the end of the month during which they reach the age of 70 years.


Click here to see the taxation that applies on lump sum withdrawals;
or use the Tax Calculator to calculate the tax payable on lump sum withdrawals.

Death Benefit

Should you die before electing your retirement date, your Fund Value will be paid out and distributed in exactly the same way as that of any other member of the Fund; i.e. Section 37C of the Pension Funds Act will apply to the payment of the Fund benefit.

 

Deferred Retirees

If you choose to become a Deferred Retiree, it means that you retired from the company but you wish to delay making a decision about your retirement benefit, and are deferring that decision to a later date. The following is applicable to Deferred Retirees:

• The Fund Value at the date of retirement from your company will form the opening balance of your Fund Value account.
• No further contributions will be payable.
• Investment returns will be credited or debited to your Fund account in terms of the Rules of the Fund.
• A monthly administration fee is payable and will be deducted from your Fund Value.
• All risk benefits, such as disability and funeral benefits, will cease. 
• Annual Benefit Statements will be issued to you.
• Life-Stage Investment switch options may continue. 


Retirement Benefit
  • Deferred Retirees must make a decision regarding their retirement benefit no later than the end of the month during which they reach the age of 70 years.
  • You will have the same options available to you as the active members when you decide to retire from the fund.

Click here for more information about your retirement options.

Click here to see the taxation that applies on lump sums at retirement,
or use the Tax Calculator to calculate the tax payable on lump sums at retirement.

Death Benefit

Should you die before electing your retirement date, your Fund Value will be paid out and distributed in exactly the same way as that of any other member of the Fund, i.e. Section 37C of the Pension Fund Act will apply to the payment of the benefit.