Frequently Asked Questions

Although the information and answers supplied do not constitute advice as defined by the Financial Advisory and Intermediary Services Act, 37 of 2002, they do provide you with information that to the best of our knowledge and at this time is accurate.

Questions (FAQ)

Membership

How do I become a member of the Fund?

Click here for an Application for TFG Retirement Fund Membership Form.

May I transfer my retirement savings from my previous Company's Fund to TFG Retirement Fund?
Yes, you may.  Kindly request your previous company's fund administrator to contact the TFG Retirement Fund at fuse@tfg.co.za for assistance with the transfer process.  Click here to read more about being a new member.

How do I save more towards my retirement in a tax-efficient manner?
Click here to read more about the tax treatment of contributions and complete the Additional Voluntary Contributions Form (AVC). Use the AVC Tax Calculator to determine the total amount that you can contribute to receive the tax benefit.

How do I know that I am/have been saving enough towards retirement?
Use the Projection Calculator or Savings Calculator to help you with your calculations.

How do I check my Fund Value?
Click here to obtain your Fund Value.

Where do I get more information?
Check out the Active Member Guide or send your request to fuse@tfg.co.za
 
Is TFG Retirement Fund a Pension or a Provident Fund?
It is a Pension Fund.

What is the main difference between a Pension Fund and a Provident Fund?
The main difference is:
Pension Fund members must use two-thirds of their retirement benefit to buy a pension at retirement – unless their total retirement savings amount to less than R247 500. A maximum of one-third of the final benefit may be taken in cash.
Provident Fund members may take the full benefit as a cash lump sum at retirement.


Retirement Benefit

I’m near my retirement date, what should I do?
Click on Retirement Benefits for more information.

When I retire, will I be able to keep my staff account?
Click here for more information.

When I retire, will I be able to keep my medical aid membership?
Click here for more information. 


Death Benefit

What is my death benefit?
Click here to find out how to calculate your death benefit.

What is my funeral benefit?
Click here to find out what your funeral benefit is.

Who is a dependant?
Click here to find out how who qualifies as a dependant.


Withdrawal Benefit

How do I apply for my benefit when I resign, am dismissed or retrenched from the company?
Click here to find out more about your benefits and how to claim.

Questions when experiencing a life event

Dealing with life events is not always easy. Below is some guidance on matters you may need to consider regarding your retirement planning and insurance cover in terms of various life events.

Starting a new job?

If you have just changed jobs and are a new member, click here for a Welcome to New Members Form and more information about preserving your retirement savings from your previous employer.

The contribution you make towards your retirement fund will affect your standard of living after your retirement date. But you have to start planning as early as possible. Below are a number of tools to assist you with your retirement planning.

Use the Projection Calculator to see if you are on track to receive the amount of pension you estimate you will require in retirement. The calculations are based on assumptions about the future. The tool also suggests what steps you need to take in order to meet your retirement objectives.

The Savings Calculator uses your current age to look up the number of years’ worth of annual pre-tax earnings that you should have in investments today, to be able to retire at 60 with a pension of 70% of your final salary.

If you have not belonged to a retirement fund before, or if you did not preserve (save) your previous benefit when you changed jobs, you may need to consider making Additional Voluntary Contributions (AVCs) in order to save enough towards your retirement. AVCs are also a useful way to bolster your retirement savings if your pay is made up of more than just a salary; for example, if you get a car allowance, as your contributions to the retirement fund are a percentage of your basic salary only.

Click here to use the AVC Tax Calculator to calculate the amount of AVCs you can contribute that will qualify for a tax deduction.

Click here to access an AVC Form.
Getting married?

Congratulations with your decision to tie the knot!

Something to think about now is whether you have sufficient life cover in the unfortunate event of you passing away. The Fund provides active members with life cover of 5 x annual basic salary. In the event of your death as an active member, the Fund will pay your dependants a benefit equal to your life cover plus your Fund Value. You may want to consult a financial advisor to help you work out if you have enough cover.

Remember to update your beneficiary information on your HR Connect Employee Self Service profile to make provision for your new spouse.

How to capture your Beneficiaries in HR Connect.

Having a baby?

Congratulations with your growing family!

Something to think about now is whether you have sufficient life cover in the unfortunate event of you passing away. The Fund provides active members with life cover of 5 x annual basic salary. In the event of your death as an active member, the Fund will pay your dependants a benefit equal to your life cover plus your Fund Value. You may want to consult a financial advisor to help you work out if you have enough cover.

Remember to update your beneficiary information on your HR Connect Employee Self Service profile to make provision for your growing family.

How to capture your Beneficiaries in HR Connect.
Disabled?

When a disability forces you to stop working, you may qualify for benefits. It is important that you understand how the process will work.

All potential claims must be brought to the attention of the line-manager, who must then refer the case to  tfg.casemanagement@occufit.co.za.

Disability members need to complete a Beneficiary Nomination Form - click here for the form.
Getting divorced?

If you have recently divorced or ended a long-term relationship, click here for information you may find useful.

Remember to update your beneficiary information on your HR Connect Employee Self Service profile to match your new life status.

How to capture your Beneficiaries in HR Connect.
Changing jobs?

When you change jobs (whether you resign, are dismissed, get retrenched), you have a number of options regarding your existing retirement savings.

Click here read more about your options when you change jobs.
Click here to see why you should give serious consideration to leaving your retirement money in the Fund.
Retiring?

As you approach retirement, your financial needs and priorities change. You may contact TFG Retirement Fund on fuse@tfg.co.za should you have any questions. It is also a good idea to consult a qualified (registered) financial advisor who will be able to assist you with the following matters:
• Planning your retirement budget
• Understanding the various annuity (pension) options available to you
• Reviewing your insurance/life cover needs

Click here to read more about your Fund options when you retire from service.
Click here to read more about deferring the payment of your pension and becoming a Deferred Retiree if you do not wish to retire from the Fund just yet.
Click here for a Retirement Quote Request Form for assistance with a retirement quote.
Buying a house?

Pension Supported Housing Loans

TFG has contracted with First National Bank (FNB) to provide pension supported housing loans to members of the TFG Retirement Fund. Members may borrow up to 50% of their fund value in the TFG Retirement Fund from FNB for housing purposes. Members are required to pledge their resignation, retirement or death benefits available through the TFG Retirement Fund as security against the loan.

The loan is payable monthly in equal instalments over the loan period. The monthly instalments will be deducted from the member’s salary. The loan is payable in full to FNB on termination of the employment contract with TFG for whatever reason.

Loan entitlement

Members may be eligible to receive funding for a pension supported housing loan, subject to the National Credit Act regulations and affordability checks if they:

  • Are a member of TFG Retirement Fund; and
  • Hold the title deed to the property in their own name or their spouse’s name, and if they live in the property on a full-time basis

The loan must be intended for non-recreational uses to either: -

  • Redeem a loan from another financial institution, or
  • Buy or build a home, or
  • Make alterations or additions to your house, or
  • To pay transfer duties and bond registration costs.

The member does not qualify for financial assistance if they are under / have:

  • Legal judgement
  • Debt Review
  • Garnishee order
  • Bad Debt written off

Quick News

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.
Trustee Report out now!
03 Oct 2016
Have you read the latest Trustee Report?