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.

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  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.

When experiencing this life event, you are able to change your member contribution to the Fund. For more information regarding your contribution options, click here.

 

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 AF Online profile to make provision for your new spouse.

How to capture your Beneficiaries on AF Online.

When experiencing this life event, you are able to change your member contribution to the Fund. For more information regarding your contribution options, click here.

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 AF Online profile to make provision for your growing family.

How to capture your Beneficiaries on AF Online.

When experiencing this life event, you are able to change your member contribution to the Fund. For more information regarding your contribution options, click here.

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 Fuse my logging a ticket on synergy.tfg.co.za 

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

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.

As you approach retirement, your financial needs and priorities change.   Click here to read more about your Retirement Benefit. 

-          Click here to read more about your Fund options when you retire from the Fund.

-          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, complete the form and submit to TFG Synergy (synergy.tfg.co.za) to obtain a retirement quote.

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 

Should you not have your own registered financial advisor or wish to obtain a second opinion, you could use the Fund’s Financial Advice Model. Click here for more information.

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