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

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. For more detailed information, please see the Retirement Benefit section below. 

Disability Benefit

The disability benefit is a monthly benefit of 75% of pensionable pay. This benefit is subject to capping and evidence of health limits, as well as other policy conditions as determined by the insurer. For more detailed information, please see the Disability Benefit section below. 

Death Benefit while in service

5 x annual pensionable pay plus Fund Value

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

Funeral Benefit

Additional Voluntary Funeral Benefit 

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: