Monday, 12 November 2018

 
Retirement Benefits
 
 
Retirement Benefits are payable to members who reach the age 55 years or more irrespective of the reasons for termination of employment.
 
 
PENSION FUND
 
The retirement benefit is based on a member's full Fund Credit, including profits of the Fund.
 
The member shall receive a monthly pension of such amount as can be purchased with the MEMBER'S FUND CREDIT.
 
The member may elect to take up to one third of his total FUND CREDIT as a cash lump sum at the date of retirement and the balance will be applied towards a monthly pension.
 
The member may purchase a pension from the Engineering Industries Pension on retirement or alternatively may purchase a pension from any other Insurance company.
 
The MEMBER'S FUND CREDIT is made up as follows:
 
The member's contributions with interest + the employer's contribution LESS costs of death, disability and administration with interest + voluntary contributions / monies transferred into the Fund with interest + profits of the Fund.
 
 
 
 
PROVIDENT FUND
 
The retirement benefit is a cash lump sum equal to a member's full Fund Credit, including profits of the Fund.
 
The MEMBER'S FUND CREDIT is made up as follows:
 
The member's contributions with interest + the employer's contribution LESS costs of death, disability and administration with interest + voluntary contributions / monies transferred into the Fund with interest + profits of the Fund.
 
 
 
 
The member of the Fund will not receive a monthly income from the Fund once s/he has been paid out the benefit in full and final settlement. We recommend that the member seek financial advice from a licensed financial advisor if s/he is interested in investing the lump sum in order to gain a monthly annuity income.
 
The following documents are to be completed by the Employer and forwarded to the Fund on behalf of the member:
 
  • Application for Retirement Benefits Form. It must be signed and dated by the member in the presence of the Human Resources officer. This is to prevent another person from claiming the benefits that do not belong to them and reduces the risk of loss due to fraud committed by third parties.
  • Bank mandate form
  • Copy of Identity Document OR Proof of age, i.e. certified copies of a Birth Certificate or Passport
  • Copy of the UIF card
  • Certificate of Service
  • Revenue Form D
  • A certified copy of the Marriage Certificate. If the member is divorced, we will require a copy of the Final Divorce Decree and a copy of the final settlement agreement.
 
NB: The member's Identity Number is the membership number. Please inform the Fund of any other identity numbers (including passport numbers) when completing a claim form.
 
The Fund will pay these benefits as soon as possible after the completed claim forms and supporting documentation are received by the Fund.