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Dear Member,
The Board of Management has pleasure in presenting a report on the position of the Fund for the financial year ended 31 March 2011. The Engineering Industries Pension Fund is one of the largest Pension Funds in the country with total assets exceeding R53,2 billion (Fifty three thousand two hundred million rands) at market value.
The Fund provides pension and lump sum benefits on retirement, retrenchment/redundancy and withdrawals to members or to their beneficiaries on their death. Members automatically belong to the Metal and Engineering Industries Permanent Disability Scheme which provides a salary continuation benefit for members who have been declared permanently disabled by the Medical Advisors of the Scheme.
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NOTE:
New employees in the Industry have a choice of participating in the Engineering Industries Pension Fund or in the Metal Industries Provident Fund. This option may be changed within the first 3 months of employment.
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The composition of the Fund as at 31 March 2011 was 25 543 contributing members and 36 548 pensioners in receipt of monthly payments. (In 2010, there were 24 667 contributing members and
37 410 pensioners).
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CONTRIBUTING MEMBERS AND PENSIONERS |
ASSETS (MARKET VALUE)(R000,000’S) |
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