Psspf Benefits

Benefits Summary

The fund is a defined contribution fund and provides benefits when members retire, terminate employment (by resigning, or on retrenchment or otherwise) or die before retirement.

RETIREMENT BENEFITS PROVIDED BY THE FUND

Normal

 

At your normal retirement age of 65, your benefit being equal to your Fund Credit, can be paid as

Retirement

 

a pension purchased from a Registered Insurer, as a cash lump sum or a pension plus a cash

 

 

lump sum.

 

 

 

Voluntary

 

With the Employer’s consent you may retire voluntarily from age 55.Your benefit, being equal to

Early

 

your Fund Credit can be paid as a pension purchased from a Registered Insurer, as a cash lump

Retirement

 

sum or as a pension plus a cash lump sum.

 

 

 

Ill-Health Early

 

If, on receipt of satisfactory medical evidence, the Employer and the Trustees decide that you are

 

 

Retirement

 

permanently incapable of efficiently performing your duties through infirmity of mind or body, you

 

 

 

 

will be entitled to retire at any time. You will be entitled to your Fund Credit, paid as a pension

 

 

purchased from a Registered Insurer, as a cash lump sum or as a pension plus a cash lump sum.

 

 

 

Late Retirement

 

With the Employers consent you may defer your retirement past normal retirement age but not

 

 

 

 

later than age 70. Contributions continue to be paid. Your funeral and disability benefits will

 

 

cease at normal retirement age of 65 but your group life cover will continue to age 70. At your

 

 

late retirement date, you will be entitled to your Fund Credit, paid as a pension purchased

 

 

from a Registered Insurer, as a cash lump sum or as a pension plus a cash lump sum.

DEATH / DISABILITY BENEFITS PROVIDED BY THE FUND

Death in Service If you die whilst in service and all contributions have been received by the Fund at the date of your death, your dependents will receive a lump sum of 2.5 times your Annual Fund Salary plus your Fund Credit.
   
Disability If you are disabled and all contributions have been received by the Fund at the date of your
  disability, and the claim is validated, you will receive a lump sum of 2.5 times your Annual Fund
  Salary plus your Fund Credit. Please note that your Capital Disability Benefit reduces by 10%
  per annum from age 56 and the benefit ceases at 65.

RESIGNATION BENEFITS PROVIDED BY THE FUND

If your employment is terminated for any reason, whether by your resignation, retrenchment or otherwise, excluding retirement, death or disability, you will receive your Fund Credit. This benefit may be taken in cash (after tax), kept in the Fund as deferred benefit or transferred to another approved retirement fund.

CONTRIBUTION RATES TO THE FUND
Member Member contributes 7.5 % of their monthly basic salary.
   
Employer Employer contributes 7.5 % of the member’s monthly basic salary
  The employer’s contribution includes the cost of death, disability and funeral benefits and
  administration fees.

FUNERAL BENEFIT PROVIDED BY MOMENTUM

Please note that with effect from 1 December 2010 the scale of benefits above will be increased for all deaths that occur on or after 1 December 2010 as follows:

Member, Spouse and Children 14 – 21R 20 000.00
Children 6 – 13R 14 000.00
Children 1 – 5R 10 000.00
Children 0-11 months including StillbornR 6 000.00

MANAGEMENT OF THE FUND

The fund is managed by a board of trustees consisting of employer and employee representatives. The trustees meet regularly to discuss investments, benefits and administrative matters pertaining to the fund. The members of the board of trustees are:

Chairperson: R o b e r t D u b e

Trustees: Bonginkosi Qwabe, Pakamisa Harold Mdineka,

Principal Officer: Peter Zibi

Cobus Bodenstein, Piet Mabaso, Anna Maoko, Michael

Masekoma, Hennie Myburgh, Sello Molepo, Jackson Simon,

Norman Ngobeni, Jonnes Hlathwayo, Marchel Coetzee,

Marius Kemp, Duduza Khosana (Independent), Costa

Diavastos, Bheki Mthembu, Tony Botes, Philemon Bhembe