Benefits

HOW IT WORKS

If you satisfy the Trustees that:

1. You are permanently unfit to continue in or resume employment in the category of work you have been employed in the service of the Employer; and
2. You are permanently unfit to continue in or resume employment in any other category of work for which the Chamber minimum annual basic wages are greater than or equal to those for the category of work in which you have been so employed, you shall be entitled to your Fund Credit.
   

Your Fund Credit will be:

1. The total retirement contributions;
   
2. Total Voluntary Contributions;
   
3. Total Transferred Portion; and
   
4. Net investment return.

Your benefit payout options:

1. You can use your entire Fund Credit to buy an annuity in the Fund.
2. You can commute up to 1/3rd of your non-vested benefit for a taxable cash lump sum and use the balance 2/3rd to purchase a compulsory annuity. If the total of your non-vested benefit is R247 500 or less, the full amount may be taken as a taxable cash lump sum.

What are your options upon retirement

1. You can take your full fund credit as cash.
   
2. You can take some of your fund credit as cash and use the rest to buy an annuity
3. You can use all your fund credit to buy an annuity.
   
   
   For more information on buying an annuity click here or complete your details and a Retirement Benefits Counsellor will contact you.
   

DOCUMENT REQUIRED:

1. Withdrawal (Retirement, Disability & Terminally ill) claim form signed by the member and two Employer authorised signatories.
   
2. The withdrawal form must be stamped by the mine;
   
3. Banking details (copy of bank statement stamped by the bank);
   
4. Certified copy of Identity Document;
   
5. Payslip;
   
6. Medical certificate;
   

You may take your full fund credit in cash, just remember that you will pay tax on a portion of the money.
Summary of claims process

1. Complete the claim form
   
2. Get the employer to sign the claim form
   
3. Prepare and ensure you have all required, supporting documents
   
4. Submit the signed claim form with all supporting documents to your HR Office
   

The claims process::

1. All documents are received and verified
   
2. Claims are investigated by the trustees to determine benefit allocation
   
3. Tax calculation is applied
   
4. Bank verification is received
   
5. Payment is made