Your FAQs & Info

Q. Nomination of beneficiaries

It is important that members complete a new “Nomination of Beneficiaries” form each time their circumstances change, i.e. in the event of the birth of a child, divorce, marriage or change in any nominated beneficiaries. This form will assist the Trustees in their decision when distributing a deceased member’s benefit.

Q. Home Loans

The facility to offer members housing loan does exist in the Fund. Loans are offered in line with section 19(5) of the Pension Funds Act. The Act sets out conditions for the loans and the loans must be used for housing purposes only. Any abuse of the housing loan facility will attract severe consequences.

Pension Backed Lending (PBL) loans application procedure changed with effect from 1 June 2007 because of the implementation of the National Credit Act (NCA). The NCA was signed into law on 15 March 2006 with an effective date of 1 June 2007. The aim of the NCA isto prohibit unfair credit practices, misleading creditmarketing and reckless credit granting.

Q. Pension Funds Adjudicator

The office of the Pension Funds Adjudicator (PFA) was established on 1 January 1998, as an independent and unbiased ombudsman for the retirement fund industry. Members, former members, beneficiaries, former beneficiaries, Participating Employers, Board of Trustees, or anybody with vested interest in the Fund can lodge a claim.

This is a cost effective way of resolving Fund’s disputes compared to hiring of lawyers. The process that must be followed is that a complainant must first write to the Fund, if no response is received within 30 days or the complainant is not satisfied by the response, the complainant can then lodge a complaint with the adjudicator.

>For further information on the Provident Funds Adjudicator, please visit the FSB’s website, the PFA’s website or contact them directly using the address in Section 8 of this report.

Q. Voluntary contribution

An extra allocation of funds to a retirement fund benefit.The additional benefit contributions are the members’ responsibility and will not be matched by the employer