MOTOR INDUSTRY PENSION FUND (2005)
SUMMARY OF RULES
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EXPLANATORY NOTES Pensioners Those members who have retired and are in receipt of monthly pension payments from the Fund. Deferred Pensioners Those members who have not yet retirement but in terms of an option provided to them elected to retain their accrued benefits on a pension basis within the Fund. Retirement Date Normal retirement age is 65. Deferred pensioners may elect to retire at any date prior to age 65. Retirement Benefits Retirement benefits for deferred pensioners will be in accordance with figures provided to them at the time of their electing a deferred pension, plus subsequent increases awarded. Death Benefits In respect of Deferred Pensioners, the paid-up value of your deferred pension is payable as a lump sum benefit, with no further benefits payable thereafter. In respect of Pensioners, the monthly pension is payable to the member’s dependants for 10 years calculated from date of retirement, and 50% of the full pension thereafter for the lifetime of the surviving spouse.	Disability Benefits – Deferred Pensioners Only In the event of permanent disability before retirement, deferred pensioners may elect either a monthly pension or a lump sum payment of their Fund value. Pension Increases Pension levels are reviewed annually in consideration of the Actuary’s advice and investment returns of the Fund. NOTE 1. The summary of the rules does not replace the official rules of the fund. If there is a dispute the official rules are binding on the member, the company and the fund. 2. Neither the estimated benefits nor the summary of the rules contained herein are binding on the Fund, your employer and Motor Industry Fund Administrators (Pty) Ltd.