MOTOR INDUSTRY PROVIDENT FUND

 

SUMMARY OF RULES

 

If you want to view the full set of rules click here >FULL RULES IN WEB FORMAT

 

EXPLANATORY NOTES

Pensionable / contributory service

This is the total membership period in years and completed months used to calculate your benefits.  It is arrived at by taking your total number of contributions and dividing by either 52 (weeks) or 12 (months) contributions.

 

Pensionable Salary

Your pensionable salary is calculated according to your contributions paid to the Fund.  It is important to check this amount to ensure that your contributions are correct in accordance with your actual pensionable salary.

 

Fund Credit

Fund Credit = Member contributions + Employer contributions – costs + investment return bonuses declared.

 

Early Withdrawal, resignation or dismissal

A cash refund of your Fund Credit, including investment yield.

 

Retrenchment / Redundancy

A cash refund of your Fund Credit, including investment yield.

 

Retirement

A cash refund of your Fund Credit, including investment yield.  Normal retirement age is 65.

 

Can you retire later than age 65 years

Yes – with the agreement of your employer, up to age 70.

 

 

 

 

 

What will your family receive when you die after retirement ?

No benefits are payable from the Fund and provision for your wife and children will depend on how your retirement cash lump sum was invested at your retirement.

 

If you become PERMANENTLY DISABLED through illness or due to an accident

A cash lump sum of 3 years’ pensionable salary

Plus

Transfer value ex Pension Fund (if applicable) plus Fund Credit.

(Benefits may be limited during the first 5 years of membership).

 

If you die in service

A cash lump sum of 3 years’ pensionable salary

Plus

Transfer value ex Pension Fund (if applicable) plus Fund Credit.

 

 

 

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.