Benefits
Contributions to the fund
Member: The members contribute 9% of their salary to the fund each month. This amount is kept aside for their retirement.
Employer: The employer contributes a total amount of 9% of the members’ fund salaries to the fund every month.
From the employer contributions, a portion is used to pay for the insured death, disability and funeral benefits, as well as the fund’s expenses. Once these costs have been deducted, the rest of the money goes towards the members’ retirement savings.
Risk benefits
Members are required to update their nomination forms annually or whenever there is a significant change in their lives like the birth of a child, marriage or divorce.
The Nomination form must be submitted to HR Department for safe keeping in the members personnel file”.
Death, permanent and total disability benefits
Repatriation benefit
Members and their immediate family qualify for the funeral support service – at no extra cost. This includes transporting the deceased by road or air from anywhere in the world to the funeral home closest to the place of burial in South Africa or neighbouring countries: Namibia, Botswana, Lesotho, Swaziland and Mozambique (up to Valakulo).
Housing loan benefit
Housing loans backed by guarantees provided by the fund can be obtained through iMasFinance in terms of section 19(5) of the Pension Funds Act, 1956.
Funeral Insurance
Insurance for you and your family
The insurance covers you and your spouse and children up to age 21.
The money that will be paid is a fixed rand amount:
You and your spouse R 30 000
Your child age 14 – 21 R30 000
Your child age 6 – 13 R 15 000
Your child age 5 – 0 (including stillborn) R 10 000
With changes to legislation, members are required to complete a nomination form nominating a person/ people that can receive the members funeral benefit.
When you retire
The benefit paid when you retire is your money in the fund
Your normal retirement age is 65 years.
You can retire early from age 55.
You can retire later if:
you continue to be employed and the company agrees to this
you can defer your retirement from the fund to a later date even though you have retired from your employer.
Your fund credit is made up of:
Money transferred from other funds
Member contributions
Investment returns