The Fund’s mission is to ensure security of investments for members.

In Pursuit of Excellence

The Fund aims to provide for a peaceful and secure retirement and peace of mind for surviving beneficiaries in the event of untimely deaths.

BUSINESS PHILOSOPHY

EXERCISE more direct control over their retirement fund benefit arrangements;

ENSURE that their benefits meet their specific needs;

USE their collective and numerical strength when
bargaining both with employers and service providers, and

RETAIN the benefit of resulting savings.

BENEFITS SUMMARY AND FUND AT A GLANCE

Eligibility Provisions:
All employees within the Local Authority and Water Sector environment who are under age 65 may enjoy membership benefits.

Employee Contribution Rate:
7,50% of salary. All contributions are applied towards the accumulation of retirement benefits.

Normal Retirement Age: 65

Early Retirement Date:
Any time after age 55, with the employer’s approval.

Retirement Benefit:
Member’s share of fund paid out in terms of annuitisation legislation, effective 1 March 2021.

DEATH BEFORE RETIREMENT

Death Due To Any Cause (Natural causes)
• 3 X Annual salary
• PLUS Funeral benefit
• PLUS Member’s share of fund
• PLUS Paid up family funeral benefit

Death Due To An Accident (Unnatural causes)
• 6 X Annual salary
• PLUS Funeral benefit
• PLUS Member’s share of fund
• PLUS Paid up family funeral benefit

Family Funeral Benefits
• Member and spouse: R50 000
• Children aged 14 to 21: R50 000
• Children aged 6 to 13: R25 000
• Children younger than 6: R10 000
(including stillborn)

DISABILITY BEFORE RETIREMENT

Permanent Disability Due To Any Cause
• 3 X Annual salary
• Refund of member’s share of fund
• Paid up family funeral benefit

Permanent Disability Due To An Accident
• 6 X Annual salary
• Refund of member’s share of fund
• Paid up family funeral benefit

Withdrawal Benefits
Refund of member’s share of fund paid out in terms of annuitisation legislation, effective
1 March 2021.

Home Loan Benefits
A loan from Standard Bank up to 70% of member’s share of fund.

All loans are subject to the National Credit Act.

Paid Up Benefits: If a member dies or is permanently disabled before age 65, the dependents will be covered for funeral benefits until the date the member would have reached age 65.

Share of Fund : An amount equal to the accumulated value of member and employer
contributions saved for retirement together with investment returns, subject to the annuitisation legislation which came into effect on 1 March 2021.