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- Is it compulsory for me to belong to my new company’s retirement fund?
If a company has an existing retirement fund and its rules specify that membership is compulsory, you would have to belong to it.
- If I move from one company to another, can I move my share of fund value?
When you change employment, you have one of two choices: you can either transfer your share of fund value into a preservation fund or transfer your share of fund value into your new company’s retirement fund.
- What do I have to contribute?
Your contributions are defined in your fund’s rules. Contributions are normally calculated as a percentage of your salary and cannot exceed 20% of your salary. In some cases, members can choose their own contribution rate depending on what they can afford to pay.
- What benefits do I derive?
You could expect a fund to offer retirement, death and disability benefits. A death benefit is usually expressed as a multiple of your annual salary, for example 2 x annual salary. If you earn R60 000.00 per year, for example, your beneficiaries could receive a benefit of R120 000.00 from the fund if you die while still in your employer’s service. A funeral benefit could also be on offer.
- What are the costs associated with a fund?
A fund itself has to pay various organisations for providing certain services to the fund and its members. These service providers include fund administrators, auditors, actuaries and investment managers. A fund also has to pay levies to the Financial Services Board. In certain cases, the trustees of a fund are paid a fee. These costs are paid for out of the contributions received and usually form part of the contributions paid to the fund by your employer.
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