Benefits and Fees
contributions
Your Fund credit in the Fund is made up of Member Contributions and/or Employer Contributions, depending on your remuneration structure. You and your employer agree on the contribution rates to apply.

Based on your remuneration structure, whether you are a Category A or Category B member, your employer can choose to contribute on either an exclusive or inclusive basis as follows:

Retirement Savings – also referred to as your “Fund credit”
Your Fund credit is made up of:
Costs applicable

The following costs apply:

1. The administration fee paid is to the appointed administrator to maintain member records and provide other services to the Fund. The monthly fee is 0.624% (including VAT) of monthly Fund salary, subject to a maximum of:
■ R72.80 for members who contribute at 5% of Fund salary
■ R159.12 for members who contribute at more than 5% of Fund salary.
■ A minimum fee of R41.60 (including VAT) per month applies.

2. The operational fee covers all Fund management related expenses, for example audit fees, bank charges, levies due to the Financial Sector Conduct Authority, communication issued to members, governance etc. The monthly fee is made up of:
■ 0.229% of Fund salary, plus
■ 0.00174% of Fund credit.

Insured Risk Benefits – Fees applicable

An insured risk benefit administration fee of R28.35 (including VAT) per member per month applies. This fee is only payable by employers if they choose to provide employees with risk benefits.

Death benefit
For a premium of 1% of Fund salary employees will be insured for a benefit of 2.02 times annual Fund salary. For a premium of 2% of Fund salary employees will be insured for a benefit of 4.05 times annual Fund salary.
Lump sum disability benefit
For a premium of 0.8% of Fund salary employees will be insured for a benefit of 2.02 times annual Fund salary. For a premium of 1.5% of Fund salary employees will be insured for a benefit of 4.05 times annual Fund salary. Insured risk benefit cover ceases on normal retirement date. On approval of a lump sum disability benefit, membership of the Fund ceases and a retirement benefit is payable made up of Fund credit and the insured lump sum benefit. Retirement benefits are subject to annuitisation requirements.
Monthly disability benefit

For a premium of 0.911% of Fund salary, employees will be insured for a benefit of 75% of monthly Fund salary if they become disabled in terms of the policy requirements. This benefit is payable to the earliest of recovery, retirement, or death. On the payment of a monthly disability benefit the employee remains a member of the Fund, continues to save for retirement and is covered for the insured death benefit if selected by the employer.