THIS IS HOW IT WORKS
Your Fund Credit will be:
- The Total Retirement Contributions;
- Total Voluntary Contributions;
- Total Transferred Portion; and
- Net Investment Return.
Retrenchment
- The benefit payable on retrenchment is identical to the benefit payable on dismissal or resignation.
- You may elect to take the benefit in cash or transfer the tax-free benefit either to an approved Provident Fund, Retirement Annuity and Preservation Provident Fund.
- Transfers to approved Pension Fund and Pension Preservation Fund will attract tax.
Payment options
- You may take your full fund credit in cash, just remember that you will pay tax on a portion of the money.
- You may transfer your full benefit to an approved provident fund or retirement annuity fund tax free.
- You may transfer your benefit to an approved preservation fund, which is subject to the requirements of the revenue authorities.
- The Rules of the Fund provides for members to defer their benefits until retirement age on resignation, dismissal and retrenchment.
OR
OR
See Also
Eligibility for Employee Provident Fund (EPF) | Bajaj FinanceEPF or PF Withdrawal Rules 2024 - Bajaj FinanceEPF or PF Withdrawal Rules 2024 - Home, Medical & RetirementHow To Withdraw PF Online After Leaving Job? OR
The following will apply to a deferred benefit:
- The minimum amount should be R10 000.
- No further contributions will be permitted.
- All benefits (Group life cover, ill health and funeral) ceases.
- The differed benefits will continue to be credited with net investment returns.
DOCUMENT REQUIRED:
- A certified copy of your i`dentity document, birth certificate or passport-displaying your photo and the passport’s expiry date.
- Banking details (copy of bank statement stamped by the bank).
- Withdrawal (Resignation, Dismissal & Retrenchment) claim form signed by the member and two Employer authorised signatories.
- The withdrawal form must be stamped by the mine.
- A letter stating your intention to transfer the full or part of the withdrawal benefit containing the institution’s contact details and policy details (if applicable).
- An original or copy of an annuity letter, reflecting the annuity policy number (if you wish to transfer the full or part of your benefit to an annuity fund/registered pension/provident fund), or the originalsigned annuity application form, or the original letter from the broker (if applicable).
- A foreign exchange questionnaire (if applicable).
- A payslip (if your current income is less than R60 000 per year).
- A letter from your employer confirming your resignation, dismissal or retrenchment.
You may take your full fund credit in cash, just remember that you will pay tax on a portion of the money.
Summary of claims process
- Complete the claim form;
- Get the employer to sign the claim form;
- Prepare and ensure you have all required, supporting documents;
- Submit the signed claim form with all supporting documents to your HR Office.
The claims process
- All documents are received and verified;
- Claims are investigated by the trustees to determine benefit allocation;
- Tax calculation is applied;
- Bank verification is received;
- Payment is made.
FOR CLAIMS, PLEASE CONTACT YOUR HR
FOR GENERAL ENQUIRIES, CONTACT US ON:
Tel: +27 (0)10 100 3001
E-mail: clientservices@mineworkers.co.za
