What is surplus pension fund?
Surplus benefit – a benefit that became payable as a result of a distribution of surplus in the fund to active and former members of the fund; Retirement benefit – as a result of retirement from the fund.
How much is my Mibco provident fund?
Just like normal tax, MIBCO rates of the payments you make are directly proportional to the amount of money you make. However, regardless of the grade of work you are in, your employer will make a payment of 15.5% of your pensionable salary or remuneration every week.
How long does it take for MIFA to pay out?
between 4 and 16 weeks
It will take anything between 4 and 16 weeks to effect the pay-out, provided your tax affairs are in order.
Can I borrow money from my Mibfa provident fund?
Your provident fund does not lend you the money. You can borrow up to 70% of your withdrawal benefit on your provident fund. For example if your withdrawal benefit is R50 000 then the maximum you can borrow is R35 000.
Who qualifies for surplus?
You may be entitled to share in the surplus if you are a beneficiary of a family member that previously belonged to a retirement fund. “If you were a member of one or more pension or provident funds during your working career, you may be due for a windfall.
Can I claim Provident Fund if I resign?
There is therefore no need to resign as you suggest, and no benefit in doing so. In addition to paying tax on any amounts cashed in now, by resigning, you would also lose what you have accumulated to date and the benefit of compound interest on those savings.
How do I check my Mibfa balance?
Please enter your ID number and password below to display your benefit/surplus statements. Surplus Statements will only be issued to members who qualify. Click on the icon below to download. “Please either phone or ask your HR to phone the MIBFA Call Centre (Tel: 0860 102 544 ) to obtain your password.”
Is it possible to borrow money from your pension fund?
You are only permitted to borrow money from your pension fund if a) the fund rules permit this and b) the loan is for housing-related purposes (to purchase a home or settle a loan iro a property you and/or your financial dependants live in – refer to s19(5) of the Pension Funds Act for restrictions).
How big is the motor industry pension fund?
Motor Industry Pension Fund (2005) – this Fund was previously known as Auto Workers’ Pension Fund and is closed to new membership. The Fund comprises of approximately 5 531 pensioners in respect of whom monthly pension payments are made. Assets of this Fund are currently valued at R6 billion.
How many pensioners are in the Renault pension fund?
The Fund comprises of approximately 5 531 pensioners in respect of whom monthly pension payments are made. Assets of this Fund are currently valued at R6 billion. Our pension fund members have the added oversight of automotive industry bodies.
How to claim your share of surplus pension funds?
Be as specific as possible eg “ABSA fund administrators or MAFUBE PUBLISHING PENSION FUND”. Request the claim documents and make sure the claim for your surplus pension funds is very accurately completed. Make sure you get a personal contact and email address of a person at the fund right at the outset.
Who is responsible for redistribution of pension funds?
During the redistribution process a representative former member of the fund is appointed to look after the members interests. Your former employers may have this information. If they do not have the information you need to contact the Fund administrators who will be able to assist you.