A withdrawal benefit becomes payable when you leave the service of your employer, either due to resignation, retrenchment or dismissal, before you reach normal retirement age.
What benefit will I receive?
A minimum benefit calculation as determined by the Pension Funds Act will be done by the Actuary to ensure that you don’t receive less than your full share of Fund. If you leave the Scheme, you will automatically become a Paid-Up member of the Scheme after 120 days, unless you actively elect another option. This is the Scheme’s Default Preservation strategy that is in line with the new Default Regulations. When you become Paid-Up you will be known as a Preserver member in terms of the Rules of the Fund. You will not be allowed to split funds, i.e. take a portion in cash and preserve the rest in the Fund. The split-funding is only available if you preserve outside the Fund. As an in-Fund Preserver member, you will also not be allowed to contribute monthly to the Fund and the insured benefits (death and disability ) will fall away.