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.
Inter-school transfer: Should you transfer to another School which participates in the ISASA Provident Fund, it is compulsory that the full value of your Accumulated Credit as at the date of transfer be transferred to the new School’s account. You will continue to enjoy unbroken membership in the Fund.
What benefit will I receive?
If you leave the Fund, you will automatically become a Preserver member of the Fund after 120 days, unless you actively elect another option. This is the Fund’s Default Preservation strategy that is in line with the Default Regulations. If you elect to take your benefit you will receive your accumulated credit.
Preserver members don’t make contributions to the Fund and are not covered for death or disability benefits. You will remain invested in the same portfolio you were invested in when you were an active member, unless you make a new selection from the available portfolios in the Fund.