Benefits (2)

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Benefits

The Fund offers the following benefits:

  • Retirement
  • Withdrawal
  • Death and Disability benefits
  • Funeral cover and bursary scheme
  • Home Loans

RETIREMENT

On retirement a member will receive a lump sum comprising of:

  • The total sum of the employers contributions with investment growth;
  • The total sum of the employer’s contribution less cost
  • Plus the transfer amount with investment growth

Contributions prior to March 1, 2015 will be subject to prescribed contributions, if members choose so. Benefits arising from contributions made after March 01, 2015 will be treated as pension fund benefits, meaning not more than one third will be paid as a lump sum on retirement.

Members will therefore, have two accounts in the fund in respect of pre 2015 and post 2015 contributions and subject to different dispensations.

WITHDRAWAL

 On withdrawal a member will receive a lump sum comprising of:

  • The total sum of the employers contributions with investment growth;
  • The total sum of the employer’s contribution less cost
  • Plus the transfer amount with investment growth

DEATH AND DISABILITY BENEFITS

On death and disability a benefit of three times annual salary plus a lump sum comprising of:

  • The total sum of the employers contributions plus with investment growth;
  • The total sum of the employer’s contribution plus investment growth less costs
  • Plus the transfer amount with investment growth shall be payable

BURSARY

The SAMWU National Provident Fund has set up a bursary scheme for members’ dependants. The bursary scheme is awarded to students who achieved outstanding matric results and want to want to proceed with their tertiary education.

The Fund sponsors five new students and the existing students per year.

The closing date to apply for the bursary scheme is October yearly.

Bursary Application form (Click here)

HOME LOANS

A person must apply at the First National Bank (FNB) for which a fund will provide a guarantee. This loans will be granted and payable on condition set up by the conditional consent. Members should contact their Human Resources for further information on home loans.