BENEFITS
Thursday, June 30, 2016

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, 2017 will be subject to the above, if members choose so. However benefits arising from contributions made after March 01, 2015 will be treated in the same way 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 will be paid

 

FUNERAL BENEFIT

Funeral Scheme Benefit

 

BURSARY

The SAMWU National Provident Fund has set up a bursary scheme for members’ dependants. The bursary scheme is applicable to tertiary education and is only awarded to students who have achieved outstanding matriculation results.

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

The closing date to apply for the bursary scheme is 31 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.