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Notice with regard to the surplus distribution by the Funds

IMPORTANT: This is not a new distribution of surplus and former members and paid-up members who have already applied for or received surplus from the Funds must not reapply to the Funds.

The apportionment of actuarial surplus in the Engineering Industries Pension Fund and the Metal Industries Provident Fund (the Funds) as at 1 April 2008 (the surplus apportionment date), as approved by the Registrar of Pension Funds on 30 November 2011 and communicated to members, pensioners and former members of the Funds refers.

The surplus apportionment in respect of former members and paid-up members who exited employment with the participating employers during the period from 1 January 1980 to 1 April 2008 consisted of two parts, namely:

  1. The top-up of benefits actually paid to former members or held by the Funds in respect of paid-up members to minimum benefits (i.e. unclaimed benefits), as prescribed in section 14A of the Pension Funds Act.
  2. An enhancement of 30% of fund benefits providing the member claimed the benefits prior to 30 November 2016.

The Trustees of the Funds have previously extended the closing date for claims in terms of point 2 above to

30 November 2017 and then 30 November 2018.

Notice is hereby given that the closing date will not be extended further and any claims received by the Funds after 30 November 2018 will not receive any surplus in terms of point 2 above. Claims after that date will still receive all surplus due in terms of point 1 above. No exceptions or discretion will be applied by the Trustees in this regard.

For clarity, all valid claims received by the Funds on or before 30 November 2018 will receive the surplus due in terms of both point 1 and point 2 above, even if such claims are only processed by the Funds after

30 November 2018.

Any queries with regard to this notice may be raised at the Funds’ Surplus Walk-in-Centre at 80 Marshall Street, Johannesburg or the Funds’ Call Centre on 086 150 4455.

 

SEIFSA

Author SEIFSA

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