Withdrawal Benefit

Withdrawing from the Fund

When you leave the Fund you must elect how the money must be paid. If you neglect to make an election you will become a Paid-Up member of the Fund. This means that your money will remain invested in the Fund and will continue to grow until you decide to have the benefit paid.

Your total Member share/savings becomes payable when you leave the Fund for the following reasons:

• End of contract with employer;
• Resignation;
• Absconding;
• Dismissal;
• Other (Section 14 transfer).

When you exit the Fund you must elect how the money must be paid. You can choose to :

• Transfer your member share to your new employer’s Fund;
• Transfer your member share to a preservation or retirement annuity fund of your
  choice;
• Your (fund savings) member share can be paid as a cash payment into your bank account; or
• Become a Paid-up member of the Fund.

What does it mean to be a Paid-Up member?

• Your money will remain invested in the Fund until you elect to have the benefit paid to you;
• As a Paid-Up member you will NOT make any contributions to the Fund;
• You will no longer be covered for death, disability or funeral benefits.

The advantages of becoming a paid-up member are as follows:

ü  You will be taking advantage of favourable investment fees and will remain invested in the portfolio you were invested in before you left the company;

ü  You will have peace of mind that your savings are being looked after by a well governed fund with capable trustees;

ü  You will not have to pay commissions or up-front investment fees as would be the case if you moved the money to a preservation fund.