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Retirement Benefit

HOW TO CLAIM WHEN YOU RETIRE

Please make sure that you start the process early to avoid any unnecessary delays.

THIS IS HOW IT WORKS

For most people retirement is a major event in their lives and while some people may dread the prospect we believe with proper planning your retirement can be an eagerly anticipated event. The retirement process can be daunting and a fair amount of work is needed to process a retirement claim. You must apply for payment of you retirement benefit by completing the application form before the Fund will proceed with the processing of your claim.


When can you retire?
Anytime between age 50 and 60 for underground members and 53 and 63 for surface members; Anytime if disabled due to accident or illness, if the Trustees are satisfied that you can no longer perform your duties or any other duties in the category of work in which you were employed for.


What do you receive upon retirement?

  1. Your Fund Credit
  2. The Total Retirement Contributions
  3. Total Voluntary Contributions
  4. Total Transferred Portion
  5. Net Investment Return.

What are your options upon retirement

  1. You can use your entire Fund Credit to buy an annuity in the Fund.
  2. You can commute up to 1/3rd of your non-vested benefit for a taxable cash lump sum and use the balance 2/3rd to purchase a compulsory annuity. If the total of your non-vested benefit is R247 500 or less , the full amount may be taken as a taxable cash lump sum.


    3. For more information on buying an annuity click here or complete your details and a Retirement Benefits Counsellor will contact you.



  FOR CLAIMS, PLEASE CONTACT YOUR HR

  FOR GENERAL ENQUIRIES, CONTACT US ON:
    Tel: +27 (0)10 100 3001
    E-mail: clientservices@mineworkers.co.za



  TO CHECK YOUR CLAIM STATUS OR BENEFIT STATEMENT



  Log into your account


DOCUMENT REQUIRED:

  1. A certified copy of your identity document, birth certificate or passport - displaying your photo and the passport expiry date.
  2. Banking details (copy of bank statement stamped by the bank);
  3. Retirement claim form signed by the member and two Employer authorised signatories. The withdrawal form must be stamped by the mine;
  4. A letter stating your intention to transfer the full or part of the retirement benefit containing the institution contact details and policy details (if applicable).
  5. An original or copy of an annuity letter, reflecting the annuity policy number (if you wish to transfer the full or part of your benefit to an annuity fund/registered pension/provident fund), or the original signed annuity application form, or the original letter from the broker (if applicable).
  6. A foreign exchange questionnaire (if applicable).
  7. A payslip (if your current income is less than R60 000 per year).
  8. A letter from your employer confirming your retirement.


Funeral Benefit

  1. Members who retire continue to be covered for the funeral benefit when they die. The amount payable is R50 000. Please insist on your funeral paid up - certificate from your Employer before leaving the service.

Housing Guarantees
  1. If you have a Housing Guarantee provided by the Fund, the outstanding value of the guarantee will be settled before any part of the benefit is paid to you. You are liable for the income tax that must be paid as a result of the settlement of the housing guarantee. Thus, if you elect to purchase a pension, the value of the outstanding housing loan will be deducted from your benefit before the balance is transferred.

Divorce Orders
  1. If there is a Divorce Order against part of your benefit in the Fund, the Fund is obliged to settle the value of the Divorce Order before paying any benefits to you. Thus, if you elect to purchase a pension, the value of the divorce agreement will be deducted from your benefit before the balance is transferred.


Summary of claims process

  1. Complete the claim form;
  2. Get the employer to sign the claim form;
  3. Prepare and ensure you have all required, supporting documents;
  4. Submit the signed claim form with all supporting documents to your HR Office.


The claims process

  1. All documents are received and verified;
  2. Claims are investigated by the trustees to determine benefit allocation;
  3. Tax calculation is applied;
  4. Bank verification is received;
  5. Payment is made.