FOR CLAIMS, PLEASE CONTACT YOUR HR DEPARTMENT
FOR GENERAL ENQUIRIES, CONTACT US ON:
- +27 (0)10 100 3000
- clientservices@mineworkers.co.za
- TO CHECK YOUR CLAIM STATUS OR BENEFIT STATEMENT
Retrenchment Benefit
Support during unforeseen circumstances.
Job loss is hard, your financial security shouldn’t be. With the Retrenchment benefit, we provide the support you need to stay afloat while you plan your next step.
How it works
Your benefit will be:
- Total credit in the vested component
- Total credit in the savings component
- You may elect to take the benefit in cash or transfer it either to an approved Provident Fund, Retirement Annuity and Preservation Provident Fund
Payment options
- You may take your vested and savings component in cash; this benefit will be taxable
- You may transfer your full vested and savings component to an approved provident, preservation provident fund, or retirement annuity and the transfer will be tax free
- The Rules of the Fund provides for members to defer their benefits until retirement age on resignation, dismissal and retrenchment
You may take your full fund credit in cash, just remember that you will pay tax on a portion of the money.
- A certified copy of your identity document, birth certificate or passport – displaying your photo and the passport expiry date
- Banking details (copy of bank statement stamped by the bank)
- Withdrawal (Resignation, Dismissal & Retrenchment) claim form signed by the member and two Employer authorised signatories. The withdrawal form must be stamped by the mine
- A letter stating your intention to transfer the full or part of the withdrawal benefit containing the institution’s contact details and policy details (if applicable)
- 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)
- A foreign exchange questionnaire (if applicable)
- A payslip (if your current income is less than R60 000 per year)
- A letter from your employer confirming your retirement
- The minimum amount should be R10 000
- No further contributions will be permitted
- All benefits (Group life cover, ill health and funeral) ceases
- The differed benefits will continue to be credited with net investment returns
- Complete the claim form
- Get the employer to sign the claim form
- Prepare and ensure you have all required, supporting documents
- Submit the signed claim form with all supporting documents to your HR Office
Once all documents are received by the Fund the following will take place:
- Document verification
- Claims are investigated by the trustees to determine benefit allocation
- Tax calculation is applied
- Bank verification is received
- Payment is made