Annual General Meeting
The Mining Industry Pension Fund will be holding the 2nd AGM on 30 September 2024. Click below for further details
HIGHLIGHTS
Public Notice To view click here
MIPF Assisted Member Mortgage Scheme.To view click here
Closure of Southgate & Bancroft.To view click here
Circulars. To view click here
MIPF’s Newsletters. To view click here
Fund Rules . To view click here
Annual Reports . To view click here
Latest News . To view click here
Annual Financial Statements . To view click here
Actuarial Valuations . To view click here
BENEFIT STATEMENTS
The Fund sends out Benefit Statements every year after the completion of the year-end Actuarial Valuation.
MIPF Suspended Pensioners
The following are names of MIPF pensioners whose benefits have been suspended for various reasons as indicated on the schedule and whose whereabouts are not known. If anyone has information about their whereabouts or those of their close relatives, kindly advise MIPF. Pensioners suspended for non-submission of Certificates of Existence can download, complete and send to MIPF, the attached Certificate of Existence together with a copy of their ID.
INVESTMENTS
The Fund’s investment portfolio is made up of Listed Equity, Private Equity, Real Estate and other debt instruments. The management of investments is undertaken in line with the Fund’s Investment Policy Statement (IPS) which provides clear policy guidelines.
MIPF is a self-administered Defined Contribution pension fund that was set up in 1952 to provide retirement income for employees in the mining industry upon attainment of prescribed retirement ages. The Fund was set up following a collective bargaining agreement between representatives of employers and those of employees in the mining industry.
The Fund had a membership of 26 411 active members, 39 378 deferred members, 7 040 preserved members and 12 156 pensioners as at 31st March 2024. There were 146 employer members subscribing to the Fund as at 31st March 2024.
MIPF is a self-administered Defined Contribution pension fund that was set up in 1952 to provide retirement income for employees in the mining industry upon attainment of prescribed retirement ages. The Fund was set up following a collective bargaining agreement between representatives of employers and those of employees in the mining industry.
MIPF is administered by a Board of Trustees appointed by the National Employment Council (NEC) for the mining industry. The Board of Trustees is made up of employee and employer representatives.
The purpose of the Fund is to provide retirement income to members when they retire. This is because, in retirement, a former employee will not be in a position to receive a regular income as before. It is therefore important that monies are set aside for the employee during his/her working days for his/her benefit upon retiring and hence MIPF serves this purpose.
It is a statutory requirement for every employer whose operations are classified as mining to join the Fund. It is therefore a condition of service for all employees of such an employer that are aged below the normal retirement age of sixty (60) years to subscribe to the Fund.
You are required to contribute a minimum of (7.5%) of your monthly basic salary. However, there is a provision for you to make Additional Voluntary Contributions (AVC). You are allowed an additional voluntary contribution of up to 7.5%, which means the total contributions made should not exceed (15%) of your basic salary.
Your employer’s obligation is to contribute a minimum of 7.5% of your monthly salary. Although there is also a provision for Additional Voluntary Contributions by your employer, the latter is not required to match the employee’s additional contributions.
It is in your best interest to take advantage of the Additional Voluntary Contributions in order to earn a better pension during retirement. Once you have decided to make Additional Voluntary Contributions, the rate of contribution can only be reduced at the beginning of January each year.
