RETRENCHMENT BENEFIT

The Retrenchment Benefit is payable if a member is retrenched.

The benefit is payable regardless of age and service where the member has been made redundant or where a mine has closed down resulting in the member being redundant.

Benefit paid is made up of total accumulated employee and employer contributions
plus interest recommended by the Actuary from time to time, or the member's reserve in the Fund, which ever is greater. The reserve is the pension purchased by the member's accumulated contributions (both employer and employee) adjusted by an age factor. However, if the member is fifty (50) years old with 15 years pensionable service or fifty five (55) years and above, he/she automatically qualifies for retirement.

Requirements For Processing Benefits

• A completed Advice of Withdrawal Form, Form BN1.
• Confirmation of retrenchment:
    - Resolution by the Works Council endorsing the retrenchment
       by the employer, or
    - A letter of approval from the National Employment Council
       or the Retrenchment Board
• Bank account details.
• National ID copy.
• Copy of payslip.

 
   
 
 

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