Member Information
In order to keep track of the member’s contributions, a Benefit Statement is sent out annually showing;
NB: Members who joined the Fund after October 2018 will have a Member Number only.
NB: The statement should be checked for the correctness and accuracy of all the details. If there are any details that are not correct, the member should contact the Fund immediately in order to facilitate the correction of the wrong details.
Employee Contributions
How much does the employee contribute?
The employee is required to contribute a minimum of 7.5 percent of his/her basic salary.
There is a provision for additional voluntary contributions by the member. In terms of the Fund Rules, the member (employee) is allowed an additional voluntary contribution of any amount up to a maximum of 7.5% of their basic salary, thus bringing the total possible employee contributions to a maximum of 15% of their basic salary. However, if the member decides to make an Additional Voluntary Contribution the employer is not obliged to match their additional contribution.
It is in the member’s best interest to take advantage of the Additional Voluntary Contributions (AVC) in order to earn a better pension during retirement. In the event that a member’s financial circumstances change, he/she may adjust his/her contributions to the minimum contribution rate of 7.5%. A member may do so by notifying both his or her employer and the Fund in writing.
In order to keep track of the member’s contributions, a Benefit Statement is sent out annually showing;
1. Personal Details such as the members’ name, date of birth, gender, pensionable service, National Identification Number, as well as the Record of Service (R/S) Number and Member Number. Both the R/S Number and Member Number can be used interchangeably.
NB: Members who joined the Fund after October 2018 will have a Member Number only.
2. Financial details such as cumulative contributions, cumulative interest, current year pension contributions made by both the employer and employee, current year interest earned on contributions and additional voluntary contributions (if any). If the employer is not up to date with remittance of pension contributions to the Fund, the outstanding contributions will also be shown on the Benefit Statement.
NB: The statement should be checked for the correctness and accuracy of all the details. If there are any details that are not correct, the member should contact the Fund immediately in order to facilitate the correction of the wrong details.
