Labour Relations Act, 1995 (Act No. 66 of 1995)

Name of FUND

SARPBAC Retirement Fund (Provident)

FUND type

Provident

COMMENCEMENT DATE

1 January 2013

Registered office

1st  Floor Stone House

Stone House

Stonefountain Terrace

95 Klipfontein Road

RONDEBOSCH

ANNIVERSARY DATE

1 January of each year

FINAL SALARY

The sum of a MEMBER'S MONTHLY PENSIONABLE SALARY for the 12 months preceding the date of his death provided that in respect of a MEMBER who is on approved temporary absence in terms of Rule A 1.2 the FINAL SALARY shall be calculated as if the MEMBER had died on the date of commencing approved temporary absence.

FINANCIAL YEAR

A   period  of   12  months  commencing   1 January and ending 31 December each year

Changes in MONTHLY PENSIONABLE SALARY

Effective  immediately

(Refer to the DEFINITIONS where applicable)

ELIGIBILITY

Qualifications for membership

CATEGORY 1 EMPLOYEE

All EMPLOYEES who have not yet attained the NORMAL RETIREMENT AGE  and who are not part of the EMPLOYER'S management,   supervisory  or  management support staff

CATEGORY 2 EMPLOYEE

EMPLOYEES who have not yet attained the NORMAL RETIREMENT AGE and who are part of the EMPLOYER'S management, supervisory or management support staff

(Refer to Rule A 1)

CONTRIBUTIONS

MEMBER'S contributions

Non-contributory

EMPLOYER'S contributions

10% of the MEMBER'S MONTHLY PENSIONABLE  SALARY

NET EMPLOYER CONTRIBUTIONS

The EMPLOYER'S contributions minus the following:

(i)        the expenses in respect of the FUND as described in clause B 1.11;

(Refer to Rule A 2)

WITHDRAWAL BENEFIT

On resignation, dismissal, retrenchment or redundancy

The MEMBER'S SHARE

minus

any costs incurred and deducted in terms of Rule B 2.8.

(Refer to Rule A3)

RETIREMENT BENEFIT

NORMAL RETIREMENT AGE

The first day of the month coinciding with or immediately  following  the  MEMBER'S  65th birthday.

Retirement benefit

The MEMBER'S SHARE.

(Refer to Rule A4)

DEATH BENEFIT

GROUP INSURANCE BENEFIT

(i)        MEMBERS who die in service before or on Normal Retirement Age

3 times the MEMBER'S FINAL SALARY

(ii)        MEMBERS who die in service after age 65 years:

Nil

plus

Accumulated contributions

The MEMBER'S SHARE

minus

any costs incurred and deducted in terms of Rule B 2.8.

(Refer to Rule A 5)

BOARD OF TRUSTEES

Number of INDEPENDENT TRUSTEES

1

Number of EMPLOYER TRUSTEES

3 appointed by Employers who are party to the COUNCIL

Number of UNION TRUSTEES

3

Minimum number for quorum

4 (including INDEPENDENT TRUSTEE)

PERIOD OF OFFICE

1 year for INDEPENDENT TRUSTEES and 5 years for all other TRUSTEES

(Rule to Rule B 1.2)