Private Security Sector Provident Fund
The Private Security Sector Provident Fund (“the Fund”) is a Privately Administered Fund, registered in terms of the Pension Funds Act of 1956 established through Sectoral Determination 3: Private Security Sector South Africa published under Government Gazette Notice R196 of 25 February 2000 and amended by Government Notice R306 on 30 March 2001.
PSSPF came into effect in 2002 giving a range of benefits to members and their families. These benefits include retirement, disability, death and funeral benefits, and apply to all employees of the Private Security Sector as per the provisions of the Sectoral Determination and the rules of the Fund.
The promulgation of the Provident Fund by the Minister of Labour was to ensure that it becomes compulsory for every employee and employer in the Private Security Sector to contribute to the Fund. It was also to ensure that employers comply with the latter and gave effect to the enforcement provisions to enable a better life for security employees and their families.