Member shall mean a person who having been admitted to membership of the fund in accordance with these rules, has not received all the benefits due to him in terms of these rules and will include, unless otherwise indicated by the context, a paid-up member. A member automatically becomes a member of the fund if he/she fulfils the eligibility requirements as set out in the rules of the fund.
Frequently Asked Questions
- Q: How do I become a member of the provident fund?
- A: Your employer is required to be a participating employer in the fund if it is an employer in the Private Security Sector. The employer is required to register you as a member of the Fund when you become an employee of the employer.
- Q: What happens when my company changes name?
- A: When your company changes its name, it does not alter the status of the company nor does it affect your status as a member of the fund. The fund will continue to hold your fund credit as per your personal identity details, which it held under the company’s previous name. Your contributions will continue to be paid by the company, just under a different name.
- Q: What happens if I am dismissed from employment?
- A: When you are dismissed from employment, you are generally entitled to the payment of a withdrawal benefit as a cash lump sum, alternatively you may in writing elect to become a dormant member or transfer your fund credit to an approved pension or provident fund, approved pension or provident preservation fund or approved retirement annuity fund.However, should you not make an election within 6 months of leaving service, you would be deemed to have elected a cash lump sum benefit. This is subject to the proviso that, when the fund is able to effect transfer/make payment of the benefit, and you are still an employee of an employer in the private security sector, then the benefit will not be transferred or paid to you but will be retained and will be merged with your new record.
You may however, not be entitled to the payment of your benefit in instances where a section 37D deduction is allowed in terms of the Pension Funds Act where, for example, you have caused damage to the employer by reason of theft, fraud, dishonesty or misconduct in respect of which you have admitted liability to the employer in writing or where judgment has been granted against you by a court of law.
The fund may also withhold the payment of a benefit in instances where an employer has instituted civil proceedings or where criminal proceedings have been instituted against you in respect of the above instances.
- Q: What happens if I resign from employment?
- A: When you resign from employment, you are generally entitled to the payment of a cash withdrawal benefit, transfer of your benefit, or you may elect to become a dormant member, except in instances outlined above.
- Q: What do I do to confirm that my employer does make payment to the retirement fund?
- A:You may contact the fund’s administrator, Salt Employee Benefits or enquire at any of the Fund’s regional offices to confirm that the employer makes contributions on your behalf. It will also be reflected in your benefit statement that you should receive once a year.
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