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Retrenchment

HOW TO CLAIM WHEN YOU RESIGN OR ARE RETRENCHED?

Have you been dismissed or you just resigned? You still have the option to receive a cash lump sum equal to your Fund Credit.

THIS IS HOW IT WORKS

Your Fund Credit will be:

  1. The Total Retirement Contributions;
  2. Total Voluntary Contributions;
  3. Total Transferred Portion; and
  4. Net Investment Return.


Retrenchment

  1. The benefit payable on retrenchment is identical to the benefit payable on dismissal or resignation.
  2. You may elect to take the benefit in cash or transfer the tax-free benefit either to an approved Provident Fund, Retirement Annuity and Preservation Provident Fund.
  3. Transfers to approved Pension Fund and Pension Preservation Fund will attract tax.


Payment options

  1. You may take your full fund credit in cash, just remember that you will pay tax on a portion of the money.

    2. OR

  2. You may transfer your full benefit to an approved provident fund or retirement annuity fund tax free.

    3. OR

  3. You may transfer your benefit to an approved preservation fund, which is subject to the requirements of the revenue authorities.

    4. OR

  4. The Rules of the Fund provides for members to defer their benefits until retirement age on resignation, dismissal and retrenchment.


The following will apply to a deferred benefit:

  1. The minimum amount should be R10 000.
  2. No further contributions will be permitted.
  3. All benefits (Group life cover, ill health and funeral) ceases.
  4. The differed benefits will continue to be credited with net investment returns.

DOCUMENT REQUIRED:

  1. A certified copy of your i`dentity document, birth certificate or passport-displaying your photo and the passport’s expiry date.
  2. Banking details (copy of bank statement stamped by the bank).
  3. Withdrawal (Resignation, Dismissal & Retrenchment) claim form signed by the member and two Employer authorised signatories.
  4. The withdrawal form must be stamped by the mine.
  5. A letter stating your intention to transfer the full or part of the withdrawal benefit containing the institution’s contact details and policy details (if applicable).
  6. An original or copy of an annuity letter, reflecting the annuity policy number (if you wish to transfer the full or part of your benefit to an annuity fund/registered pension/provident fund), or the original signed annuity application form, or the original letter from the broker (if applicable).
  7. A foreign exchange questionnaire (if applicable).
  8. A payslip (if your current income is less than R60 000 per year).
  9. A letter from your employer confirming your resignation, dismissal or retrenchment.

You may take your full fund credit in cash, just remember that you will pay tax on a portion of the money.



Summary of claims process

  1. Complete the claim form;
  2. Get the employer to sign the claim form;
  3. Prepare and ensure you have all required, supporting documents;
  4. Submit the signed claim form with all supporting documents to your HR Office.


The claims process

  1. All documents are received and verified;
  2. Claims are investigated by the trustees to determine benefit allocation;
  3. Tax calculation is applied;
  4. Bank verification is received;
  5. Payment is made.





  FOR CLAIMS, PLEASE CONTACT YOUR HR

  FOR GENERAL ENQUIRIES, CONTACT US ON:
    Tel: +27 (0)10 100 3001
    E-mail: clientservices@mineworkers.co.za



  TO CHECK YOUR CLAIM STATUS OR BENEFIT STATEMENT



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