EVENT ELIGIBILITY EARLY RETIREMENT NORMAL RETIREMENT LATE RETIREMENT RESIGNATION/ RETRENCHMENT AND DISMISSAL BEFORE RETIREMENT AGE DISABILITY DEATH IN SERVICE QUALIFYING CRITERIA Full time permanent staf f members within the Private security industry. A member entering the Private Securit y Sector for the first time or who has been out of the Private Securit y Sector for more than six months shall, for the first four months of Membership, only be entitled to the Risk Benefits. The cost of such benefit shall be borne in equal shares by the member and the employer at a rate of 2.5%. With the Employer’s consent you may retire voluntarily from age 55. You will be entitled to your Fund Credit. The benefit can be paid as a pension purchased from a Registered Insurer, as a cash lump sum or as a pension plus a cash lump sum. The normal retirement age is 65. With the Employer’s consent you may defer your retirement past normal retirement age but not later than age 70. Contributions continue to be paid. Your disability benefits will cease at normal retirement age of 65 but your group life cover and funeral benefit will continue to age 70. A withdrawal benefit becomes payable when you leave the ser vice of your employer, either due to resignation, retrenchment or dismissal, before you reach normal retirement age. Ill- Health Early Retirement If the Employer and the Trustees, after considering medical evidence acceptable to them, consider that you have become permanently incapable of carrying on your occupation due to sickness, accident, injury or incapacit y through infirmit y of mind or body, they may agree to your retirement prior to the normal retirement date. To qualif y for a death benefit, the member must have been in the service of the employer at the date of death. BENEFIT COMPOSITION You contribute a minimum of 7.5% of Pensionable Salary to the Fund and the employer pays a minimum of 7.5%. 4.85% of Employer Contribution is used to cover the cost of: • Administration • Death benefits • Disability benefits • Funeral benefits 2.65%, which is the balance, goes towards the retirement funding along with the 7.5% you have contributed (so 10.15% in total goes towards your saving for retirement every month). EX AMPLE: If your salary is R5000 per month You contribute R375 per month to the Fund, and the employer contributes R375 per month. R242.50 of the R375 is deducted from the employer’s contribution for costs and R132.50 is invested for the member. Of the R750 (R375 x 2) paid to the Fund R507.50 per month is invested towards your retirement and R242.50 is paid towards costs. You receive your Fund Credit. Fund Credit consists of the member and employer retirement contributions, excluding death, disabilit y and administration costs plus investment returns. You receive your Fund Credit. You receive your Fund Credit. If you leave the Fund, you will automatically become a Paid-Up member of the Fund af ter 120 days, unless you actively elect another option. This is the Fund’s Default Preser vation strategy that is in line with the Default Regulations. If you elect to take your benefit you will receive your Fund Credit. Paid-up members don’t make contributions to the Fund and are not covered for death or disabilit y benefits. If you are totally and permanently disabled and all contributions have been received by the Fund at the date of your disabilit y, and the claim is validated, you will receive: • A lump sum of 3.25 times your Annual capped Fund Salary (The benefit is capped at a maximum of Grade “A” remuneration rate) Plus • Full Fund Credit. EX AMPLE: If your annual salary is R48 000 (R4 000 per month x 12) You will receive a lump sum of R156 000 (R48 000 x 3.25) plus your Fund credit at the time. Your dependants and/or nominated beneficiaries will receive a taxable lump sum benefit should you die before your normal retirement age of 65 while still a member of the Fund. The benefit ceases at age 70. The lump sum death benefit will include: • Full Fund Credit Plus • A lump sum of 3.25 times your Annual capped Fund salary (capped at ma ximum of R5558.00 per month) Plus • Funeral benefit OPTIONS You may make additional voluntary contributions to the Fund. You may make contributions of up to R29 166 to the Fund on a monthly basis (or R350 000 annually) for all funds combined. If you work on the example above you may make additional contributions of up to R20 166 per month. These additional contributions provide good value and will be added to your Fund Credit and best of all it is ta x deductable (ta x free). You may elect to take your Fund Credit in cash as a lump sum or a pension can be purchased through a Registered Insurer of your choice. Members will be given retirement benefits counselling at least 3 months prior to their retirement date. If you decide to take your withdrawal benefit (and not to become a Paid-Up member) you have 4 payment options: • You may transfer the money to a retirement annuity (RA) • You may transfer to a preservation fund • You may transfer the money to your new employer’s fund • You may take the benefit in cash The Disabilit y Benefit reduces by 10% per annum from age 56 (this will only af fect you if you become disabled 10 years before normal retirement age) and the benefit ceases at 65. Normal Retirement Age is 65. Although the Trustees will follow members’ wishes in terms of their nomination of beneficiary form as far as possible, the final decision of who will receive the death benefit rests with the Trustees, who are required in terms of the Pension Funds Act to ensure that all dependants are considered. BITS & TIPS It is the basic salar y (less over time and any allowances) that the fund uses to calculate your monthly contributions to the Fund (7.5%). Members can register on www.psspf.benefitcounsellor.com to use the Fund’s benefit counselling tool. It will be wise to preserve your money until you retire. A cash withdrawal may seem at tractive at this stage, but will influence your retirement plans negatively in the future. Tax af fairs must be up to date at all times as any benefit pay-out due from the Fund is subject to ta x clearance from SARS. In the event of an application for disabilit y benefits being unsuccessful, you may opt for one of the withdrawal options above, provided that you have in fact lef t the ser vice of your employer and qualif y for the above-mentioned benefits. You need to make sure that the amount of cover for death and disabilit y provided through the Fund is right for you and your family. If you feel it may not be adequate you may want to buy additional cover outside the Fund. You are reminded to update the nomination of beneficiary forms regularly to prevent any unnecessary delays in the distribution of death benefits. Tax af fairs must be up to date at all times as any lump sum benefit pay-out due from the Fund is subject to ta x clearance from SARS. Payment of death benefits may take a long time. Make sure that your spouse will have access to funds during this period. Speak to an approved financial advisor to assist you with your financial planning. Disclaimer: All details are published for information purposes only and neither the Fund nor the Administrator can be held liable for any loss as a result of a decision based on this information, as all rights of members are embodied in the of ficial rules and policies of the Fund. A copy of the rules is available from the Fund. Please contact the Fund for any fur ther details. PROVIDENT FUND BENEFITS MEMBERS EX AMPLE: If you earn R60 000 (R5000 per month) Your beneficiaries will receive a lump sum of R195 000 (R60 000 x 3.25) plus your Fund Credit at the time plus a funeral benefit of R42 000. PRIVATE SECURITY SECTOR PROVIDENT FUND P S S P F FAMILY FUNERAL COVER BENEFIT Main member R42 000 Spouses (4) - per annum R37 500 Child 14 - 21 years (up to 29 if continues full-time student) R36 000 Child 6 - 13 years R24 500 Child 1 - 5 years R19 500 Child under 1 year (including stillborn) R12 700 ACCIDENTAL DEATH COVER BENEFIT Main member traveling on public transpor t R120 000 General Queries and Claims 0800 110 885 Emergency Evacuation/Trauma Assist/Legal Assist 0861 638 222 = + + Monthly Contribution 7.5% 7.5% Member Contribution 2.65% 7.5% Employer Contribution LESS 4.85% for: Death benefit Disability benefit Funeral benefit Administration Total monthly contribution towards retirement funding 10.15% = + + Monthly Contribution 7.5% 7.5% Member Contribution 2.65% 7.5% Employer Contribution LESS 4.85% for: Death benefit Disability benefit Funeral benefit Administration Total monthly contribution towards retirement funding 10.15% = + + Monthly Contribution 7.5% 7.5% Member Contribution 2.65% 7.5% Employer Contribution LESS 4.85% for: Death benefit Disability benefit Funeral benefit Administration Total monthly contribution towards retirement funding 10.15% = + + Monthly Contribution 7.5% 7.5% Member Contribution 2.65% 7.5% Employer Contribution LESS 4.85% for: Death benefit Disability benefit Funeral benefit Administration Total monthly contribution towards retirement funding 10.15%
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EV
EN
T
ELIGIBILITY EARLY RETIREMENT NORMAL RETIREMENT LATE RETIREMENT RESIGNATION/ RETRENCHMENTAND DISMISSAL BEFORE RETIREMENT AGE DISABILITY DEATH IN SERVICE
QU
ALI
FYIN
G
CR
ITE
RIA
Full time permanent staf f members within the Private security industry. A member entering the Private Security Sector for the first time or who has been out of the Private Security Sector for more than six months shall, for the first four months of Membership, only be entitled to the Risk Benefits. The cost of such benefit shall be borne in equal shares by the member and the employer at a rate of 2.5%.
With the Employer’s consent you may retire voluntarily from age 55. You will be entitled to your Fund Credit. The benefit can be paid as a pension purchased from a Registered Insurer, as a cash lump sum or as a pension plus a cash lump sum.
The normal retirement age is 65. With the Employer’s consent you may defer your retirement past normal retirement age but not later than age 70. Contributions continue to be paid. Your disability benefits will cease at normal retirement age of 65 but your group life cover and funeral benefit will continue to age 70.
A withdrawal benefit becomes payable when you leave the service of your employer, either due to resignation, retrenchment or dismissal, before you reach normal retirement age.
Ill- Health Early RetirementIf the Employer and the Trustees, af ter considering medical evidence acceptable to them, consider that you have become permanently incapable of carrying on your occupation due to sickness, accident, injury or incapacity through infirmity of mind or body, they may agree to your retirement prior to the normal retirement date.
To qualify for a death benefit, the member must have been in the service of the employer at the date of death.
BE
NE
FIT
CO
MP
OS
ITIO
N
You contribute a minimum of 7.5% of Pensionable Salary to the Fund and the employer pays a minimum of 7.5%.
4.85% of Employer Contribution is used to cover the cost of:• Administration• Death benefits• Disability benefits• Funeral benefits 2.65%, which is the balance, goes towards the retirement funding along with the 7.5% you have contributed (so 10.15% in total goes towards your saving for retirement every month).
EXAMPLE:If your salary is R5000 per monthYou contribute R375 per month to the Fund, and the employer contributes R375 per month.
R242.50 of the R375 is deducted from the employer’s contribution for costs and R132.50 is invested for the member.
Of the R750 (R375 x 2) paid to the Fund R507.50 per month is invested towards your retirement and R242.50 is paid towards costs.
You receive your Fund Credit.
Fund Credit consists of the member and employer retirement contributions, excluding death, disability and administration costs plus investment returns.
You receive your Fund Credit. You receive your Fund Credit. If you leave the Fund, you will automatically become a Paid-Up member of the Fund af ter 120 days, unless you actively elect another option. This is the Fund’s Default Preservation strategy that is in line with the Default Regulations. If you elect to take your benefit you will receive your Fund Credit. Paid-up members don’t make contributions to the Fund and are not covered for death or disability benefits.
If you are totally and permanently disabled and all contributions have been received by the Fund at the date of your disability, and the claim is validated, you will receive:• A lump sum of 3.25 times your Annual
capped Fund Salary (The benefit is capped at a maximum of Grade “A” remuneration rate)
Plus
• Full Fund Credit.
EXAMPLE: If your annual salary is R48 000(R4 000 per month x 12)
You will receive a lump sum of R156 000 (R48 000 x 3.25) plus your Fund credit at the time.
Your dependants and/or nominated beneficiaries will receive a taxable lump sum benefit should you die before your normal retirement age of 65 while still a member of the Fund.The benefit ceases at age 70. The lump sum death benefit will include:
• Full Fund CreditPlus• A lump sum of 3.25 times your Annual capped Fund salary (capped at maximum of
R5558.00 per month)Plus• Funeral benefit
OP
TIO
NS
You may make additional voluntary contributions to the Fund. You may make contributions of up to R29 166 to the Fund on a monthly basis (or R350 000 annually) for all funds combined. If you work on the example above you may make additional contributions of up to R20 166 per month. These additional contributions provide good value and will be added to your Fund Credit and best of all it is tax deductable (tax free).
You may elect to take your Fund Credit in cash as a lump sum or a pension can be purchased through a Registered Insurer of your choice.
Members will be given retirement benefits counselling at least 3 months prior to their retirement date.
If you decide to take your withdrawal benefit (and not to become a Paid-Up member) you have 4 payment options: • You may transfer the money to a retirement
annuity (RA)• You may transfer to a preservation fund • You may transfer the money to your new
employer’s fund • You may take the benefit in cash
The Disability Benefit reduces by 10% per annum from age 56 (this will only af fect you if you become disabled 10 years before normal retirement age) and the benefit ceases at 65. Normal Retirement Age is 65.
Although the Trustees will follow members’ wishes in terms of their nomination of beneficiary form as far as possible, the final decision of who will receive the death benefit rests with the Trustees, who are required in terms of the Pension Funds Act to ensure that all dependants are considered.
BIT
S &
TIP
S
It is the basic salary (less overtime and any allowances) that the fund uses to calculate your monthly contributions to the Fund (7.5%).
Members can register on www.psspf.benefitcounsellor.com to use the Fund’s benefit counselling tool. It will be wise to preserve your money until you retire. A cash withdrawal may seem attractive at this stage, but will influence your retirement plans negatively in the future.
Tax af fairs must be up to date at all times as any benefit pay-out due from the Fund is subject to tax clearance from SARS.
In the event of an application for disability benefits being unsuccessful, you may opt for one of the withdrawal options above, provided that you have in fact lef t the service of your employer and qualify for the above-mentioned benefits.
You need to make sure that the amount of cover for death and disability provided through the Fund is right for you and your family. If you feel it may not be adequate you may want to buy additional cover outside the Fund. You are reminded to update the nomination of beneficiary forms regularly to prevent any unnecessary delays in the distribution of death benefits.
Tax af fairs must be up to date at all times as any lump sum benefit pay-out due from the Fund is subject to tax clearance from SARS. Payment of death benefits may take a long time. Make sure that your spouse will have access to funds during this period. Speak to an approved financial advisor to assist you with your financial planning.
Disclaimer: All details are published for information purposes only and neither the Fund nor the Administrator can be held liable for any loss as a result of a decision based on this information, as all rights of members are embodied in the of ficial rules and policies of the Fund. A copy of the rules is available from the Fund. Please contact the Fund for any fur ther details.
PROVIDENT FUND BENEFITSM E M B E R S
EXAMPLE: If you earn R60 000 (R5000 per month)
Your beneficiaries will receive a lump sum of R195 000 (R60 000 x 3.25) plus yourFund Credit at the time plus a funeral benefit of R42 000.
PRIVATE SECURITY SECTOR PROVIDENT FUND
P S S P F
FAMILY FUNERAL COVER BENEFIT
Main member R42 000
Spouses (4) - per annum R37 500
Child 14 - 21 years (up to 29 if continues full-time student) R36 000
Child 6 - 13 years R24 500
Child 1 - 5 years R19 500
Child under 1 year (including stillborn) R12 700
ACCIDENTAL DEATH COVER BENEFIT
Main member traveling on public transport R120 000
General Queries and Claims 0800 110 885
Emergency Evacuation/Trauma Assist/Legal Assist 0861 638 222=+
+Monthly Contribution
7.5%
7.5% MemberContribution
2.65%
7.5% EmployerContribution
LESS 4.85% for:
Death benefit
Disabilitybenefit
Funeralbenefit
Administration
Total monthly contribution towards retirement funding
10.15%=+
+Monthly Contribution
7.5%
7.5% MemberContribution
2.65%
7.5% EmployerContribution
LESS 4.85% for:
Death benefit
Disabilitybenefit
Funeralbenefit
Administration
Total monthly contribution towards retirement funding
10.15%=+
+Monthly Contribution
7.5%
7.5% MemberContribution
2.65%
7.5% EmployerContribution
LESS 4.85% for:
Death benefit
Disabilitybenefit
Funeralbenefit
Administration
Total monthly contribution towards retirement funding
10.15%=+
+Monthly Contribution
7.5%
7.5% MemberContribution
2.65%
7.5% EmployerContribution
LESS 4.85% for:
Death benefit
Disabilitybenefit
Funeralbenefit
Administration
Total monthly contribution towards retirement funding
10.15%
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