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

Bargaining Council for the South African Road Passenger (SARPBAC)

Rules Retirement Fund (Provident)

Rule A 2 - Contributions

 

 

A 2.1        MEMBER

 

MEMBERS are not required to make contributions to the FUND.

 

A 2.2        EMLOYER

 

The EMPLOYER is required to make monthly contributions to the FUND in respect of every. MEMBER as set out in the SCHEDULE. The contribution rate !is set out in the SCHEDULE. Such contributions are rounded off to the nearest   cent.

 

The FUND will not be responsible for the non-payment of premiums to the INSURER in respect of the SEPARATE INSURANCE BENEFITS (if any), if the EMPLOYER fails to pay such premiums to the FUND.

 

A 2.3        Transfers

 

A 2.3.1 Subject to the BOARD OF TRUSTEES agreeing thereto, a MEMBER may make contributions to the FUND by way of a lump sum to which he has become entitled on his withdrawal from another APPROVED   PENSION FUND or APPROVED PROVIDENT FUND; or

 

A 2.3.2 These contributions shall be kept in a separate account, namely, the ADDITIONAL CONTRIBUTIONS ACCOUNT held in respect of the MEMBER.

 

A 2.4        Mode of payment of contributions

 

A 2.4.1 The EMPLOYER shall remit the total of the contributions to the FUND at the end of each month.

 

A 2.4.2 7 days' grace shall be allowed for the payment of contributions. All contributions not received by the due date will attract such penalties and interest as provided for in the ACT.

 

A 2.4.3 The final contribution payable in respect of the MEMBER shall be that due in the month in which:
(i) the MEMBER retires or (if earlier) the month in which he dies or withdraws, provided that if a MEMBER'S membership ceases within a calendar month, contributions shall be remitted on a pro rata basis in relation to the period of service completed by the MEMBER in respect of that calendar month. The EMPLOYER may, however, in its sole discretion, by arrangement with the ADMINISTRATOR, agree to remit more than the pro rata contributions, but up to a maximum of that full calendar month's contribution; or

(ii)        the TERMINATION DATE applicable to that MEMBER is reached.

 

A 2.4.4 Where the EMPLOYER fails to contribute in full within the days of grace referred to in Rule A 2.4.2 above, the BOARD OF TRUSTEES shall ensure that the necessary actions stipulated in the ACT are taken against the EMPLOYER.

 

The BOARD OF TRUSTEES has the right, in its sole discretion, after having considered the interest of the MEMBERS and the FUND, to give notice to the EMPLOYER that unless  all outstanding contributions plus interest in terms  of, the  ACT  are paid at such date decided  upon  by the  BOARD OF TRUSTEES, the EMPLOYER'S participation in the FUND will be dissolved in terms of Rule B 3.1.