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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 3 - Withdrawal Benefit

 

 

A 3.1        When payable

 

A 3.1.1 If a MEMBER terminates his service with the EMPLOYER before the NORMAL RETIREMENT AGE and such MEMBER is not entitled to any other benefits under the FUND, the withdrawal benefit set out in the SCHEDULE shall be available to him subject to the restrictions on the application thereof set out in Rule A 3.2. This Rule applies mutatis mutandis to a MEMBER whose service is terminated by the EMPLOYER.

 

A 3.1.2 Notwithstanding any provisions to the contrary contained in these RULES, the BOARD OF TRUSTEES reserves the right, at the request of the EMPLOYER, to reduce the withdrawal benefit in respect of any damage caused to the EMPLOYER by means of any theft, dishonesty, fraud or misconduct by the MEMBER, provided that:
(i) the  MEMBER  has admitted  liability in writing  to the said theft, fraud or misconduct; or
(ii) judgement  has been obtained against the MEMBER in any court, including a magistrate's court; and
(iii) the extent to which the withdrawal benefit is reduced is not greater than the damage caused to the EMPLOYER.

 

A 3.1.3 Should a transfer of business, or part thereof, of the EMPLOYER to another employer in terms Section 197 of the Labour Relations Act, No 66 of 1995, occur, the MEMBERS concerned will not be entitled to a withdrawal benefit, but will be transferred (in terms of Section 14 of the ACT, if applicable) to their new EMPLOYER in the FUND or another retirement fund in which the new employer participates.

 

A 3.2        Payment of withdrawal benefit

 

A 3.2.1         The withdrawal  benefit shall, on the MEMBER'S instruction, either be:

(i) paid in cash; or
(ii) paid in the manner requested by the MEMBER, which manner of payment does not exclude an assignment provided that the FUND shall have the discretion to refuse such a request; or
(iii) transferred to an APPROVED PRESERVATION PROVIDENT FUND or an APPROVED PRESERVATION PENSION FUND, provided the benefit is transferred to a single APPROVED PRESERVATION PROVIDENT FUND or to a single APPROVED PRESERVATION PENSION FUND and such transfer takes place within 6 months of the MEMBER'S withdrawal date; or
(iv) transferred to an APPROVED PROVIDENT FUND, APPROVED PENSION FUND or APPROVED RETIREMENT ANNUITY FUND.

 

A 3.2.2         Subject to any legislative requirements, any unclaimed withdrawal benefit will:

(i) remain in the FUND until such time as the MEMBER or his legitimate beneficiary(ies) (as the case may be) claims such benefit from the FUND; or
(ii) at the discretion of the BOARD OF TRUSTEES, be transferred to an APPROVED UNCLAIMED BENEFIT PROVIDENT PRESERVATION FUND.

 

A 3.2.3 Should the MEMBER die before the withdrawal benefit was dealt with in accordance with Rule A 3.2.1, the withdrawal benefit set out in the SCHEDULE shall be payable in terms of Rule B 2.7.