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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)

Schedule to the Rules

 

 

SCHEDULE TO THE RULES

 

GENERAL

 

Name of FUND

 


SARPBAC Retirement Fund (Provident)

FUND type

 


Provident

COMMENCEMENT DATE

 


1 January 2013

Registered office

 


1st  Floor Stone House

Stone House

Stonefountain Terrace

95 Klipfontein Road

RONDEBOSCH

ANNIVERSARY DATE

 


1 January of each year

FINAL SALARY

 


The sum of a MEMBER'S MONTHLY PENSIONABLE SALARY for the 12 months preceding the date of his death provided that in respect of a MEMBER who is on approved temporary absence in terms of Rule A 1.2 the FINAL SALARY shall be calculated as if the MEMBER had died on the date of commencing approved temporary absence.

 

FINANCIAL YEAR


A   period  of   12  months  commencing   1 January and ending 31 December each year

 

Changes in MONTHLY PENSIONABLE SALARY

 


Effective  immediately

(Refer to the DEFINITIONS where applicable)






ELIGIBILITY

 



Qualifications for membership

 



CATEGORY 1 EMPLOYEE

 


All EMPLOYEES who have not yet attained the NORMAL RETIREMENT AGE  and who are not part of the EMPLOYER'S management,   supervisory  or  management support staff

 

CATEGORY 2 EMPLOYEE


EMPLOYEES who have not yet attained the NORMAL RETIREMENT AGE and who are part of the EMPLOYER'S management, supervisory or management support staff

 

(Refer to Rule A 1)






CONTRIBUTIONS

 



MEMBER'S contributions


Non-contributory

 

EMPLOYER'S contributions


10% of the MEMBER'S MONTHLY PENSIONABLE  SALARY

 

NET EMPLOYER CONTRIBUTIONS

 


The EMPLOYER'S contributions minus the following:

(i)        the expenses in respect of the FUND as described in clause B 1.11;

(ii) the premiums in respect of the GROUP INSURANCE BENEFITS;
(iii) the premiums payable in respect of the SEPARATE INSURANCE BENEFITS.

 

(Refer to Rule A 2)






WITHDRAWAL BENEFIT

 



On resignation, dismissal, retrenchment or redundancy


The MEMBER'S SHARE

minus

any costs incurred and deducted in terms of Rule B 2.8.

 

(Refer to Rule A3)






RETIREMENT BENEFIT

 



NORMAL RETIREMENT AGE

 


The first day of the month coinciding with or immediately  following  the  MEMBER'S  65th birthday.

 

Retirement benefit

 


The MEMBER'S SHARE.




(Refer to Rule A4)






DEATH BENEFIT

 



GROUP INSURANCE BENEFIT

 


(i)        MEMBERS who die in service before or on Normal Retirement Age

3 times the MEMBER'S FINAL SALARY

(ii)        MEMBERS who die in service after age 65 years:

Nil

plus

Accumulated contributions


The MEMBER'S SHARE

minus

any costs incurred and deducted in terms of Rule B 2.8.

 

(Refer to Rule A 5)






BOARD OF TRUSTEES

 



Number of INDEPENDENT TRUSTEES

 


1

Number of EMPLOYER TRUSTEES


3 appointed by Employers who are party to the COUNCIL

 

Number of UNION TRUSTEES

 


3

Minimum number for quorum


4 (including INDEPENDENT TRUSTEE)

 

PERIOD OF OFFICE

 


1 year for INDEPENDENT TRUSTEES and 5 years for all other TRUSTEES

(Rule to Rule B 1.2)