FOR CLAIMS, PLEASE CONTACT YOUR HR
FOR GENERAL ENQUIRIES, CONTACT US ON:
- Tel: +27 (0)10 100 3000
- E-mail: clientservices@mineworkers.co.za
- TO CHECK YOUR CLAIM STATUS OR BENEFIT STATEMENT
Retrenchment
How to claim
when you resign or are retrenched?
How it works
Your Fund Credit will be:
- The Total Retirement Contributions
- Total Voluntary Contributions
- Total Transferred Portion
- and Net Investment Return
Retrenchment
- The benefit payable on retrenchment is identical to the benefit payable on dismissal or resignation
- 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
- Transfers to approved Pension Fund and Pension Preservation Fund will attract tax
Payment options
- You may take your full fund credit in cash, just remember that you will pay tax on a portion of the money
- You may transfer your full benefit to an approved provident fund or retirement annuity fund tax free
- You may transfer your benefit to an approved preservation fund, which is subject to the requirements of the revenue authorities
- The Rules of the Fund provides for members to defer their benefits until retirement age on resignation, dismissal and retrenchment
Documents Required:
- A certified copy of your identity document, birth certificate or passport - displaying your photo and the passport expiry date
- Banking details (copy of bank statement stamped by the bank)
- Withdrawal (Resignation, Dismissal & Retrenchment) claim form signed by the member and two Employer authorised signatories
- The withdrawal form must be stamped by the mine
- 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)
- 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)
- A foreign exchange questionnaire (if applicable)
- A payslip (if your current income is less than R60 000 per year)
- A letter from your employer confirming your retirement
You may take your full fund credit in cash, just remember that you will pay tax on a portion of the money.
- The minimum amount should be R10 000
- No further contributions will be permitted
- All benefits (Group life cover, ill health and funeral) ceases
- The differed benefits will continue to be credited with net investment returns
- Complete the claim form
- Get the employer to sign the claim form
- Prepare and ensure you have all required, supporting documents
- Submit the signed claim form with all supporting documents to your HR Office
- All documents are received and verified
- Claims are investigated by the trustees to determine benefit allocation
- Tax calculation is applied
- Bank verification is received
- Payment is made