Fund Benefits

SUMMARY OF BENEFITS

file_type_pdf Defined Contribution Structure
file_type_pdf Defined Benefit Structure

Certain benefits are payable in respect of a member in the event of the following occurring:

Resignation or Dismissal
Retrenchment
Death in Service
Death after Retirement (Death of a Pensioner)
Retirement (Early or Normal)
Release from Liability

Insured Risk Benefits (NB only applies to active members in the fund not pensioners)

file_type_pdf Risk Benefits Effective 1 September 2023
Disability – Monthly Income Benefit
Dread Disease Benefit
Accidental In-Hospital Benefit

Family Funeral Cover (R90 000)

  • SALA Pension Fund provides a funeral benefit amounting to R90,000. A prompt payout of R40,000 is made within 48 hours to cover funeral expenses. An additional R50,000 is paid in installments over six months to support the family of the deceased while they await the distribution of the full death benefits.
  • Member - R40000
  • Spouse - R40000
  • Depended Child aged older than 14, not older than 21 - R20000
  • Depended Child Aged older than 6, Younger than 13 - R16000
  • Depended Child aged older than 1, Younger than 6 - R12000
  • Depended Child younger than 12 months R3000

Family Support Benefit

  • Family Support Benefit - R50000
  • R10000 payable to the surviving spouse + 5 monthly payments of R8000
  • This benefit is distributed over six months, with an initial payment of R10,000 followed by five equal monthly payments of R8,000.

Pensioner Funeral Cover (R40 000)

  • Typically, funeral policies become pricier as one ages due to heightened risk. However, our flagship offering provides R40,000 in funeral coverage at no cost for our cherished senior citizens.

The benefits vary considerably depending on the event and the circumstances of each member and THE ADMINISTRATOR needs the
Municipality’s assistance in ensuring that THE ADMINISTRATOR is made aware of all circumstances in each case.

Note:
All benefits are taxable with effect from 1 March 1998.

Lump sum Retirement / Death / Monthly Income or Withdrawal benefits accruing to a member of a public sector fund as a result of service rendered prior to 1 March 1998 will be tax-free. Lump sum benefits accruing to members after 1 March 1998 will be taxable in the same way as private sector funds.

file_type_pdf Download Documents Required Summary

CONTACT PERSON:
Team Leader : Jean Bernhardt

Fairsure Administrators
Telephone : 0860 00 44 01
Facsimile : 0860 00 44 02
Postal Address :  PO Box 8417
ROGGEBAAI
8012

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