Unclaimed Benefits

The TSRF Is Waiting to Pay Unclaimed Benefits

Are you or a family member a former trucking industry employee? Were you ever part of the Transport Sector Retirement Fund (TSRF) formally known as the Road Freight and Logistics Industry Provident Fund (RFLIPF)? If so, did you leave without claiming your benefits? Then this is just for you! TSRF would like to pay you your unclaimed benefits.

 

Who may be entitled to unclaimed benefits?

  • Retired members of TSRF
  • Retrenched members of TSRF
  • Employees who were dismissed or that absconded from service
  • Beneficiaries of TSRF members no longer in service or who are deceased

To find out if you qualify for any benefits, please contact TSRF as follows:

Contact Centre: 011 544 8300 or visit any of our Contact Centres.

Documents required for completion of a personal claim:

  • Identity Document/Passport of claimant
  • Proof of membership of the Fund (payslip, benefit statement, fund documents)

Documents required for completion of a deceased claim:

  • Death Certificate of the deceased
  • Identity Document/Passport of the deceased
  • Proof of membership of the Fund (payslip, benefit statement, fund documents)
  • Marriage certificate (if applicable)
  • Spouse Identity Document/Passport

Documents required in the event of the spouse also being deceased:

  • All the above-mentioned documents
  • Death Certificate of the spouse
  • Dependents Identity Document/Passport

You may also contact the Financial Sector Conduct Authority (FSCA) and search on their database if benefits are due to you on their website at www.fsca.co.za or call then on 0800 20 20 87 or 0800 110 443.

Withdrawing From the Fund

Withdrawing From the Fund

When you resign, abscond, are dismissed or retrenched from your employer and you decide to leave the transport sector - your total vested retirement fund savings/fund credit will be paid out to you as a lump sum.

If you take your benefit in cash, only the first R 25,000 is tax-free. The tax-free threshold of R 25,000 is cumulative and apply to the total amount of your withdrawals from funds in your lifetime.

REMEMBER!

Your total Fund credit/savings will be paid out to you as a lump sum should you exit the Fund and leave the transport sector industry.

Exiting the Fund can be due to the following reasons:

  • End of contract with employer
  • Resignation
  • Absconding
  • Dismissal
  • Other (Section 14 Transfer)

 

When you exit the Fund you can:

  • Transfer your benefit to your new employer’s Fund;
  • Transfer your benefit to a preservation or retirement annuity fund of your choice; or
  • Your fund savings can be paid as a cash payment into your bank account.
  • Defer the payment of your benefit and retain it in the Fund as a paid-up benefit.
Note:If you are moving to another company within the transport sector your membership will transfer to the new company and you will continue to be a member of the Fund and will continue to contribute to the Fund. Your retirement fund savings will therefore not be paid out.

 

Note on Retrenchment

If you are involuntarily retrenched, the exit is seen as a retirement from the Fund and the benefit is paid as a retirement benefit.

The first R 500,000 can be taken tax free.

 

Documents

Documents

 

Benefits Infographic

The Fund provides adequate retirement and withdrawal benefits to assist you in saving and planning for your future and the day you will retire financially independent. Remember that saving for retirement is a lifelong process.
Day to day risk benefits are designed to protect you and your family’s income if you are injured or should you die while you are an active member of the Fund.

A portion of the employer’s contribution (10%) goes towards the various costs including risk benefits and the remainder is invested for you by the Fund.

To find out more about contributions and how they work click here.

Your contribution of 10% of your salary is fully invested (100%) by the Fund towards your retirement savings.

 

 Retirement Benefit

 Withdrawal/Exit Benefits

 Disability

 Funeral Benefit

 Death Benefit

 

Retirement Benefit

Normal retirement age is 65 years and you may retire early from age 55 with the consent of your employer.

Contributions that are allocated towards retirement savings are invested by the Fund over the term of your membership.

 

How Retirement Savings Work

You will receive a benefit statement annually that will show how the money in the Fund is growing and what your savings in the Fund (Fund Credit) amounts to.

Member Contribution

Every month you pay 10% of your salary or wages as a contribution to the Fund. Your full contribution is invested for retirement.

Employer Contribution

Every month your employer pays 10% of your wages or salary as a contribution to the Fund, on your behalf.

A portion of the employer’s contribution goes towards the various costs including risk benefits and the remainder is invested for you by the Fund.

 

From 1 March 2021 provident funds work like pension funds, i.e. at retirement only one- third can be taken as a cash lump sum and two-thirds must be used to buy a pension for life. To protect members’ vested rights all members will from 1 March 2021 have two “pots” of money in a Fund. A vested “pot” and a non-vested “pot”.

What is the difference between a vested “pot” and a non-vested “pot”?

The vested “pot” of money is the member’s current fund savings as at 1 March 2021 plus growth on the money until the member retires. At retirement this pot can be taken as a cash lump sum.

The non-vested “pot” of money is all the new contributions from 1 March 2021 up until the member retires plus growth. At retirement the member can only take one-third of this money as a cash lump sum and two-thirds must be used to buy a pension (compulsory/guaranteed/life annuity).

If the non-vested “pot” is less than R 247,500 (the de minimis) this may be taken as a cash lump sum.

 

The Fund offers Retirement Benefit Counselling to help you understand your options at retirement.

 

Disability

All active Members of the Fund are covered by this benefit provided contributions are paid on time and are up to date.
If you are disabled due to an accident or illness and you are unable to perform your own or any other occupation as per the rules, the disability benefit is paid.

 

Part of the money your employer contributes every month pays for this benefit.

The disability benefit is equal to 3 x your annual fund salary/wages plus your retirement fund savings (fund credit).
If you exit the Fund you will no longer be covered by or be able to claim for the disability benefit.

Medical Approval

All disability claims require a medical certificate proving your disability.

Final approval for disability claims is done by the Fund’s appointed medical provider.

Application Process

You have a period of 6 months from last day of service to notify the Fund of your disability and submit all relevant and required supporting documents for consideration and approval of your claim.

 

The disability benefit is equal to 3 x your annual fund salary/wages plus your retirement fund savings (fund credit).

Disability

 

Funeral Benefit Scale

The scale above shows how much money you will receive for the funeral

Guardrisk

Guardrisk is the underwriter of the Funeral Benefit.
A licensed life insurer and an authorised financial services provider with FSP No 76.

Website: www.guardrisk.co.za

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

All active Members of the Fund and their immediate family members are covered by this benefit provided contributions are paid on time and are up to date. Part of the money your employer contributes every month pays for this benefit.

 

The funeral benefit pays out if you and/or any of your immediate family members die.

If you exit the Fund you will no longer be covered by or be able to claim for Funeral Benefits.

The Funeral Benefit ceases at age 70.


Who are covered?

 

Active Member: a member who is currently contributing to the Fund.

Immediate Family Member: Your spouse and your children (either biological or adopted up to the age of 21; or full-time student studying at a registered financial institution up to the age of 26; or a disabled child)

Spouse: means a husband or wife married to the Member by law, tribal custom, or tenets of any religion; and shall include a common law husband/wife of the Member or such person residing with the Member, who is normally regarded by the community as the Member’s husband/wife. A person of the same gender residing with the Member who is regarded by themselves and the community as a common law couple shall also be regarded as a Spouse.

 

APPLICATION PROCESS


To avoid any payment delays, you should submit your claim to This email address is being protected from spambots. You need JavaScript enabled to view it. or contact our call centre on 011 544 8300 as soon as possible.

Funeral claim payments are made within 48 hours after all documents have been received.

Claim needs to be submitted within 6 months after death of member/family member. Funeral claims received after the 6 month period will not be paid.

The claim form includes a list of supporting documents that must be attached when sending in the claim.

These include:

  • Complete claim from as prescribed by the insurer.
  • A certified copy of the death certificate.
  • Certified copies of the ID of the claimant and deceased (in case of a child provide unabridged birth certificate).
  • Police report in the case of death due to an unnatural cause; DHA1663 - Notification of Death Form.
  • Proof of address of the claimant.
  • If no beneficiary has been nominated, in the event of the death of the member, the letter of executorship and proof of estate late account.
  • Copy of bank statement of the person claiming the benefit showing claimant's name, stamped by the bank. If no ID and only passport, letter from the bank is always required. No third-party payment will be made (for any benefit).

Death Benefit

The Death Benefit

All active Members of the Fund are covered by this benefit provided contributions are paid on time and up to date.

 

Part of the money your employer contributes every month pays for this benefit.

The death benefit is equal to 3 x your annual fund salary/wages plus your retirement fund savings (fund credit)

The death benefit also includes Funeral benefits

Funeral Benefits are paid 48 hours after all documents are received.

The death benefit pays out to your dependants or beneficiaries if you die while an active member of the Fund.

Although the Trustees will try and follow the member’s wishes in terms of the beneficiary form as far as possible, the final decision of who will receive the death benefit rests with the Trustees. They are required in terms of the Pension Funds Act (Sec 37C), to ensure that all dependants are provided for.

If you exit the Fund you will no longer be covered by or be able to claim for the death benefit.

The amount that is paid out is 3 x Annual Wages/Salary. 

If the TSRF Fund member has passed away, a death claim must be submitted by your dependants or beneficiaries. 
The death of an active member must be reported within 3 months from date of death.

 

Please refer to the page on Repatriation of Mortal Remains to read more about this additional service offered to you at no additional cost.

The death benefit is equal to 3 x your annual fund salary/wages plus your retirement fund savings (fund credit).

disability infographic

Repatriation of Mortal Remains

Repatriation of Mortal Remains

Where a member, spouse or child passes away in an area that is more than 50 kilometres away from the primary residence, the costs of the repatriation of the body of the deceased to the primary residence, will be covered. The transportation extends to the rest of the SADC Countries.

 

  • Claims are limited to R 20,000.00 per annum per family.
  • Payment of repatriation costs will only be paid on proof that a service provider has been engaged.
  • The payment is made to the member or beneficiary if they have used a repatriation service provider.
Guardrisk

Guardrisk

Guardrisk is the underwriter of the Funeral Benefit.
A licensed life insurer and an authorised financial services provider with FSP No 76.

Website: www.guardrisk.co.za

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Pension Backed Home Loan
The Fund offers loans for housing purposes through First National Bank - these are called pension-backed home loans.

 

The pension-backed loan enables you to utilise a portion of your Member Share in the Fund as surety on your loan (in terms of Section 19(5) of the Pension Funds Act). The loan can be used to purchase a home, do renovations on your existing home or build your dream home, as long as you or one of your dependants live in the house and it is your primary residence.

The above mentioned funds allow members to use up to 60% of their resignation benefits for the following purposes:

  • Buy a new home
  • Buy land
  • Building a new house
  • Improving an existing home (i.e. renovations and maintenance)

As with any loan, the loan needs to be repaid. The loan amount granted, depends on the monthly repayments you can afford and the amount you have accumulated in the provident Fund. 

Loan repayments will be done via deduction from your salary by the employer. 

If the employer does not sign the agreement with FNB, you will be unable to access a loan from FNB.

The process:

  • On request, an employer payroll agreement is sent and signed by the employer (without this FNB cannot assist the members).
  • The application is sent to employer to sign off confirming employment.
  • Application is sent back to FNB to finalise.
  • Once the payroll agreement is signed you then approach FNB to complete application form for the home loan.

Important: Home loans need to be settled before you reach normal retirement age. When you exit the Fund, the total outstanding loan is deducted from your exit benefit. In this way your loan is settled in full.

QUALIFYING CRITERIA:

  1. Client must be a member of TSRF.
  2. Have a bar-coded RSA ID document.
  3. Permanently employed for 12 months.
  4. Be 18 years or older. 
  5. Credit checks will be done.
Pension Backed Home Loan

To apply or for more information, please contact FNB:

Tel: 0860 762 278

SMS: SMS the word "Home" to 30752

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

TSRF Benefit Counselling Tool

 

 benefit tool

The Transport Sector Retirement Fund (TSRF) is proud to announce the TSRF Benefit Counselling Tool.

A new online tool that helps members see their Fund values, help with retirement planning and much more!

To register, click here and follow the easy steps.

 

Once registered, you can dial *120*15552# or WhatsApp 087 240 7004 to see your fund balance at any time!

Visit https://transport.benefitcounsellor.com/login to Login.

 

 benefit tool register

 

Benefit Tool Info

Refer a Friend and get Rewards

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