Welcome to our FAQ section dedicated to the Two-Pot system for your retirement fund.  We understand that managing your retirement savings can be complex, and we're here to help simplify the process. The Two-Pot system offers a flexible and efficient way to structure your retirement savings, ensuring both immediate accessibility and long-term growth.  Our FAQ guide is designed to answer your most pressing questions. Explore the topics below to gain a deeper understanding of how the Two-Pot system works, its benefits, and how you can make the most of your retirement funds.

 

How Does it Work?

 

Watch this video that explains how the new Two-Pot system will work:

 

 

Watch our webinar recap for TSRF Employer Union Members held on 04 Jul 2024.

 

 

Download the PDF

Watch our webinar recap for TSRF Two Pot Learning & The Way Forward held on 13 Nov 2024.

 

 

DOWNLOAD THE PDF

 

When is the implementation date?

 

The Two Pot System will be implemented on 01 September 2024.

 

How will your retirement savings be managed from 1 September 2024?

 

Your retirement savings in your Fund will be divided into 3 components, a vested, savings and retirement component. Different rules apply to each component.

 

Two-Pot Savings Management

 

Vested Component

The money in your vested component will still follow the same rules as before.

 

When you leave your employer you can:

  • stay in the Fund as a paid-up member
  • take your money in cash
  • transfer the money to another fund.

Savings Component

You can withdraw this money as cash lump sum when you retire

 

OR

 

You can withdraw only in cases of emergencies, a minimum of R 2,000 (before fees and taxes) once a tax year without leaving the Fund.

There is no maximum withdrawal amount from this pot.

Retirement Component

You cannot withdraw any money from this pot when you leave your employer. The money must remain invested until your retirement.

 

You must buy a pension with your money when you retire. If the value of all 3 Pots are below R 165,000 you may take the entire benefit in cash.

 

Members who were part of the Fund on 1 March 2021


If you were a member of the Fund on 1 March 2021 (T-day), your vested component will be made up of your T-day vested and T-day non-vested benefit.

 

Two Pot T-Day

 

When you retire, you may take your full T-day vested benefit, and a maximum of 1/3rd of your T-day non-vested benefit in cash. You have to use the remaining amount in your T-day non-vested benefit to buy a pension, unless that value is below R 247,500 then you may take it in cash.

 

 

If you are a member of the Fund and were older than 55 years on 1 March 2021 (T-day)

  • If you were 55 years or older on T-day and remained in the Fund, your T-day vested benefit is your Fund savings as at 28 February 2021 and all your retirement savings from T-day. You only have a vested component. You will not have a T-day non-vested benefit.
  • If you were older than 55 years on 1 March 2021 you are exempted from the Two-Pot system as you may continue to take all your retirement savings in cash at retirement.
  • If you wish to participate in the Two-Pot system (meaning you want to be able to withdraw money from your savings pot) you have to apply to the Fund by completing a Two-Pot Opt In form.

 

What will happen on 31 August 2024?

 

Salt Employee Benefits will do a once-off compulsory transfer of 10% or R 30,000 of your retirement savings on 31 August 2024, whichever is the lowest, to your savings component (except for members who were 55 years on 1 March 2021). The rest of the money will remain in your vested component. Let’s look at how your money will be allocated!

 

Retirement savings on 31 August 2024 Amount transferred to your Savings Pot (Component)

R 5,000

R 10,000

R 20,000

R 50,000

R 100,000

R 300,000

R 500,000

R 500

R 1,000

R 2,000

R 5,000

R 10,000

R 30,000

R 30,000

As seen from the table above - if you have less than R 20,000 as a Fund Credit (retirement savings) as at 31 August 2024 you will not be able to make a savings withdrawal from the Fund on 1 September 2024. You will have to wait until you have at least R 2,000 in your savings component before you can withdraw this money.

 

Emergency Withdrawals: What to Know

 

If you have an emergency and want to withdraw from the savings pot, what do you need to know?

  • You can withdraw a minimum of R 2,000 (before fees and taxes) once a tax year without leaving your employer.
  • You will pay tax (marginal tax rates - which is the highest tax rate) and a processing fee on saving withdrawals.
  • If you decide to withdraw your money from your savings component you need to notify the Fund. The Fund will not automatically transfer the money to your bank account.
  • From 1 September 2024, one of the primary ways you will be able to withdraw from your savings component will be through the TSRF Online Benefit Counsellor Tool, we will give you more detail about the process within the next few months. For now please ensure that you are registered on the Benefit Counsellor.
  • You can only start the process of withdrawing money from 2 September 2024 (first business day), and only if you have at least R 2,000 in your savings component (pot). It will take at least two weeks to process your request and for you to get your money.
  • Remember that the tax and processing fee will be deducted so you will not receive the full R 2,000.

 

How will I know what the value of my savings pot is?


The Fund’s Benefit Counsellor will provide you with a balance on 2 September 2024 and the balance will also be shown on the annual benefit statement you receive from the Fund.

 

How do I register on the benefit counsellor?


Please click here and follow the instructions.

 

Think before Withdrawing

 

Please remember: The money in your savings component should also be saved for retirement and will be available as a cash lump sum when you retire.


Think carefully before you withdraw this money.

 

 

Contact Us

 

Please contact us if you have any queries.

Fund Contact Centre Tel: 087 405 6377

Two-Pot Enquiry Tel: 087 405 6376
Fax: 086 593 0006
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Fund No: 12/8/37811

 

Please let us know your name.
Please answer this question
Please let us know your email address.
Please answer this question
Please write a subject for your message.
Please let us know your message.

 

Client Contact Centres/Walk-In Centres

In order to service the members, the Fund also has Client Contact Centres in the following areas:

 

JOHANNESBURG CAPE TOWN/BELLVILLE DURBAN
Client Contact Centre Client Contact Centre Client Contact Centre
Samro Place
8th Floor
20 De Korte St
Braamfontein
Gauteng		 Suite 2
Edward Building 1
116 Edward St
Oakdale
Bellville
Western Cape

Gound Floor

The Marine

1 Dorothy Nyembe St

Durban Central
Durban
KwaZulu-Natal
Contact Contact Contact

 

The TSRF provide members with regular communication in respect of their retirement fund. We believe communication is vital to ensure that members make informed choices regarding their investments and benefits. In order to get it right we need you to tell us what we are doing well and where we need to improve. Please assist by taking a few minutes of your time to complete the questionnaire. Your answers will greatly assist us to improve our communication to you. If you complete the survey (and provide your cell number) by 30 November 2022 you stand a chance to win a Pick & Pay Gift card to the value of R 1,000.

How long do claims take to be paid?

It depends on the type of claim.

For exits (resignations) claims are paid within 14 days after the last contribution for the member has been receipted by the Fund and the Fund has received complete and final documentation. Remember that your last month's contribution to the Fund will only be paid by your employer by the 20th of the following month. So the Fund can only start processing your claim towards the end of the month after you have resigned, and then only if all your documents have been received, your tax clearance has been received from SARS and your bank account details have been verified.

Example - If you resign at the end of February the Fund will only receive your February contribution by the 20th of March. After your contribution has been receipted and invested the Fund can only start to process your claim.

Death claims are paid within 12 months.
Funeral claims are paid within 48 hours.
Disability claims are paid within 3 months.

What are the things that can go wrong that will prevent my claim from being paid?

  • If your employer does not inform the Fund that you have left (often claim forms are only received by the Fund a few months after the member's last working day).
  • If the member and employer does not sign the form, or the employer has not stamped the form.
  • If the employer does not complete and send the correct forms.
  • If the Fund does not have a valid tax number for the member.
  • If the employer makes an additional payment of a contribution after you have left.
  • If you get another job and are back working in the industry the month after you left your previous employer your money remains in the Fund and will not be paid out to you as you continue to be a member of the Fund.
  • If your employer is non-compliant in paying over your contributions to the Fund.

Where can I make a complaint?

You should complain to the Fund directly by sending an email to the Principal Office of the Fund at This email address is being protected from spambots. You need JavaScript enabled to view it..

The Principal Officer may address the complaint immediately or may need to institute an investigation to ascertain the causes that led to the complaint. Where necessary, the Principal Officer will refer the complaint to the Board of Trustees for consideration.

If the Fund’s response deems to be unsatisfactory, or the Fund fails to address the complaint, the member has the right to refer the case to the Pension Funds Adjudicator. There is no charge to lodge a complaint with the Adjudicator’s Office.  You can contact the Adjudicator's Office on: E-mail address: This email address is being protected from spambots. You need JavaScript enabled to view it.

Tel: 012 346 1738/012 748 4000 Fax: 086 693 7472

How much money do I have in the Fund?

You will receive an annual Benefit Statement in November each year that will show your value in the Fund as at end of February of that year. End of February is the financial year-end of the Fund.

If you cannot wait for your benefit statement you can either:

To register type: transport.benefitcounsellor.com in your internet browser and follow the 7 easy steps. Once registered, you can dial *120*15552# or WhatsApp 087 240 7004 to see your fund balance.

Will I receive an SMS to say you have received my documents?

The Fund receives between 4000 and 7000 claim forms per month. These are sent directly to Sanlam Front Offices by the employers. Sanlam makes sure that the documents are complete. Sanlam will send an SMS to the members to confirm that documents have been received and will ask for outstanding information if that is required.

What supporting documents do I need for a claim?

Call 011 544 8300 to find out. The claim form also contains a list of supporting documents that must be attached when sending in the claim.

Please explain the claims process

STEP 1: Fill in the claim form Where to get a claim form:

  • www.rflipfund.co.za or click here.
  • Call 011 544 8300 or visit the TSRF walk-in-centres in Braamfontein, Durban and Bellville (Cape Town)
  • Employer ‘s HR department
  • All claim documents to be sent to This email address is being protected from spambots. You need JavaScript enabled to view it.

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

STEP 2: Get the employer to sign the claim form. Your employer or HR department will need to complete and sign the claim form so that the claim can be processed and payment made. Disability claims require a medical certificate (confidential Medical Report completed by a physician) to be verified by the Funds appointed medical provider. Death and Funeral Claims require certified copies of the Death certificate for verification and supporting documents as required on the claim form.

STEP 3: Submit Claim Submit the signed and stamped claim form with the required supporting documents to the TSRF walk-in centres in Braamfontein, Durban or Bellville. Or submit via fax or e-mail: Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Fax: 086 593 0006

Kindly address all Transport Sector Retirement Fund claim related enquiries to: This email address is being protected from spambots. You need JavaScript enabled to view it.

Claim queries can be made via the Call Centre: Tel: 011 544 8300

The claim process:

  1. All documents are received and verified by Sanlam
  2. Sanlam forwards completed documents to SALT EB
  3. SALT EB requests bank verification
  4. Tax directive is applied for via SARS by SALT EB
  5. Payment is made by SALT EB

How long do death claims take to process?

The Pension Funds Act allows 12 months for death benefits to be paid. The Board of Trustees must make sure who all the dependants are and t what extent they were dependent on the member. This may take a few months to finalise.

Make sure that you complete a Beneficiary Nomination form to identify your dependents. You will find this form on this website under Forms Download.

How can I check my balance?

To register type: transport.benefitcounsellor.com in your internet browser and follow the 7 easy steps. Once registered, you can dial *120*15552# or WhatsApp 087 240 7004 to see your fund balance.

When will sick and leave pay be paid?

Sick and leave pay is paid by the Bargaining Council and the Fund can therefore not assist members with this enquiry. Please visit your nearest NBCRFLI Office.

How will I know if my employer is paying over my deductions?

You will be informed via SMS when your employer has not paid over contributions to the Fund for 60 days. You can also contact the Fund on (011) 544 8300 to speak to an agent.

How do I get a benefit statement?

Benefit statements are distributed to your employer in November each year. Please ask your employer for a copy of your statement.

How often do I get a benefit statement?

Once a year in November.

My employer will not sign my exit form what must I do?

Please inform the Fund by either calling the Call Centre on (011) 544 8300 or send an email to: This email address is being protected from spambots. You need JavaScript enabled to view it..

I was fired/retrenched and my employers are missing. How can I claim?

Please inform the Fund by either calling the Call Centre on (011) 544 8300 or send an email to: This email address is being protected from spambots. You need JavaScript enabled to view it. or visiting one of the Fund's walk-in centres.

My employer is not paying my contributions. What can I do?

The Fund will take legal action against the employer - no action is required from members.

What is your website address?

www.rflipfund.co.za  or www.transportsectorfund.co.za 

Where can I find a walk-in centre?

JOHANNESBURG CAPE TOWN/BELLVILLE DURBAN
Client Contact Centre Client Contact Centre Client Contact Centre
Samro Place
8th Floor
20 De Korte St
Braamfontein
Gauteng		 Suite 2
Edward Building 1
116 Edward St
Oakdale
Bellville
Western Cape		 300 Anton Lembede St
6th Floor, Office 606
Delta Towers
Durban
KwaZulu-Natal

Does the Fund only make 1 payment on a claim?

In the case of a death claim - each dependent/nominee that receives money will receive a payment into their own account. So yes, more than 1 payment is made.

In case of a retirement claim or exit claim usually only 1 payment is made. The exception is where the employer is behind in the payment of contributions. Then the Fund will make a follow-up payment to the member once the employer pays the outstanding contributions. This means that the Fund will pay your benefit when you claim and will then make another payment once your employer has paid over the outstanding contributions.

My money is short. How much tax do I pay?

At retirement only the first R 500,000 is tax free.

When you resign and exit the Fund before retirement only the first R 25,000 is tax free.

These tax-free amounts are cumulative over your whole lifetime. If you have resigned before and received the R 25,000 tax free it means that with a subsequent exit all your money will be taxed.

Can I claim if I am still working in the industry?

No

I need to get my ITC3 certificate. How can I access this?

A payment letter and IT3 certificate is posted to the address you gave on your exit form. If you did not receive yours, you can Call 011 544 8300.

How do I apply for the FNB home loan?

To apply or for more information, please contact FNB:

Tel: 087 736 6000

SMS: SMS the word "Home" to 30752

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

How does the fund manage our money?

Contributions (that are allocated towards retirement savings) are invested by the Fund over the term of your membership. The interest earned on the contributions invested is also added.

The Fund invests your contributions in Life Stage portfolios based on your age and remaining term to retirement as follows:

Member 54 and younger - Growth Portfolio
Members 55 to 63 - Conservative Portfolio
Members 64 and older - Cash Portfolio

life stage model

What is the disability benefit?

Go to Fund Benefits, Disability on this website to read more.

What is the death benefit?

Go to Fund Benefits, Death on this website to read more.

What benefit will I receive when I retire?

Go to Fund Benefits, Retirement on this website to read more.

What benefit will I receive when I resign?

Go to Fund Benefits, Withdrawal on this website to read more.

I need information about the Fund

Go to News on this website to read about your Fund in the Fund newsletter.

Who are the Trustees of the Fund?

Go to About the Fund, Trustees to read more about the Board of Trustees.

Where can I access the Rules of the Fund?

Go to About the Fund, Rules to read the Rules of the Fund.

Any question posed that the BOT does not have an answer for must have the reply:

Sorry we are unable to assist with your enquiry. Please contact the Fund Call Centre on 011 544 8300 or visit one of the Fund Walk-in Centres. Go to Contact the Fund to see the details of the various Walk-in Centres.

Documents
Click on the links below to download relevant documents

 

Claim Forms

Retirement/Withdrawal

Funeral, Disability and Death

Medical Report (Disability)

Employer Statement (Disability)

Member Statement (Disability)

Beneficiary Nomination Form

Unclaimed Benefits

Divorce

 

Other Important Forms

Admission of Liability

Member Guide

Click to Download: Member Guide

Fund Rules

Fund Rules - Main Fund

Fund Rules - Beneficiary Fund

Fund Rules - Amendments

Fund Rules - Unclaimed Benefits

[widgetkit id="6" name="Videos"]

Oops!  The page you are looking cannot be found.

Please use our search feature to get you back on track :-)

 

 

 

NEWSFLASHES

 

 

 

 

NEWSLETTERS

 

 

 

 

POSTERS

 

 

 

 

ANNOUNCEMENTS

 

 

 

The Transport Sector Retirement Fund provides members with a means to save for a comfortable retirement, and also gives you access to risk benefits that include death, disability and funeral benefits.

The benefits of joining the Fund include:

  • Competitive member benefits the Fund’s innovative self-insurance approach allows it to reinvest surpluses back into the Fund. All the proceeds of the Fund’s activities are reinvested, ultimately benefiting the current 70 000 members’ retirement savings.
  • Death and disability benefits of 3 times the member's salary in addition to the fund credit.
  • Family funeral cover of R 60,000 for the member and spouse and benefits on a sliding scale for the whole family, plus the added benefit of the repatriation of mortal remains.
  • Award-winning member communication: The Fund received a Best Practice Award for Stakeholder Engagement from the IRFA (for the 8th year in a row). Member communication is done via SMS link to members' cell phones (newsletter, newsflashes, videos) and regular updates on the Fund’s website and Facebook page.
  • Walk-in service centres for members and employers located in Durban, Cape Town, Johannesburg and Midrand.
  • On-line benefits counselling tool that not only guides members in their choices at retirement but also provides access via WhatsApp to member benefit statements.
  • R 8.2 billion under management invested in the Fund's well designed and diversified life stage investment strategy that is designed to protect members' fund savings as they approach retirement.
  • Effective Section 13A compliance ensuring that contributions are effectively and efficiently collected from participating employers and allocated to members.
  • Impact investing is an initiative which the Fund has aggressively implemented in its investment strategy. TSRF invests in projects and mechanisms which optimise financial, social and environmental returns. This goal is achieved through the Fund's Impact Investment projects in the following industries: township development, property in the form of retail and office space, agriculture, promoting the empowerment of African women, Truckstop’s for its members, manufacturing and old age homes.

 

Eligible

Who is eligible to join the fund?

The Transport Sector Retirement Fund (TSRF) is an award-winning umbrella fund that is open to all employers in the transport industry. The Fund's single-minded drive to benefit members, as its shareholders, informs the Fund's investment and transformation agenda.

 

Award

Best Practice Awards

Over the past couple of years the Transport Sector Retirement Fund has received top honours in different categories at the annual IRFA Best Practice Awards.

In 2019, 2020 and 2021 the Institute of Retirement Funds (IRFA) recognised the Transport Sector Retirement Fund as an innovative leader in the industry.

The Fund meets all the criteria in the following areas of excellence: governance; transformation; stakeholder engagement and education; investment practice, trustee development; and financial management and reporting.

2022 IRFA Lwela Ukwenza Kahle Awards - Recognising Excellence

IRFA

The Institute of Retirement Funds Africa (IRFA) annually hosts a Best Practice Awards programme for retirement funds to showcase the initiatives, engagements and projects they embarked on during the year.

The awards programme has certainly developed considerably since starting out as an incentive for recognising retirement fund communication practices over 35 years ago, to now cover compliance, innovation and excellence in 6 essential focus areas of retirement fund operation. The focus areas now include stakeholder engagement, transformation, trustee development, financial management, financial reporting, governance and investment practice.

The Transport Sector Retirement Fund was recognised for their continuous efforts. The Fund received a total of three awards in areas where the Fund excelled:

Bronze Certificate - Main Entry
Innovation Award - Transformation
Innovation Award - Stakeholder Engagement

This is the 9th year in a row that the Fund has been recognised by its peers as a innovator and leader in the industry. In winning two of the four innovation awards, the Fund has once again shown that it is one of the best funds in the industry. This achievement is testament to the ongoing dedication and hard work of the Board of Trustees, its sub-committees and fund officials.

 

Award

Awards Through the Years

The Institute of Retirement Funds Africa (IRFA) is a non- political body which represents and promotes the interests of the retirement industry in Southern Africa, to the ultimate benefit of the members of retirement funds.

In order to encourage retirement funds to communicate with their members the IRFA instituted an annual communication competition to recognise and reward excellence in retirement fund communication. The competition was started in the 80s and since then the emphasis has moved from recognition of communication to rewarding funds for world-class communication efforts that empower members to truly understand the workings of their retirement fund.

Over the past couple of years the Transport Sector Retirement Fund has received top honours in different categories at the annual IRFA Communication Awards.

 

Our Awards

The Transport Sector Retirement Fund provides members with a means to save for a comfortable retirement, and also gives you access to risk benefits that include death, disability and funeral benefits.

The Fund changed its name in 2017 from Road Freight and Logistics Industry Provident Fund to the Transport Sector Retirement Fund, to expand the fund’s sphere of operations to encompass the broader transport sector.  We also changed our rules (and improved death, disability and funeral cover without an increase in cost) to become an industry umbrella fund after the cancellation of the Collective Bargaining Agreement in 2014.