Investments

In a defined contribution fund the member carries the investment risk, which means that you are exposed to the risk associated with fluctuations in the investment markets, i.e. markets can go up or down and this will affect the level of growth of the money invested.

Historically investment returns (growth both positive and negative) for the Fund were provided for as bonuses declared at the end of each financial year and allocated annually, to each Member’s Individual Account. An Interim Bonus was also declared to be paid to those members who exit the Fund before the declaration of a final bonus.

From 1 March 2014 the Fund's investments are allocated monthly. This allows the Fund to update member benefits with the full monthly investment returns earned by investments each month as opposed to bonus declaration arrangements whereby investment returns are declared only annually.

From 1 March 2018 the Fund implemented a default Life Stage Investment Strategy.

 

New Life Stage Portfolios

These new portfolios have been specifically designed to keep members' investments safe as they near retirement.

From 1 March 2018 members are automatically invested in one of these three Life Stage investment portfolios according to their age and remaining term to retirement. Members have the choice to opt for a different portfolio, this can be done via and election form from the administrators.

LIFE STAGE MODEL

Life Stage Model

 

As the member ages their term to retirement reduces. As a result, the level of investment risk they may be willing to take reduces as you want to make sure the value of your retirement fund benefit will not decrease just before you retire. 

Did you know?

Investment risk is all about taking risk in order to grow money. The more risk you take the more growth you receive over the long term.

Portfolios that contain greater risk has more exposure to shares (equities) and are called aggressive portfolios. These portfolios are risky as they are volatile over the short term (will move up and down as the share market grows and falls). Over the long term aggressive portfolios provide better growth than balanced or cash portfolios.

Portfolios that are invested in cash provide protection against any capital losses, but over the long term provide lower returns than aggressive portfolios.

 

The first stage in the Life Stage investment strategy focuses on growing savings for retirement by investing retirement savings in the Growth Portfolio (that has more exposure to shares). When members are young and have a long time to retirement they can take more investment risk to increase potential investment returns.

As they move closer to retirement they will want to take less investment risk in order to protect the capital that they have accumulated for retirement from sudden market movements (volatility). The Life Stage model automatically moves investment from more risky to less risky investment portfolios, as members approach their retirement age.

 

Who are the Fund's Asset Mangers?

The Fund is committed to the ongoing transformation of South Africa for an inclusive economy by supporting service providers in the investment process that contribute significantly to the economic empowerment of targeted Black South Africans. The Fund believes in Black talent to manage and invest money. For the Fund, BEE is not a tick box compliance issue but a business imperative for growth and redress of the inequalities in our society.

The Fund policy is to have not less than 60% of the domestic assets of the Fund managed by Black owned and controlled investment management companies as defined in the Financial Services Charter and the Broad Based Black Economic Empowerment Codes of Good Practice.

Asset managers are appointed by the Trustees to exercise discretion in investing the assets of the Fund. The asset manager is expected to invest the Fund’s assets with the same care, skill, prudence and due diligence under the circumstance prevailing, that an experienced, professional asset manager acting in a similar capacity and fully familiar with such matters, would use in the investment of like assets with like aims.

 

 Contributions

 Investments

 Claiming

 Member Guide

 Fund Rules

Contributions Infographic

How The Fund Works

Every month, you contribute 10% of your wages or salary towards the Provident Fund.

In addition, the employer also contributes 10% of your wages (on your behalf) to the Fund. A portion of this contribution goes towards your retirement savings and a portion is used to cover your risk benefit costs, such as death, disability and funeral benefits.

Retirement savings are invested by the Fund over the term of membership. The interest earned through this investment is added to your retirement savings (fund credit) on a daily basis.

Members will receive a tax deduction on employer and member contributions to all retirement funds up to 27,5% of the greater of remuneration or taxable income. A maximum of R 350 000 per year will apply to all funds combined.

Please check your payslip for the exact amount you are contributing.

 

Member Contributes 10% (100% of your member contribution is invested for you by the Fund).
Employer Contributes 10% (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).

 

Investments

Investments

The Fund provides a Life Stage investment strategy specifically designed to keep your investments safe as you near retirement. From 1 March 2018 you will be automatically invested in one of three Life Stage portfolios (Growth, Conservative or Cash Portfolio) according to your age and remaining term to retirement.

For more information, please refer to the Member Guide or the Benefits fact sheet.

Note: Audited benefit statements are distributed annually.

 

Documents

Documents

What Are My Rights

What Are My Rights?

  • All employees are entitled to an annual benefit statement from their provident fund.
  • A provident fund pays benefits in cash at retirement, whereas a pension fund pays a third of benefits at retirement, with the rest paid throughout the lifetime of each member.
  • An employee and his or her employer must both complete a withdrawal form in order to claim benefits.
  • If a pension or provident fund member dies, the death benefit is paid to his or her financial dependants, such as a spouse and/or children or beneficiaries.
  • By law employers must pay across contributions deducted from employees to the provident fund on a monthly basis. When contributions to the Fund are outstanding for 60 days, members of the Fund will be notified via SMS. After 90 days the employer is reported to the Financial Services Board and a criminal case is made at the SAPS. Employers are also required to pay late interest on the contributions paid late to the Fund.
  • Though still required to contribute to the fund, for the most part employers cannot take deductions from employees who are on unpaid leave.
  • A member has the right to lodge a complaint with the Pensions Funds Adjudicator (PFA) if an employer deducts contributions but doesn’t pay the monies over to the fund or to the administrator of the fund. In these cases, prior to lodging a complaint at the PFA, you are requested to submit a complaint to This email address is being protected from spambots. You need JavaScript enabled to view it. to assist in resolving the complaint.
  • A claim can be made against a fund member for maintenance owed and for future maintenance which will become payable by a member in terms of a maintenance order.
  • If an employer wishes to move members to another provident fund – the employer must first consult with members and allow members to vote on the matter. The employer must provide a benefit comparison of the two funds. Where an employer does not achieve a 75% approval from members, they cannot move members to another fund.

PLEASE NOTE: Transfers of the Transport Sector Retirement Fund (TSRF) members to other funds will only be considered where the transfer is:

  • Fair and equitable.
  • Members’ rights are protected.
  • Members’ reasonable benefit expectations in terms of the rules of the fund, and any additional benefits are met.

Please refer to Section 14 of the Pension Funds Act for more information on fund transfers.

 

Internal Complaints Procedure

Internal Complaints Procedure

Always direct all your queries/complaints to the Fund/Administrator first.

The Fund and the Administrator takes your complaints and concerns seriously and it is therefore important that you share your experiences or complaints with us.

Before referring your query or complaint to any institution (FSCA, Pension Funds Adjudicator, Lawyers or Legalwise, etc.), submit your query to the Fund/Administrator for speedy resolution at NO COST to you.

The Fund/Administrator has a 30 day window period to respond to or resolve your complaint.

If your complaint is not resolved by the Fund within 30 working days you may THEN escalate your complaint to the Pension Funds Adjudicator.

What the Fund/Administrator will do?

In line with TCF (Treating Customers Fairly) principles, we will do everything in our power to resolve a complaint timeously and to your satisfaction. Some complaints are more complex and may take longer to resolve.

Once your complaint is resolved, the Fund/Administrator will provide you with feedback.

How to lodge a complaint: 

Should you wish to lodge a formal complaint, you may do so by sending an email to This email address is being protected from spambots. You need JavaScript enabled to view it.

Remember that your complaint should include the following information:

  • Your full name and contact information. 
  • Identity Document (ID) of the complainant and/or member belonging to the Fund.
  • Member Benefit Statement.
  • Payslip or any other letter from Employer.
  • Divorce Order with Settlement Agreement (if applicable).
  • A Copy of Disability finding/report (if applicable).
  • Copy of the member’s Death Certificate (if applicable).
  • Exact details of the complaint.
  • Any other information relevant to your complaint.
  • What outcome you expect

If your complaint is not resolved by the Fund within 30 working days you may THEN contact the Pension Funds Adjudicator.

 

Pension Fund Adjudicator

What Can the Pension Fund Adjudicator Do?

Should you lodge a complaint with the office of the Pension Funds Adjudicator they will enquire from the complainant whether the complaint has been lodged with the Fund/Administrator and whether a period of 30 days has since lapsed.  If not the office of the PFA will direct the complaint back to the Fund and/or the Administrator.   

Once you have received a determination for enforcement from the PFA please contact the Fund/Administrator rather than approaching Legal Wise or a lawyer - the Fund will assist you at NO COST to you.

Please contact the PFA on:

Tel: 012 346 1738
Fax: 086 693 7472
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Claim Step 1 

Step 1 - Fill in your claim form

Where to get a claim form:

  1. From the Documents section of this website or to the right of this page.
  2. Call 011 544 8300 on share call or visit the Sanlam RFLIPF Walk-in centres in Braamfontein, Durban or Bellville.
  3. Employer's HR department.

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

The following information must be indicated on the claim form:

  • Member’s contact telephone/cell number and address
  • Member’s ID number and date of birth
  • Valid Tax number (PAYE number that starts with 7 is not valid tax number)
  • Date leaving the Fund (end of the month member left)
  • Last contribution paid by member and employer
  • Annual income
  • Reason for leaving (resigned, retired, retrenched, dismissed, end of contract, disability)
  • How benefit must be paid (i.e. cash to bank account, transfer to another fund etc)
  • Banking details
 
Claim Step 2

Step 2 - Get employer to sign and stamp the claim form

Your employer or HR department will need to sign and stamp the claim form so that the claim can be processed and payment made.

Disability claims require a medical certificate to be verified by the Fund’s appointed medical provider.

Death and Funeral Claims require copies of the Death certificate for verification, letter of executorship, beneficiary details and estate late account details.

The following is required to finalise claim:

  • Completed claim form (ALL FIELDS), signed by member with date, and signed and stamped by employer with date.
  • Copy of bank statement showing member’s name, stamped by bank or letter from bank confirming bank details, must have member’s name and ID or passport number on the letter. If no ID and only passport, letter from bank always required.
  • Certified copy of member’s ID/passport.
Claim Step 3

Step 3 - The Claims Process

  1. All documents are received and verified by Sanlam.
  2. Claims are investigated by the trustees to determine the benefit location (in death cases).
  3. Tax calculation is applied.
  4. Bank verification is received.
  5. Payment is made.

You need to submit your claims before the deadlines.

Claim form Deadlines

Exit Claims

There is no specified deadline by which exit claims must be submitted.

Disability Benefits Claim

Notify the Fund about disability within 3 months from last day of service. Submit claim and all supporting documents within 6 months for consideration and approval.

Funeral Benefits Claim

Within 6 months from the date of death.

Death Benefit Claim

Within 12 months from the date of death.

 

Supporting Documentation Required

Claim forms must be accompanied with relevent supporting documentation.

Exit Claims

Required Exit Claim Documents:

  • A fully completed withdrawal notification
  • A certified copy of the member’s identity document
  • Proof of banking details
  • Physical address for member
  • Tax Number
Death Claims

Required Death Claim Documents:

  • A certified copy of the death certificate
  • A certified copy of the identity document
  • Proof of earnings/payslip (where applicable)
  • Certified copies of identity documents of beneficiaries
  • Certified marriage certificate or customary union or affidavit

 (where applicable);

  • Funeral parlour quotation (if benefit is payable to the parlour)
  • Affidavit if principal member’s name and the name of the child differs
  • Original bank statement stamped by the bank concerned to confirm banking details

Death Claim of a Member Who was Married and had Children Out of Wedlock:

  • Certified copy of the death certificateCertified copy of the member’s identity document
  • Certified copy of the wife’s identity document
  • Certified copy of the marriage certificate
  • Certified copies of all the children’s birth certificates
  • Affidavit from the wife stating:
    • If she was the only wife
    • How many children she had with the deceased
    • If the deceased had any children out of wedlock
    • If she was financially dependent on the deceased
    • With whom the deceased was living
  • Bank statement of the wife
  • If there are children over 21 still in school, confirmation letters from the schools are required
  • If the children over 21 are not in school, the following affidavits are required from them:
    • Whether they are employed or not
    • Whether they were dependent on their father financially
    • Bank statements of the children over 21
  • If there are children born out of wedlock, the following are required from them:
    • Certified copy of the identity document of the mother/guardian
    • Certified copy of the child’s birth certificate
    • Affidavit from the mother/guardian stating:
      • Relationship to the child
      • With whom the child is living
      • If the child was financially dependent on the deceased
      • Letter of confirmation from the child’s school
  • Bank statement of the mother/guardian
  • If the child is above the age of 18 and not in school, an affidavit is required from the child stating:
    • Whether he/she is employed or not
    • Whether he/she was financially dependent on the deceased
  • Bank statement of the major child.

Death Claim of a Member Who was Not Married and had Children:

  • Certified copy of the death certificate
  • Certified copy of the member’s identity document
    • Certified copies of identity documents of the parents of the deceased
  • Certified copies of all the children’s birth certificates
    • Certified copy of the partner’s identity document (mother of the children) or identity document copy of the guardian
  • Affidavit from the mother/guardian of the children stating:
    • Relationship to the children
    • With whom the children are living
    • The whereabouts of the mother of the children (if the children are not living with their mother)
  • If the children were financially dependent on the deceased:
    • Bank statement of the mother or guardian of the children
    • Letters of confirmation from the children’s schools
      • Affidavits from the parents of the deceased stating:
        • Their relationship to the deceased
        • If the deceased was married or not
        • If the deceased had any children
        • If they were financially dependent on the deceased
        • Who the deceased was living with at the time of his/her death
  • Bank statements of the parents of the deceased
  • If there are children over 21, the following is required from them:
    • Letters of confirmation from their schools if they are still in school or
    • Affidavits from them stating if they are employed or not and if they were financially dependent on the deceased
    • Bank statements of the children over 21.
Funeral Claims

Required Funeral Claim Documents:

Certified copy of the death certificate;

  • Certified copy of the member’s identity document
    • Certified copy of the identity document or birth certificate of the deceased
    • Affidavit from the member stating his/her relationship to the deceased
  • Certified copy of the marriage certificate
  • Copy of the funeral invoice and bank details of the funeral parlour
    • Bank statement of the member if he/she has paid for the funeral expenses
    • Letter from the company if they have advanced the member or the family with the funeral money (stating the amount advanced to the family or the member) and the proof of payment
    • Funeral receipt stating the name of the person who had paid funeral expenses
    • Certified copy of the identity document of the person that had paid funeral expenses
  • A bank statement of the person that paid the funeral expenses