Benefits

Benefits

Various benefits are offered by the Fund to its members. Being a Defined Contribution (DC) Pension Fund and not a Provident Fund, as defined in legislation.

Member share

The member share is the amount of money that a member has saved at any given point within their term of office. In order to check your benefit please click here.

Should there be any error and your statement needs to be rectified e.g. incorrect date of joining kindly contact us or email info@mcpf.co.za.


Resignation

Members over the age of 65, maximum of a third can be converted into cash balance to be utilized for the purchase of a pension from an external source (annuity).

Members between ages 55 and 64 years can be dealt with as in 1 above OR Be deemed as a resignation from the Fund and after tax deduction, benefits can be paid out to the member.

For members younger than the permissible retirement age (55 years), benefits can, after deduction of tax, be paid out.

Payment of benefits on resignation or death is subject to obtaining a Tax Directive from the South African Revenue Services ( SARS).