How to Claim

How to Claim

REQUIREMENTS

Withdrawal benefit

Leaving the fund and claiming your benefits is made easy with the below advice on how to finalise your claim.

What do I do?

If you are not re-elected or you have resigned as a councilor, please contact your HR department. They will assist you to complete a Termination of Membership Form, which they will forward with your supporting documents to the Administrator for processing. Remember that your claim form must be signed by you and the employer (Authorised HR Manager/Finance Manager). Termination of Membership Form, requires you to insert your banking details, this must be taken to your bank to verify after which the bank will stamp the form confirming the details.

What other documents/information do I need to submit?

NB: The following documents must accompany your completed termination of membership form and will be forwarded by your HR department to the administrator for processing

  1. A certified copy of your Identity book
  2. Make sure your correct tax number is supplied
  3. Recent certified Bank statement
  4. Members retiring must provide detail of their option to take 1/3 cash or transfer full portion to a Retirement Annuity
  5. The Investment Advice Form signed by you
  6. Retirement Annuity details must be provided
  7. Members opting to transfer their withdrawal benefit to another approved Pension/Provident Fund must provide details of the approved Fund 14

How long will it take?

The process is dependant on there being no outstanding documents or queries with your Municipality and South African Revenue Service (SARS). It is therefore important to know that the time it takes to finalise your claim is determined by:

  1. Whether your tax affairs are in order with SARS (your benefit cannot be paid until ALL your outstanding personal and other tax matters have been finalised with SARS), and
  2. Whether your Municipality submitted all the contribution schedules to the Administrator (without this information, the Administrator cannot determine your correct benefit).
  3. Whether your Municipality indicated your exit on the contribution schedules.
  4. Whether your Municipality reconciled the contribution schedule to the payment deposited into the bank account and notified the Administrator.

If the above is in order, your claim will be processed within 4-6 weeks. You cannot claim your benefit if you’ve been re-elected.

0
Would love your thoughts, please comment.x
()
x