6.1 |
Contributions by the Member |
Each Member shall contribute to the Fund at the rate of 9.0 per cent of his Fund Salary. Any variation to amounts contributed by Members employed by an Employer shall be set out in an Appendix to these Rules.
6.1.1 |
Each Member's contributions shall be deducted by his Employer from his salary or wages and paid to the Fund. |
6.1.2 |
Contributions shall be paid to the Fund within seven days after the end of the month in respect of which the contributions were made. If contributions are not paid to the Fund as required in terms of the Act. The Employer shall be required to pay late payment interest at the rate prescribed by legislation. Any such interest shall be included in the Investment Return. |
6.2 |
Contributions by the Employer |
6.2.1 |
The Employer shall make contributions in respect of each Member in its Service at the rate of 9.0 per cent of the Members Fund Salary, less the cost for the month concerned of the separate funeral benefit scheme. Any variation to amounts contributed by the Employer in respect of Members employed by an Employer shall be set out in an Appendix to these Rules. |
6.2.2 |
Out of the amount paid in terms of Rule 6.2.1: |
(i) |
not more than 5.5 per cent of the Members Fund Salary, less the cost for the month concerned of the separate funeral benefit scheme, shall be applied to meet the cost for the month concerned of the death benefit referred to in Rule 6.1.1(a), the disability benefit referred to in Rule 6.2.2 and the Fund's expenses; and |
(ii) |
the balance shall be applied towards the Members retirement benefit. |
6.2.3 |
Should the amount referred to in Rule 4.2.2(a) be at any time insufficient to meet the cost of the death benefit referred to in Rule 6.1.1(a) and the disability benefit referred to in Rule 6.2.2, such benefits shall be reduced to the proportion for which the cost has been paid. |
6.2.4 |
Contributions by the Employer must be paid to the Fund within seven days after the end of the month to which they relate. If contributions are not paid to the Fund as required in terms of the Act, the Employer shall be required to pay late payment interest at the rate prescribed by legislation. Any such interest shall be included in the Investment Return. |
6.3 |
Additional Voluntary Contributions by Members and Employers |
6.3.1 |
A Member may make additional contributions to the Fund, in order to secure greater benefits or in respect of a period of past Service, in accordance with such conditions and procedures as the Trustees may prescribe from time to time. The payment of additional contributions to the Fund shall be subject to the limitations and requirements of the Income Tax Act, 1962. Such additional contributions shall be allocated to the Members Fund Credit. |
6.3.2 |
An Employer may make additional contributions to the Fund in respect of a Members period of past Service in accordance with such conditions and procedures as the Trustees may require from time to time. The payment of additional contributions to the Fund shall be subject to the limitations and requirements of the Income Tax Act, 1962. Such additional contributions shall be allocated to the Members Fund Credit. |