Labour Relations Act, 1995 (Act No. 66 of 1995)Bargaining Council for the South African Road Passenger (SARPBAC)Rules Retirement Fund (Provident)Rule A 4 - Retirement Benefit |
A 4.1 When payable
A retirement benefit shall be payable to the MEMBER at:
A 4.1.1 his NORMAL RETIREMENT AGE; or
A 4.1.2 Voluntary early retirement
A MEMBER who has reached age 55 may, with the EMPLOYER'S consent and subject to the provisions of the Income Tax Act, No 58 of 1962, retire from the service of the EMPLOYER on the last day of any month preceding his NORMAL RETIREMENT AGE; or
A 4.1.3 Ill-health early retirement
A MEMBER may, with the EMPLOYER'S consent, retire from the service of the EMPLOYER due to ill-health on the last day of any month before his NORMAL RETIREMENT AGE; or
A 4.1.4 Late retirement
A MEMBER may, with the EMPLOYER'S consent, retire from the service of the EMPLOYER on the last day of any month after his NORMAL RETIREMENT AGE but not later than age 70.
A 4.2 Amount of retirement benefit
The amount of retirement benefit payable to a MEMBER who retires shall be equal to a retirement benefit as set out in the SCHEDULE.
A 4.3 Payment of the retirement benefit
A 4.3.1 | On a MEMBER'S retirement in terms of Rule A 4.1, he shall become entitled to an annuity of such amount as can be purchased by the amount set out in the SCHEDULE, provided that the MEMBER may elect to commute part or the whole of such benefit for a lump sum. |
A 4.3.2 | An annuity which becomes payable in terms of Rule A 4.3.1 shall be purchased by the FUND in the MEMBER'S name from an INSURER of the MEMBER'S choice. Thereafter the FUND shall have no further liability in respect of the MEMBER, such liability resting with the INSURER from whom the pension is purchased. The annuity so purchased shall be a compulsory, non-commutable, non-assignable annuity, payable for at least the life of the MEMBER. The other features of the annuity may be selected by the MEMBER. |
A 4.3.3 | Should the MEMBER die before the retirement benefit was dealt with in accordance with this Rule A 4.3, the retirement benefit set out in the SCHEDULE shall be payable in terms of Rule B 2.7. |