ENGINEERING INDUSTRIES PENSION FUND The Metal Industries Benefit Funds Administrators (MIBFA), A Non Profit Company (NPC) that provides administration services for Benefit Funds in the industry. The "Engineering Industries Pension Fund" having been named and being the continuation of the Metal Industries Group Life and Provident Fund. Until 31 March 2012 the Engineering Industries Pension fund was a "Defined Benefit" fund. This means that the benefits that are payable in terms of the Rules are guaranteed and are fixed in nature. The Fund bears the risk and benefits payable on retirement must be paid as a monthly income and are payable to the member for the rest of his or her life. This was done in order to ensure the long term financial sustainability of the Fund.
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