METAL INDUSTRIES PROVIDENT FUND
TheMetalIndustriesBenefitFundsAdministrators (MIBFA),ANonProfitCompany(NPC)thatprovides administrationservicesforBenefitFundsinthe industry.
InthisFund,onlythecontributionsaredefinedand benefitsthatarepayableintermsoftheRulesare payableasalumpsum.Thereisnomonthlyincomeon retirement.Thememberthereforecarriesthe riskandisresponsibleforensuringthats/heinveststhe lumpsumwisely.
TheestablishmentofaProvidentFundcameaboutasa resultofnegotiationsbetweentheTradeUnionsand theEmployers.
Onstartingemployment,workerscanthuschooseto belongtoeithertheEngineeringIndustriesPension FundorjointheMetalIndustriesProvidentFund.
