| RETIREMENT FUND MEMBERSHIP MANUAL
BENEFITS OF THE CPUT RETIREMENT FUND This guide deals with the benefits provided by the CPUT Retirement Fund. It also covers the separate insured disability income arrangement and spouse’s insurance benefits, as these benefits are provided as part of the contributions allocated by the Employer for benefits. The specific areas covered are: • The design of the Fund • The contributions payable • What benefit you will receive on retirement • Your resignation, retrenchment and dismissal benefits • What benefit your dependants will receive (from the Retirement Fund) should you die in service • What benefit you receive in the event of disability • The Spouse’s insurance benefit payable
Disclaimers This guide is a summary of the Rules of the Fund and the insurance policies. In the event of a conflict between this guide and the Rules or policies, the Rules or policies will apply. The content of this guide does not constitute advice, neither by the Trustees, nor by its consultants. This guide will be updated from time to time; please check the website to ensure that you have the latest version. Note: In the case of the insured benefits as summarised in this guide, this is a summary of the main considerations only and therefore the member should refer to the full policy for the benefits.
THE DESIGN OF THE FUND The CPUT Retirement Fund is a Defined Contribution arrangement. CPUT (your employer) pay fixed contributions to this account on a monthly basis. This amount is then invested, and the investment returns earned on this money are added to your account. Your member share account is comprised of three components (or two components if you have no retirement fund savings prior to 01 September 2024). Your Member Share Account grows, together with investment returns. This means that each month the Fund receives a contribution which is then allocated for your retirement savings. (An explanation on how the contributions are allocated is discussed below). These contributions grow with the net investment return (which may be positive or negative) earned on the portfolio where you elect to invest your money. There is a separate guide titled your Investment choices dealing with your investment choices in the Fund. Other than your retirement benefits, the Fund also provides benefits on your resignation, retrenchment and death. Separate insurance policies provide disability income benefits and spouse’s death benefits for members of the Fund.
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