| RETIREMENT FUND MEMBERSHIP MANUAL
FUND OVERVIEW AND GOVERNANCE OF THE CPUT RETIREMENT FUND A. FUND OVERVIEW The Cape Peninsula University of Technology Retirement Fund (hereafter called the CPUT Retirement Fund) was established on 1 December 1994. All permanent employees of the CPUT, including those employed on a contract basis for an unbroken period of two years or longer, are required to belong to the Fund as a condition of employment. In this section we highlight: • The key features of the Fund; and • The mission and values of the Fund
Key features The Fund is a Defined Contribution Arrangement. The key feature of a Defined Contribution Fund is that the benefit you receive on retirement depends entirely on: • The contributions that are set aside monthly as your retirement savings; and • The investment return (positive or negative) you earn on this money. In addition to providing retirement benefits, the Fund also provides resignation, retrenchment and death benefits.
Mission and values The mission of the Fund is to provide reasonable and competitive benefits as defined in the Fund’s rules. In addition, the Fund also observes the following key values: • Honesty – the Fund will always act towards its members in a transparent and honest manner • E mpowerment – tthe Fund has a focus on providing members with education that aims to empower members to understand and control their retirement savings • Innovation – the Fund aims to be at the forefront of developments in the retirement fund industry
B. GOVERNANCE In the same way as a company needs directors to run it, a Fund needs Trustees to run it. The Trustees’ duties are similar to those of a company board of directors – they are put in a position of trust. The duties centre around protecting the interests of the Fund’s members. The Board of Trustees governs the Fund. In this section you can find out more about: • Who the Trustees are, what their responsibility is and how they are elected. • Details of the Committees of the Board. • Who the statutory officer bearers of the Fund are.
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