Benefit Structures

To make provision for different needs, different benefit plans are offered. The benefit structures are set out in the tables below:

Agricultural Sector Provident Fund
Plan
A1
A2
B
C2
D
E
Contribution
R140.00
R140.00
R160.00
R180.00
R215.00
R360.00
Death cover
-
R12 500
R15 000
R17 500
R20 000
R30 000
Capital Disability
-
-
-
-
R20 000
R30 000
Accidental death/Bodily loss
-
 R12 500  R15 000  R17 500   R20 000 R30 000 
F
U
N
E
R
A
L
Member
-
R10 500
R13 500
R16 000
R18 500
R26 500
Spouse
-
R10 500
R13 500
R16 000
R18 500
R26 500
Child 14-21 years
-
R10 500
R13 500
R16 000
R18 500
R26 500
Child 6-13 years
-
R5 250
R6 750
R8 000
R9 250
R12 500
Child 0-5 years
-
R2 625
R3 375
R4 000
R4 625
R6 625
Total costs
R26.21
R66.92
R78.08
R88.21
R106.19
R149.75

Net retirement savings (contribution less total cost)

R113.79
R73.08
R81.92
R91.79
R108.81
R210.25
Contributions and separate group scheme structures from 1 July 2018 to 30 June 2019

 

The below plans are available only to employees earning a minimum salary of R10 000 per month:

Agricultural Sector Provident Fund
Plan
SAL 1
SAL 2
SAL 3
SAL 4
Contribution
R500.00
R750.00
R1 000.00
R2 500.00
Death cover
R100 000
R150 000
R200 000
R500 000
Capital Disability
R100 000
R150 000
R200 000
R500 000
Accidental death/Bodily loss
R50 000
 R75 000  R100 000  R250 000
F
U
N
E
R
A
L
Member
R35 000
R35 000
R35 000
R35 000
Spouse
R35 000
R35 000
R35 000
R35 000
Child 14-21 years
R35 000
R35 000
R35 000
R35 000
Child 6-13 years
R17 500
R17 500
R17 500
R17 500
Child 0-5 years
R8 750
R8 750
R8 750
R8 750
Total costs
R179.46
R238.59
R297.71
R652.46

Net retirement savings (contribution less total cost)

R320.54
R511.41
R702.29
R1847.54
Contributions and separate group scheme structures from 1 July 2018 to 30 June 2019

 

Contribution plans

  • The selected plans can differ from one employee to the next. The plans can also be reviewed and adjusted continuously. The amendment will only be activated after the administrative office has been informed of this in writing before the 20th of every month.
  • The employer and employee can decide for themselves which plan suits each individual employee. As a result some of the employees may choose plans with basic benefits while other employees may choose plans with more comprehensive benefits, after which it will be implemented accordingly.
  • It is not necessary for an employer to include all his employees on the same plan.
  • Members are also allowed to make additional contributions to the Fund for purposes of additional retirement funding.

Death benefit

In the event of death before retirement, the member’s death and funeral benefits in accordance with the chosen plan will be paid to the member’s dependents. The total value of the member’s savings component at date of death will also be paid to the member’s dependants.

Retirement benefit

At retirement the member’s death, capital disability, accidental death/bodily loss and funeral benefits will cease. The member will be entitled to the total value of his or her savings component as at the date of retirement. The member can retire at any stage between the ages of 55 and 70.

Withdrawal benefit

If the member leaves the service of the employer before retirement, the member’s death, capital disability, accidental death/bodily loss and funeral benefits will cease. The member will be entitled to the total value of his or her savings component. The member is also offered the option of transferring the total value of his or her savings component to a new participating employer or transferring the total value to a preservation fund.

Disability benefit

If the member becomes totally and permanently disabled (as determined by the insurer based on detailed medical evidence submitted and the benefit is approved) before the age of 65, the member will be entitled to the capital disability benefit in accordance with the chosen plan, after a waiting period of 6 months. The member’s death, capital disability, accidental death/bodily loss and funeral benefits will cease. The member will be entitled to the total value of his or her savings component at date of exit from the Fund.

Accidental death/bodily loss benefit

In the event of death before retirement as a result of an accident, the member’s accidental death benefit in accordance with the chosen plan will be paid to the member’s dependents in addition to the death benefit.

If the member experiences a bodily loss as a result of an accident, a benefit equal to a percentage of the accident benefit is payable.

The total amount paid out to the member for death and/or bodily loss is limited to:

  • the total accident benefit. Any percentage paid out previously will be taken into
    account;
  • the total amount payable in respect of a member in terms of points (c), (d) and (e) of the
    below table, is together never more than 75% of the accident sum; and
  • the death or bodily loss happened within 12 month of the particular injury.