Organisation : Transport Sector Retirement Fund (TSRF)
Service Name : Withdrawing Benefits
Country : South Africa
Website : https://tsrf.co.za/benefits/withdrawing
How To Apply For TSRF Withdrawing Benefits?
When you leave the Fund (resign, you are retrenched, you abscond, end your contract or you are dismissed) you will receive your accumulated Fund savings (Fund Credit). From 1 September 2024 your Fund Credit is the total of the Vested, Savings and Retirement components. When you leave the Fund, you must elect how the money from each component must be paid.
Related / Similar Facility : TSRF Retirement Benefits
Paid-Up Members:
If you neglect to make an election to have your benefit paid you will become a Paid-up member of the Fund. This means that your money will remain invested in the Fund and your Fund Credit will continue to grow until you decide to have the benefit paid.
What does it mean to be a Paid-up member?
** Your money will remain invested in the Fund (preserved in the Fund) until you choose to have the benefit paid to you;
** As a Paid-up member you will NOT make any contributions to the Fund;
** You will no longer be covered for death, disability or funeral benefits.
Payment of Withdrawing Benefits
With the implementation of the Two-Pot system the following benefits will be paid when you leave the Fund before retirement. Members will need to make a decision on ALL three components as follows:
What members, who were 55 years and older on 1 March 2021, should know :
** If you were a member of the Fund before 1 March 2021 and you were 55 years or older on 1 March 2021 (now 59 and older) and you remained a member of the Fund, your benefits are protected and means that whether you resign or retire after 1 September 2024 you will always receive all your benefits in cash.
** You are exempted from the Two-Pot system and will only have a Vested component.
** Your contributions to the Fund after 1 September 2024 will continue to be invested in your Vested component.
** If you do however want to Opt-in to Two-Pot you may do so before 31 August 2025.
** Thereafter you cannot Opt-in to Two-Pot.
** If you decide to Opt-in to the Two-Pot system you will receive the benefits as listed in the above table when you leave the Fund before retirement age.
Important to Note:
Once you Opt-in to Two-Pot your decision is irrevocable and cannot be changed.
Register On TSRF Online Portal
Members will receive a benefit statement annually that will show how the money in the Fund is growing and what their savings in the Fund (Fund Credit) amount to. Members may also register on the Benefit Counselling Tool, TSRF online portal. WhatsApp “Hi” to 087 240 7006 to register. It is recommended that you read the Fund’s Member Guide for more information and to see how to claim your benefit.