Notes

1. Personal details
Report any errors in your personal details to your human resources department or on www.alexforbes.com.
2. Fund credit
The fund credit is the total amount of money held in the fund in your name. The benefits you will get from the fund are set out in the rules of the fund.
The benefit is governed by the law that applies at that time. If there is a difference between the value of the benefit shown in the statement and the
benefit in terms of the fund rules, the value in the fund rules will be paid. Refer to your member booklet for more information.
3. Contributions (if applicable)
The fund receives contributions every month. Your monthly contributions will be allocated and invested according to the fund’s rules and investment
strategy.
4. Investment return
The investment return shown on your statement is the returns earned on contributions allocated to your fund credit while you are a member
of the fund. The investment return can be positive or negative, and will depend on the investment performance of the underlying assets. Your
investment return is shown after costs. If you are invested in the default LifeStage model, your ongoing contributions to the fund and existing fund
credit will be switched to the appropriate portfolio in the month following your birthday.
5. Retirement benefit
Your benefit is made up of your contributions (if any) and that portion of your company’s contributions, which are allocated to your fund credit,
together with the investment return earned after costs. Your benefit may be split into a vested and non-vested benefit. When you retire, you will be
entitled to your total fund credit. You may take part or your entire vested benefit in cash and from the non-vested benefit, you can take up to a third of
your benefit in cash and use the balance to buy a pension. Where your non-vested benefit is less than the amount prescribed by SARS (currently
R247 500), then your full non-vested benefit may be taken in cash.
* Vested benefit- an amount which may be taken in cash on retirement if you were a member of a provident fund or provident preservation
fund on 1 March 2021. ** Non-vested benefit – an amount that is not a vested benefit and is subject to the annuitisation provisions on retirement
from 1 March 2021.
6. Withdrawal benefit
If you choose to be paid your withdrawal benefit in cash, tax may be deducted. If you choose to preserve your benefit by transferring it to your new
employer’s fund, a preservation fund or a retirement annuity fund, income tax may be deferred until your withdrawal or retirement from the fund.
7. Death benefit and funeral benefit (if applicable)
A big part of your death benefit may be an insured benefit. The insured benefit is paid, as long as the insurer accepts the claim. This insurance is
governed by the terms and conditions of the insurance contract. The amount paid can differ from the amount that appears in this statement.
8. Disability benefit (if applicable)
The disability benefit is an insured benefit. This benefit is paid if the insurer accepts your claim. You may have to give medical evidence to the insurer
before being entitled to your full disability benefit. This insurance is governed by the terms and conditions of an insurance contract.
9. Nomination of beneficiary forms
These forms are available from your human resources department and online. You must update these forms regularly because the management
committee and trustees need this form to help make a decision on the death benefit payments. If you have registered for access on our online
website (www.alexforbes.com under Online Services), you can complete the form online. For more information on the online service, please
contact afonlinehelp@alexforbes.com
10. Section 37D deductions
Section 37D of the Pension Funds Act allows your death, withdrawal or retirement benefit to be reduced by an amount still owed at the date of your
membership termination. Any other deductions will not be enforceable against the fund.
• Housing loans (if applicable): if a loan was given by a financial institution for housing purposes secured by your fund benefit.
Other deductions (if applicable): divorce orders; maintenance orders; if you have admitted to liability for damages caused to the employer for theft,
fraud, dishonesty and misconduct, or a judgment granted against you; and any other deductions that the Registrar may approve.
11. General
• All particulars are given for information and quotation purposes only and no liability can be held against the fund or Alexforbes with regard to this
• statement, as all rights of members are embodied in the official rules and policies.
• Benefit payments will be taxed in terms of the Income Tax Act.
• This document is not a statement of the member’s pension interest for the purpose of Section 7(8) of the Divorce Act, 1979.
• If a dispute arises, the dispute resolution mechanism set out in the rules of the fund and the Pension Funds Act, 1956 will apply.
• The Pension Funds Adjudicator has been appointed in terms of the Pension Funds Act, which regulates how the Adjudicator deals with
complaints.
• The Adjudicator can assist you if your claim or complaint is not satisfactorily resolved by the fund or the administrator.
• The fund is regulated by the Financial Sector Conduct Authority in terms of the Pension Funds Act, 1956.
• You can view the rules of the fund, actuarial valuations, or any of the financial statements, at the registered office of the fund.
• Alexforbes is committed to protecting your personal information and privacy. Please refer to the Alexforbes website for all POPIA and Privacy

• related matters.
12. AF Retirement Navigator (If applicable)
If your fund offers the AF Retirement Navigator portfolio and you are invested in the portfolio, a market value adjustment may apply if you elect to
switch out of the portfolio when your book value is more than the market value at the time. Refer to the principles and practices of financial
management guide on Alexforbes’ website for more detail.

Alexforbes contact centre Pension Funds Adjudicator contact details

Tel: 0860 100 333 Tel: +27 (0)12 346 1738 | +27 (0)12 748 4000
Fax: +27 (0)11 324 3461 Fax: 0860 693 7472
Email: admin@alexforbes.com Email: enquiries@pfa.org.za