Actuary
Specialist responsible for certifying that the Fund’s assets match its liabilities, which means there is enough money to pay all the members.

Administration Fees
Fees for the administration of the Fund, usually paid monthly.

Annuity
Pension paid to pensioners, usually on a monthly basis.

AirBnB
An Airbnb is a residential property that hosts rent on a short-term basis to travellers. It can be anything from a house, a single room, a boat, a caravan etc.

Auditor
A person appointed to audit the Fund’s financial statements on an annual basis.

Beneficiary
A person who is or becomes entitled to receive a benefit in terms of the Rules.

Blog
A regularly updated website or web page, typically one run by an individual or small group, that is written in an informal or conversational style.

Dependant 

• A person in respect of whom the member is legally liable for maintenance,
• A person in respect of whom the member is not legally liable for maintenance, if such person:
• was, in the opinion of the Trustees, dependent on the member for maintenance at the time of the member’s death; or
• is the spouse of the member, including a party to a customary union according to customary law or to a union recognised as a marriage under the rites and tenets of any Jewish, Asiatic or other religion; or
• is a child of the member, including a posthumous child, an adopted child and an illegitimate child; or
• A person in respect of whom the member would have become legally liable for maintenance, had the member not died.

Economically Active
Being employed or self-employed and generating an income.

Estate
A deceased person’s assets and liabilities (or debts) at death.

Inflation 
Inflation is the rate at which the combined price of a basket of goods changes over time. If for example the consumer price inflation is 10% over a 12-month period, it means that a person will pay 10% more for the same products than what he or she would have paid a year ago.

Principal Officer
Person responsible for the day-to-day management of the Fund. He/she also represents the Fund in legal proceedings.

Re-skilling
Unlike upskilling, which focuses on adding to an existing skill set within a role (for instance, due to new technology), reskilling refers to the process of learning new skills needed to do an entirely different job.

Rule Amendments
Changes to the Rules of the Fund.

Side-Hustle
A piece of work or a job that you get paid for doing in addition to earning your main pension.

Social Media
Social media refers to the means of interactions among people in which they create, share, and/or exchange information and ideas in virtual communities and networks, these include WhatsApp, Facebook, Twitter, Instagram, LinkedIn and YouTube. 

Vlog
A personal website or social media account where a person regularly posts short videos.