In terms of the rules the normal retirement age is 65 if you are a male who was a member on 31 December 1986 and age 63 for all other members.

Your pension will be equal to 2% for each year of pensionable service multiplied by your aggregate annual pensionable base in the 12-month before you retire. 

If you have been a fund member for 36 years, and your annual pensionable base for the year is R500 000, then your pension will be:	2% X 36 (years of completed membership)  = 72%.  The annual pension will therefore be: 72% x R500 000  = R360 000 per year or  = R30 000 per month.

Early retirement

You can retire within 5 years prior to your normal retirement age but Company permission is needed if you elect to retire earlier than the said 5-year period. 

- If you retire at age 57

If you have been a fund member for 30 years, and your annual pensionable base for the year is R500 000, then your pension will be:

2% X 30 (years of completed membership)  = 60%.  The annual pension will therefore be: 60% x R500 000  = R300 000 per year or  = R25 000 per month. But because you retire early, your pension will be reduced by 3% per year short of age 60 years. So the member is retiring 3 years earlier than age 60 3 years earlier x 3% per year = 9% The annual pension will therefore be: = R300 000 per year LESS 9% = R273 000 per annum or =R22 750 per month.

The calculation of your pension will be based on the same formula as outlined above for normal retirement. However, for each year that you retire early between 50 and 60, your pension will be reduced by 3% per year of service per year short of age 60 years.

Do you want to take a portion in cash?

Your pension has a cash value, of which up to a maximum of one-third can be converted into a lump sum at retirement.

If you take a portion in cash, the pension you will receive will be reduced.

Do you want to purchase your own pension outside of the Fund?

Retirees can decide to uplift their Actuarial Reserve Value (ARV).  There is an indemnity letter to be signed should you decide to uplift the ARV and purchase a pension outside of the Fund. You may take only one-third of this in cash, the balance has to be used to purchase a life-long pension.