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.

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.

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.

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.

Retirement Annuity
Fund set up for individual members to save for retirement. It has no withdrawal benefit, but members can make monthly contributions. The benefit is available to you at retirement partly in cash and partly to purchase an annuity.

Rule Amendments
Changes to the Rules of the Fund.