The Engen Pension Fund was established with a commencement date of 31 December 1964, is a pension fund constructed by the employer to help you save for retirement. 

Every month Engen Petroleum pays member and the company contributions (as a percentage of your salary) into this fund on your behalf. The fund was therefore created to provide members with benefits should they leave the employ of Engen Petroleum Limited or a promised benefit at retirement. But more than that, the fund also provides benefits to members or dependants in the event of death or disability.

Click here for more information on the contributions.

The fund provides you and your family with the following benefits:

• A pension on retirement
• Eligible spouse/dependent children with a lump sum and a pension should you die before/after retirement, and
• A disability income should you become disabled and no longer able to work.

The fund is administered by financial services company, Sanlam.

Benefits of the fund

You save more money through lower charges
The costs of running a retirement fund are generally less per member than the costs of running similar schemes on your own, so more of your money is invested in your retirement savings.

Retirement funds are managed by trustees
The trustees must manage the fund in the best interests of its members. The trustees must also get advice from experts, so the fund’s money is always in good hands.

What type of fund it is

The Engen Pension Fund is a defined benefit fund. A defined benefit pension fund is a type of pension fund in which an employer promises a specified monthly benefit on retirement. This amount is calculated by a predetermined formula based on the employee's final salary, the pension scale (in this case it is 2%) and tenure (years) of service. Rather than depending directly on individual investment returns. It is 'defined' in the sense that the benefit formula is defined and known in advance.

Who can join the fund?

Permanent employees who were fund members as at 31 March 1993 and had elected neither to transfer to the Engen Pension Fund on 30 September 1993 nor the Chemical Industries National Provident Fund (CINPF) on 30 September 1994.

No new employees are eligible to join the fund.

Registration Number

The EPF is registered with the FSCA.  The FSCA registration number is 12/8/5410/2.