Registrar approved surplus - Engineering Industries Pension Fund and the Metal Industries Provident Fund

The Registrar of Pension Funds approved the surplus apportionment schemes of the Engineering Industries Pension Fund and the Metal Industries Provident Fund.

In terms of the approved schemes, eligible stakeholders will be entitled to share in the apportionment of surplus amounting to R27 billion as at the funds’ surplus apportionment date of 1April 2008. These surplus benefits will be increased with fund returns from 1 April 2008 until the date of payment to the various stakeholders.

Marius du Toit, Chief Actuary says: “I am very pleased with the outcome of the exercise, which was completed in a relatively short time period considering the size of the scheme. A very large number of former members, pensioners and active members will share in this significant amount of surplus. The approval of the scheme is the culmination of many months of hard work of all parties concerned.”

Jurgen Boyd, Deputy Executive Officer of Retirement Funds says: “The approval of these two schemes, by far the largest of all schemes approved to date in terms of distributable surplus, is a demonstrable success story of the anticipated outcomes intended by the legislature in promulgating the surplus legislation. The financial impact of this decision is far reaching and will result in much sought after relief during the difficult economic times that South Africans are currently experiencing as almost 2.7 million former and current employees of the Metal Industries sector will benefit from this surplus distribution. The Registrar commends the co-operation and effort made by both funds to bring this matter to closure.”