MOTOR INDUSTRY BARGAINING COUNCIL – MIBCO
(SHARED SERVICES CENTRE)
P. O. Box 4616
RANDBURG
2125
Application for Exemption from the Motor Industry Administered provident funds
Name of Industry Fund in respect of which exemption is being applied for:
(Note: A separate application form must be completed for Each Industry Fund from which exemption is requested)
Please note that all particulars relate to the employer’s in-house Fund
Important:Please submit DetailedRules relevant to the In-House Fund. Also, clearly cross reference item numbers of this questionnaire / application form (where applicable) to the relevant page number, section and sub-section of the detailed rules.
- General Information
1.1Trading name of Employer______
1.2Street Address: ______1.3 Postal Address:______
______
1.4Employer Number: ______1.5 Tel. No: ______
1.6Name of In-House Fund: ______
1.7Name of underwriter: ______
1.8If not underwritten by an insurer – Name of Fund’s Actuary: ______
Telephone No. of Actuary: ______
1.9Fund Registration number in terms of the Pension Act: ______
1.10Date of Registration: ______
2Membership Information
2.1State, clearly, which classes of Employees are eligible to join the In-House Fund:
______
2.2Is membership of the In-House Fund a condition of Employment? ______
2.3What is the obligatory waiting period before an Employee may join in the In-House Fund?
______
2.4List the Industry Fund’s membership which This application relates to under the following headings as well as proof by Signatures of the Employees that Consultation with Employees were held to change to an in-house fund Refer to Annexure A – page
3Contribution Related Information
3.1What percentage of weekly/monthly wages/salary does the Employer contribute towards the In-House Fund?
______
3.2What percentage of weekly/monthly wages/salary does the Employee contribute towards the In-House Fund?
______
3.3Important – Accompanying this application; a certificate, signed by the in-house Fund’s Actuary, stating clearly the following:
3.3.1Of the Employer’s total contribution, what percentage is allotted towards:-
3.3.1.1Administration Costs______
3.3.1.2Risk Benefits______
3.3.1.3Retirement Benefits______
3.4Retirement Ages
3.4.1Normal RetirementMales:______Females:______
3.4.2Early RetirementMales:______Females:______
3.4.3Early Ill-Health retirementMales:______Females:______
4Withdrawal benefit information
4.1Resignation
Comprehensively state what benefit is payable to the member from:
4.1.1Member’s portion of contribution______
4.1.2Interest (give full details)______
4.1.3Any other (give full details)______
______
4.1.4Employer’s portion of contribution______
4.1.5Interest (give full details)______
4.1.6Any other (give full details)______
______
4.2Dismissal
Comprehensively state what benefit is payable to the member from:
4.2.1Member’s portion of contributions______
4.2.2Interest (give full details)______
4.2.3Any other (give full details)______
______
4.2.4Employer’s portion of contribution______
4.2.5Interest (give full details)______
4.2.6Any other (give full details)______
______
4.3Retrenchment or Redundancy
Comprehensively state what benefit is payable to the member from:
4.3.1Member’s portion of contribution______
4.3.2Interest (give full details)______
4.3.3Any other (give full details)______
______
4.3.4Employer’s portion of contribution______
4.3.5Interest (give full details)______
4.3.6Any other (give full details)______
______
5Disability Benefit Information
5.1Is a Disability Benefit available?______
5.2What are the conditions to qualify for this benefit?______
______
5.3Comprehensively describe this benefit?______
______
______
6In-Service Death Benefit Information
6.1Is an In-Service Death Benefit provided?______
6.2What are the conditions for the spouse or dependants to qualify for this benefit?
______
6.3Comprehensively describe this benefit______
______
______
7.ANY OTHER INFORMATION THAT MIGHT BE APPLICABLE TO MOTIVATE THIS APPLICATION
______
______
8.Trustee Information
8.1Chairman______Signature______
8.1.1Is the Chairman an Employer, Employee or Independent?______
8.2Other Trustees
Employer Trustees
/ Employee TrusteesName / Signature / Name / Signature
The above Particulars are correct to the best of my knowledge and belief
Signed at ______this ______day of ______
20______.
______
Signature of Employer or authorised personDate
Annexure A
Surname
/First Name/s
/I.D. Number
/ Industry Fund Membership No. / Signature of EmployeeWHEN APPLICATIONS FOR EXEMPTION ARE RECEIVED FROM FIRMS REQUESTING EXEMPTION FROM THE MOTOR INDUSTRY’S ADMINISTERED RETIREMENT FUNDS, THE FOLLOWING PRE-REQUISITES MUST BE IN PLACE, AS SET OUT IN CLAUSE 40 OF THE COUNCIL’S MAIN AGREEMENT:
When applications for exemption are received from employers or a group of employees, requesting exemption from the Motor Industry's retirement funds in order to join an alternative approved fund, the following shall be observed:
(1) The alternative fund must be a properly structured pension/provident/ retirement fund registered in terms of the Pension Act.
(2) Applications for exemption submitted by an employer on behalf of its employees to be exempted from the industry's retirement funds, shall be made on an official company letterhead and shall be signed by the employer or its duly authorised representative.
(3) Applications for exemption submitted by a group of employees to be exempted from the industry's retirement funds, shall be made on an official company letterhead from the company that they are employed at, and shall be signed by each employee or his/her duly authorised representative.
(4)The contributions to the alternative fund by both employer and employee shall be at least the equivalent to that required by the industry's funds respectively.
(5)The waiting period for membership to the alternative fund(s) may not be longer than 6 months.
(6) All new alternative funds’ benefits shall be collectively better than those of the industry's funds and the benefits of all existing funds which at present enjoy exemption shall be equal to or better than those of the industry’s funds.
(7) Membership of an alternative fund that complies with these criteria shall be compulsory when being exempted from membership of the industry funds.
(8)In the event that a dispute arises as a result of the rejection of such application, the dispute shall be referred to an agreed neutral third party or parties, qualified in the matters of retirement funds, who shall observe the provisions of this clause and who shall make a final and binding ruling.
FOLLOWING DOCUMENTS REQUIRED FOR APPLICATION FOR EXEMPTION FROM MOTOR INDUSTRY RETIREMENT FUNDS
1)Official letter of application on letterhead from Employer, for and on behalf of the Employees to be exempted from having to be members of and to contribute to the Motor Industry Retirement Funds, so as to permit the Employees to become members of and contribute to the firm’s in-house Provident Fund. If firm has branches involved, names and addresses of branches to be specified.
2)Official special application/questionnaire form to be correctly completed in every detail.
3)Copy of rules of the in-house Provident Fund.
4)A list of the names of the Employees involved, as per Annexure A, at which branches employed, as well as proof that contributions were paid to an in-house fund.
5)To submit names of Employee and Employer Representatives on the board of Trustees of in-house Fund.
e.g.Letter along the lines:-
We/I the undersigned hereby apply to be exempted from membership and having to contribute to the Motor Industry Retirement Funds, so as to become members of and contribute to the firm’s in-house Provident Fund.
NameSignedDate
1