As a member of the provident fund, you will be entitled to:
The Bloemfontein Building Industry Provident Fund was established on 7 January 1991. The Master Builders and Allied Trades Association Free State (MBA FS) Provident Fund, which has been in operation since 1991, and the Kroonstad Building Industry Provident Fund , that started in 1989, forms part the Fund with effect from 1 November 2008.
All employees affiliated to the Construction Industry in the Free State are allowed to participate in the Fund as long as they comply with the definition of employee, described in the Fund’s Rules.
You and your employer contribute in equal amounts to the fund. Your employer will deduct your contribution from your wage and pay this, together with it’s contribution, to the Welkom Building Industry Provident Fund MBA (FS).A portion of the contribution goes towards death, disability, funeral and administrative costs and the balance is used to provide retirement benefits.
The normal retirement age is 65 years.
Early retirement. You may retire any time after age 55. The earlier you retire the smaller your retirement benefit become.
Late Retirement. You may defer your retirement with the written consent of your employer if you want to continue working after the age of 65. If there is no break in your contribution record, you will retain your death benefit in terms of the rules until you reach the age of 65.
The amount of your lump sum will depend on the total
contributions of you and your employer (less costs as described above)
plus investment returns.This is referred to as your accumulated
Alternatively, you may purchase a monthly pension using some or all of your lump sum.
What happens if you leave your employer? You have a choice of:
You will only become entitled to your accumulated Fund value if you have not worked for any participating employers for two months. If you start working again for a participating employer, you will continue to be an active member of the fund and will not qualify for the cash payment.
If you become totally and permanently disabled before the age of 65, you will receive a monthly pension equal to 40% of your monthly income.This Pension is paid for as long as you are regarded as being disabled by the insurance company concerned.You will remain a member of the Fund and as a result will continue to make contributions to the Fund. You will also enjoy death and funeral cover during this period.To qualify you have to:
Note : All contributions have to be received by the MBA (FS) before 7th of each month for these benefits to be applicable. Late payments will result in a three month waiting period. The outstanding provident fund payments will also attract interest.
What your benefits will be:
Every year you will receive a personal benefit statement reflecting your illustrative retirement benefit, death benefit, funeral benefit and withdrawal amount. This statement will be provided through your employer or is obtainable from the MBA (FS)
The following persons are covered under this scheme:
For more information please consult your employer or the MBA FS at the following address.
101 A Zastron Street
Telephone: 051 447 6971