NUMSA commemorates the 100 year anniversary of the Russian Revolution

Engineering: Engineering Funds surplus update

31 October 2003, Posted in News

The process of how the Engineering Pension and Provident Funds surplus will be divided up amongst members and former members is still not finalised.

According to actuaries (specialized accountants) of the Funds, the surplus has reduced from R13 billion in 1999 to R5 billion now. Numsa is challenging this.

Trade unions and employers also cannot agree on whom to appoint as the members’ representative. The process cannot be finalised until this is agreed to.

Early next year, the Fund will set up a call centre where all members and former members can phone and get details for free. There will also be advertisements on the radio, in Numsa News and other newspapers. This is to discourage members from wasting money “on ‘fly-by-night’ bodies that promise to find out about their moneys and then demand payment,” says William Maponya, the Fund’s marketing manager.

“The Fund must provide that service for free.”

Remember that in terms of the law, members will not receive their share of the surplus as cash. It will go towards their Fund credit. Only those members that have left the Fund will receive their share as cash.