Briefs: Beware the surplus grabbers

If you belonged to the Metal Industries Pension Fund from 1980 then you could be in line to receive some money. Over the past few years, newspapers have been full of news of the massive surplus that is in many pension funds and that is owing to millions of ex-members.

Already pamphlets are hitting the townships across the country, promising to find out if ex-members of pension funds are owed any money. Some are demanding R150 to provide the service, others R10 and others 1% of what the pension fund member eventually receives.

"But don't waste your money by taking up these offers," warns Lucas Mthiyane, Numsa's engineering sector co-ordinator.

"Details of how the surplus in the Metal Industries Pension Fund will be allocated are still being worked out. As soon as this is finalised we will publish details in Numsa News, and using the major media." However, the surplus will only be paid out in cash to those that have left the fund.

Those that are still members of the fund will NOT receive a cash payout. Instead the surplus will be added to their fund credit. Watch the press, Numsa News for details and when the process is finalised, go to your nearest Numsa office for free assistance or telephone the Fund directly on 011-870 2000.


Numsa News