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Types of Funds and Benefits

Different workplace funds have different kinds of benefits, for example:

  • Withdrawal benefits – paid to employees who resign or are dismissed (employee gets own contributions only)
  • Retrenchment benefits – paid to employees who are retrenched
  • Retirement benefits – paid to employees when they retire at 60 (women) 65 (men) (amount paid out depends on how long employee was contributing)
  • Insured benefits – including benefits paid to an employee who is disabled and benefits paid to the dependants of an employee who dies.

Not all funds provide all these benefits. To understand how any fund works, the member must read the rules of the fund.

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