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1.1 PREAMBLE In
the RULES, unless inconsistent with the context, words and expressions defined
in the ACT and not in the RULES shall bear the meanings thus assigned to
them in the ACT and words and expressions denoting the singular shall include
the plural and vice versa. Headings and subheadings are solely for ease
of reference and are not to be taken into account in the interpretation
of the RULES. |
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| 1.2 NAME AND COMMENCEMENT DATE On
the recommendation of the Public Service Commission, the Government Institutions
Pension Fund was established with effect from 1 October 1989. As from the
COMMENCEMENT DATE, certain of the assets and liabilities of the OLD FUND
shall devolve upon the FUND. With effect from 1 October 1999 the RULES of
the FUND were revised. These rules are the RULES of the FUND which are effective
from the REVISION DATE. |
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| 1.3 OBJECT The
object of the FUND is to provide retirement and ancillary benefits for the
BENEFICIARIES as described in the RULES. |
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| 1.4 LEGAL STATUS The
FUND is a separate legal entity, distinct from its BENEFICIARIES and is
capable in law, in its own name, of suing and of being sued, and of acquiring
holding and alienating property, movable and immovable. |
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| 1.5 REGISTERED OFFICE The
registered office of the FUND shall be situated at 1st Floor, GIPF BUILDING,
corner of Uhland and Goethe Street, Windhoek or at such other address as
may be determined by the TRUSTEES from time to time. |
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| 1.6 DEFINITIONS Unless
inconsistent with the context, the following words and expressions shall
bear the meanings assigned to them below: ACT: the Pension Funds Act, 1956 (Act No. 24 of 1956), as amended, and the regulations framed thereunder; |
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| ACTUARY: an actuary approved by the REGISTRAR, who is a fellow of an institute, faculty or society of actuaries approved by the REGISTRAR and is appointed as valuator of the FUND in terms of Rule 10.7; | ||
| ADMINISTRATOR: the person or body appointed by the TRUSTEES in terms of Rule 10.4(4) to administer the FUND and, if applicable, registered as an administrator in terms of the ACT; | ||
| APPROVED PENSION FUND: a fund registered in terms of the ACT and/or approved as a pension fund in terms of the INCOME TAX ACT; | ||
| APPROVED RETIREMENT ANNUITY FUND: a fund registered in terms of the ACT and/or approved as a retirement annuity fund in terms of the INCOME TAX ACT; | ||
| AUDITOR: an auditor registered in terms of the Public Accountants and Auditors Act, 1951 (Act No. 51 of 1951), appointed by the TRUSTEES in terms of Rule 10.5(l); | ||
| BENEFICIARY: any person who is entitled to benefits in terms of these RULES; | ||
| COMMENCEMENT DATE: 1 October 1989; | ||
| COMMISSION: the Public Service Commission established under section 2(1) of the Public Service Commission Act, 1990 (Act No. 2 of 1990); | ||
| DEFERRED PENSIONER: a person who has preserved his/her benefit in terms of Rule 7.2(2)(a) in the FUND, until payment of his/her benefit commences; | ||
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| DEPENDENT of
a MEMBER,
PENSIONER
or DEFERRED PENSIONER
: a person in respect of whom the MEMBER, PENSIONER or DEFERRED PENSIONER: - is legally liable for maintenance; - is not legally liable for maintenance if such person is - - considered by the TRUSTEES as having been in fact dependent on the MEMBER, PENSIONER or DEFERRED PENSIONER for maintenance at the time of the death of the same; - the spouse of the MEMBER, PENSIONER or DEFERRED PENSIONER, including a party to a RECOGNIZED MARITAL UNION with the MEMBER, PENSIONER or DEFERRED PENSIONER; - a QUALIFYING CHILD of a MEMBER; PENSIONER; or DEFERRED PENSIONER. - would have become legally liable for maintenance, had the MEMBER, PENSIONER or DEFERRED PENSIONER not died; |
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| ELIGIBLE EMPLOYEE:
an employee in the SERVICE of an EMPLOYER, excluding an employee who - is remunerated solely by means of fees or allowances; - does not qualify for an identity document referred to in section 3 of the Identification of Persons Act, 1979 (Act No. 2 of 1979); - is employed under a contract which expressly provides for the payment of a sum upon the expire thereof; - belongs to a class or category of persons which the TRUSTEES, in consultation with the COMMISSION, from time to time exempt from membership; and - is employed as a seasonal worker, casual worker, relief unit or holiday worker, or is re-appointed after retiring from service on PENSION, or is employed for a certain period or assignment, or is dismissed or resigns before being formally admitted to the FUND.; |
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| EMPLOYER: in relation
to any MEMBER, the employer in whose SERVICE he/she is, which shall be the Government
of the Republic of Namibia and an institution or body established by or under
law and which - - was declared to be a statutory institution for the purposes of the OLD FUND; or - has applied to the TRUSTEES for membership and been admitted by the TRUSTEES as an EMPLOYER, and which therefore participates in the FUND, provided that any EMPLOYER which withdraws from the FUND in terms of Rule 11.9 shall simultaneously cease to be an EMPLOYER for the purposes of the RULES; |
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| FINAL SALARY: the annualized average of the MEMBER'S PENSIONABLE EMOLUMENTS during the 12 successive months immediately preceding his/her retirement, or if less than 12, during the number of months completed in his/her term of PENSIONABLE SERVICE; | ||
| FUND: the Government Institutions Pension Fund | ||
| FUND ANNIVERSARY: the 1st April in each year following the COMMENCEMENT DATE; | ||
| FUND YEAR: a period of 12 calendar months or such other period as the REGISTRAR may approve at the request of the TRUSTEES, commencing on the FUND ANNIVERSARY and terminating on the day prior to the subsequent FUND ANNIVERSARY; | ||
| INCOME TAX ACT: the Income Tax Act, 1981 (Act No. 24 of 1981) as amended; | ||
| INSURER: an insurer registered under the Long Term Insurance Act, 1998 (Act No. 5 of 1998) to transact long term insurance business; | ||
| MEMBER: an ELIGIBLE EMPLOYEE who has been admitted to membership in terms of Rule 2 as long as he/she remains a MEMBER in terms of these RULES; | ||
| NOMINEE: a person who has been nominated in writing by a MEMBER as entitled to receive all or part of the death benefits provided by the FUND in terms of Rule 4; | ||
| NORMAL RETIREMENT AGE: the age of 60 years or, in the case of a member of a specific class, or category, the age determined in terms of the Public Service Act, 1995 (Act No. 13 of 1995) in respect of such MEMBER, or approved by the Prime Minister on recommendation of the COMMISSION; | ||
| NORMAL RETIREMENT DATE: the last day of the month in which a MEMBER retires in terms of Rule 3.1(1). If a MEMBER retires on his/her NORMAL RETIREMENT DATE, he/she will be deemed to be on retirement with effect from the first day of the succeeding month; | ||
| OLD FUND: the Statutory Institutions Pension Fund introduced under the Statutory Institutions Pensions Act, 1980 (Act No. 3 of 1980); | ||
| ORGANIZED LABOR: registered trade unions recognized by the Government of the Republic of Namibia in terms of section 58 of the Labor Act, 1992 (Act No. 6 of 1992), as representing the majority of the employees in the employ of the Government and as such being representative of members of the Public Service and the FUND; | ||
| PARTICIPATION DATE: the COMMENCEMENT DATE; provided that if a EMPLOYER is admitted to the FUND after such date, PARTICIPATION DATE means the date on which such EMPLOYER is admitted to the FUND; | ||
| PENSION: the annual benefit amount payable for the lifetime of the BENEFICIARY or, in the case of a PENSION payable in respect of a child of the MEMBER, the annual benefit amount payable for as long as such child remains a QUALIFYING CHILD; | ||
| PENSIONABLE EMOLUMENTS: the MEMBER'S basic annual salary or wages and any other regular amounts which are regarded as pensionable by the TRUSTEES at the request of the EMPLOYER; | ||
| PENSIONABLE SERVICE: in
regard to - - a MEMBER who has exercised the option referred to in section 3 of the Pension Matters of Government Institutions Proclamation, 1989 (Proclamation AG 56 of 1989), all uninterrupted SERVICE as a MEMBER of the FUND, subject to Rules 2.4(2)(a) and (c); and - any other MEMBER, all uninterrupted SERVICE as a MEMBER of the FUND, plus the period of pensionable service under the OLD FUND which has been transferred to the FUND, and a period during which the MEMBER has worked for an EMPLOYER or elsewhere and which is recognized for PENSION purposes by the TRUSTEES, and in respect of which contributions to the FUND, as determined by the TRUSTEES, were or are made, subject to Rules 2.4(2)(a) and (c). PENSIONABLE SERVICE shall be calculated in years and completed months; |
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| PENSIONER: a MEMBER who has retired and who is in receipt of a PENSION in terms of these RULES; including a BENEFICIARY who is in receipt of a PENSION in terms of Rule 4; | ||
| PORTFOLIO MANAGER: a portfolio manager approved in terms of section 4 of the Stock Exchanges Act, 1985 (Act No. 1 of 1985) appointed in terms of Rule 10.9(1); | ||
| PRIME MINISTER: the Prime Minister appointed in terms of Article 32 (3) (i) (aa) of the Constitution of the Republic of Namibia; | ||
| QUALIFYING CHILD
of a MEMBER: - a biological child of the
MEMBER or a legally adopted child, under the age of 18 years and unmarried; or
- a stepchild, under the age of 18 years and unmarried, who, in the opinion of the TRUSTEES, was substantially dependent on the MEMBER at the time of his/her death; and shall include at the discretion of the TRUSTEES, a child as defined in (a) or (b) above who is over the age of 18 years but under the age of 25 years, who is substantially dependent on the MEMBER; and - a child born after the death of the MEMBER who, but for such death would have been a QUALIFYING CHILD in terms of (a) or (b) above, but shall exclude a child as defined in (a) or (b) above who was adopted or became a stepchild after the MEMBER'S NORMAL RETIREMENT AGE, or the date of the MEMBER'S actual retirement, if earlier. It
is a proviso that in the case of doubt the TRUSTEES shall, within their discretion,
determine whether a child is a QUALIFYING CHILD; It
is a further proviso that the TRUSTEES may, in exceptional circumstances, ignore
the maximum age of 25 years stated above, provided the EMPLOYER contributes such
additional amounts to the FUND as the ACTUARY deems necessary to provide the relevant
benefit; |
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| QUALIFYING SPOUSE of a MEMBER or PENSIONER: the surviving partner of the MEMBER or PENSIONER in a RECOGNIZED MARITAL UNION existing at the time of the death of the MEMBER or PENSIONER; | ||
| RECOGNIZED MARITAL UNION: a legal marriage or a union according to customary law or a union recognized as a marriage under any religion, or a cohabitation or dependence (by virtue of finance or other maintenance) of a MEMBER or PENSIONER and another person, which is deemed a RECOGNIZED MARITAL UNION by the TRUSTEES; provided that a RECOGNIZED MARITAL UNION may, at the discretion of the TRUSTEES, include a legal marriage which has been dissolved but where the other person is still financially dependent upon the MEMBER or PENSIONER; | ||
| REGISTRAR: the Registrar of Pension Funds appointed in terms of the ACT; | ||
| REVISION DATE: 01 October 1999. | ||
| RULES: these Rules as amended from time to time; | ||
| SERVICE: service as an ELIGIBLE EMPLOYEE of one or more of the EMPLOYERS; | ||
| TRUSTEES: the persons appointed as such in terms of Rule 10.1(1) to manage and control the FUND. | ||
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| 2.1 ELIGIBILITY AND ADMISSION | ||
| 2.2 TERMINATION | ||
| 2.3 NONDISCLOSURE | ||
| 2.4 TEMPORARY ABSENCE | ||
| 2.5 CHANGE IN EMPLOYMENT STATUS | ||
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| 2.1 ELIGIBILITY AND ADMISSION Each
ELIGIBLE EMPLOYEE shall become a MEMBER of the FUND as from the first day of the
month coincident with or next following his/her becoming an ELIGIBLE EMPLOYEE.
Such MEMBER , on joining the FUND, will have to comply with the RULES of the FUND. An
ELIGIBLE EMPLOYEE who becomes a MEMBER in terms of (1) above shall produce such
evidence as to the state of his/her health as the TRUSTEES, at the expense of
the FUND, may require. Such evidence of health shall be submitted to the FUND
as soon after the date on which membership commences as is reasonably possible,
but no later than 90 days after the date on which membership commences. If the
TRUSTEES, after consultation with the EMPLOYER, find that such MEMBER is not in
good health, he/she shall be subject to such restrictions in benefits as the TRUSTEES,
acting on the advice of the ACTUARY, shall determine. It is a proviso that the
restricted benefit may not be less than a refund of the MEMBER'S own contributions,
together with interest thereon at the rate provided for in Rule 7.1(1). The MEMBER
shall be notified in writing of any restriction or condition imposed in terms
of this Rule. Membership
of the FUND is a condition of SERVICE for every person who becomes an ELIGIBLE
EMPLOYEE on or after the PARTICIPATION DATE. Each
ELIGIBLE EMPLOYEE who is admitted to membership shall be given notification thereof
in the manner prescribed by the TRUSTEES in consultation with the ADMINISTRATOR. |
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| 2.2 TERMINATION No
MEMBER may terminate his/her membership of the FUND while he/she remains in SERVICE;
and his/her membership shall cease upon termination of his/her SERVICE, unless
otherwise provided for in these RULES. |
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| 2.3 NONDISCLOSURE If
a MEMBER fails to undergo a medical examination when requested to do so by the
TRUSTEES or, if such MEMBER makes a false declaration or knowingly fails to disclose,
when being medically examined, that he/she has suffered or suffers from an illness
or condition and such illness or condition would have caused the TRUSTEES to impose
any condition or restriction on the benefit as provided in Rule 2.1.(2) had the
TRUSTEES been aware of such MEMBER'S true state of health, the benefit payable
to or in respect of such MEMBER shall be determined by the TRUSTEES as if such
condition or, restriction had been imposed as provided in Rule 2.1 (2). The
provisions of Rule 2.3(i) shall apply mutatis mutandis if a MEMBER makes a false
declaration regarding his/her age or makes any other false material declaration
or fails to disclose any other material fact. |
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| 2.4 TEMPORARY ABSENCE WITH FULL REMUNERATION Membership of the
FUND and the benefits and contributions payable shall not be affected by a MEMBER'S
absence from SERVICE while he/she is in receipt of his/her full normal remuneration
from the EMPLOYER. |
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| APPROVED TEMPORARY ABSENCE When
a MEMBER, other than a MEMBER described in Rule 2.4(2)(c), is permitted to be
absent with either decreased or no PENSIONABLE EMOLUMENTS he/she shall, before
the commencement of such absence, exercise an option in writing as to whether
he/she wishes to continue contributing during his/her absence. The EMPLOYER concerned
shall continue to pay contributions in respect of such MEMBER during such absence.
The contributions payable by the EMPLOYER shall be calculated according to the
MEMBER'S PENSIONABLE EMOLUMENTS (if any) during such absence. The contributions
payable by the MEMBER in terms of Rule 8.1(1) shall be calculated according to
the MEMBER'S PENSIONABLE EMOLUMENTS at the commencement date of the said absence.
In addition to such contributions, the MEMBER shall also contribute to the FUND
the difference between the contributions that would have been payable by the EMPLOYER,
had the EMPLOYER'S contributions been calculated according to the MEMBER'S PENSIONABLE
EMOLUMENTS at the commencement of such absence, and the contributions payable
by the EMPLOYER in terms of this Rule 2.4(2)(a). Any period of absence during
which no contributions are paid by and in respect of a MEMBER shall not rank as
PENSIONABLE SERVICE. A
MEMBER described in Rule 2.4.2(a) will continue to be covered for the death, funeral
and disability benefits in terms of Rules 4, 5 and 6 for a maximum period of 36
months. Any benefit which may become payable during such period of absence will
be based on the MEMBER'S PENSIONABLE EMOLUMENTS immediately prior to the commencement
of such absence, or such lesser amount as the EMPLOYER may decide. When
a MEMBER is permitted to be absent on maternity leave as envisaged in section
41 (1) of the Labor Act, 1992 (Act No. 6 of 1992) with either decreased or no
PENSIONABLE EMOLUMENTS, membership of the FUND and the benefits and contributions
payable shall not be affected by her absence from SERVICE. Such period of absence
shall rank as PENSIONABLE SERVICE. A
MEMBER referred to in Rule 2.4.2(c) will continue to be covered for the death,
funeral and disability benefits in terms of Rules 4, 5 and 6. Any benefit which
may become payable during such period of absence shall be based on the higher
of the MEMBER'S PENSIONABLE EMOLUMENTS immediately prior to the commencement of
such absence or the MEMBER'S PENSIONABLE EMOLUMENTS as at the date of the incident
giving rise to a claim to any such benefit. |
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| REINSTATEMENT OF MEMBERSHIP UPON RETURN TO SERVICE
If
a MEMBER leaves SERVICE and returns to SERVICE and becomes an ELIGIBLE EMPLOYEE
within twelve months thereafter and before any benefit has been paid to him/her
by the FUND, or if a benefit has been paid to him/her and it is refunded to the
FUND together interest at a rate determined by the TRUSTEES, in consultation with
the ACTUARY, he/she shall become a MEMBER again as from the first day of the month
coincident with or next following his/her becoming an ELIGIBLE EMPLOYEE, and his/her
benefits shall be reinstated. |
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| 2.5 CHANGE IN EMPLOYMENT STATUS If
a MEMBER'S employment status is changed from full-time to part-time employment
or vice versa or if the working hours of a part-time employee are changed (other
than due to a general change in working hours for all part-time employees) the
PENSIONABLE SERVICE accrued prior to such change will be changed to a period as
calculated by the the ACTUARY taking into account, inter alias, the period of
accrued PENSIONABLE SERVICE completed immediately prior to the change in employment
status, to ensure that the MEMBER'S accrued pension rights are not affected by
the change. |
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| 3.1 NORMAL RETIREMENT | ||
| 3.2 EARLY AGE RETIREMENT | ||
| 3.3 EARLY ILL-HEALTH RETIREMENT | ||
| 3.4 EARLY RETIREMENT FOR REASONS OTHER THAN AGE OR STATE OF HEALTH | ||
| 3.5 LUMP SUM BENEFIT | ||
| 3.6 SPECIAL PROVISIONS APPLICABLE TO CERTAIN MEMBERS WHO WERE MEMBERS AS AT 1 APRIL 1996 | ||
| 3.7 PAYMENT OF PENSIONS | ||
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| 3.1 NORMAL RETIREMENT A
MEMBER may retire from SERVICE on reaching his/her NORMAL RETIREMENT AGE. Upon
retirement in terms of Rule 3.1.(I), the MEMBER shall receive a PENSION vesting
on the first day of the following month. Such PENSION shall be calculated as 2,4
percent of the MEMBER'S FINAL SALARY, multiplied by the MEMBER'S term of PENSIONABLE
SERVICE. The
PENSION of a MEMBER who retires in terms of Rule 3.1(1) shall commence on the
MEMBER'S NORMAL RETIREMENT DATE and the first payment of the PENSION shall be
due at the end of the month in which NORMAL RETIREMENT DATE falls. |
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| 3.2 EARLY AGE RETIREMENT With
the consent of the EMPLOYER, a MEMBER may retire from SERVICE upon or after having
attained the age of 55 years, but before his/her NORMAL RETIREMENT AGE, or if
a MEMBER is dismissed from SERVICE in circumstances other than those described
in Rule 3.4 upon or after having attained the age of 55 years and the EMPLOYER
regards such dismissal as early retirement, such MEMBER shall receive a PENSION
vesting on the first day of the following month. Such PENSION shall be calculated
in accordance with Rule 3.1(2), reduced by 0,25 percent for every complete month
by which the MEMBER'S PENSIONABLE SERVICE is terminated prior to his/her NORMAL
RETIREMENT AGE. |
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| 3.3 EARLY ILL-HEALTH RETIREMENT With
the approval of the TRUSTEES, a MEMBER who is in ill-health of a protracted nature
caused through no fault of his/her own and who, in terms of a decision by the
COMMISSION, does not qualify for the benefits set out in Rule 6, may retire early
at any time prior to his/her NORMAL RETIREMENT DATE; provided that the TRUSTEES
receive proof satisfactory to them of the MEMBER'S ill-health. For the purposes
of this Rule, the TRUSTEES shall satisfy themselves as to whether a MEMBER is
in ill-health and should they so decide, the MEMBER shall be deemed to have retired
and shall receive a PENSION vesting on the first day of the following month. Such
PENSION shall be calculated in accordance with Rule 3.1(2.). |
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| 3.4 EARLY RETIREMENT FOR REASONS OTHER THAN AGE
OR STATE OF HEALTH A
MEMBER may retire from SERVICE prior to his/her NORMAL RETIREMENT DATE in the
following instances: - with the approval of the TRUSTEES, owing to dismissal as a result of the reorganization of his/her EMPLOYER; or- with the approval of the TRUSTEES, owing to dismissal in terms of section 24(4) (h) of the Public Service Act, 1995 (Act No. 13 of 1995); or - owing to unsuitability for duty or inability to carry out duties in an efficient manner, provided such a MEMBER has completed at least ten years' PENSIONABLE SERVICE; or - with the approval of the TRUSTEES, owing to his/her dismissal for reasons other than his/her unsuitability or inability, in order to promote efficiency or economy of his/her EMPLOYER Such
MEMBER shall receive a PENSION vesting on the first day of the following month.
Such PENSION shall be calculated as 2,4 percent of the MEMBER'S FINAL SALARY multiplied
by the MEMBER'S term of PENSIONABLE SERVICE, subject to (2) below. |
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It is provided
that - - in the case of a MEMBER who retires in terms of Rule 3.4 (1) (a) or 3.4 (1)(d) above, such PENSION shall be increased by- (i) one-third of the period of the MEMBER'S PENSIONABLE SERVICE; or (ii) the period between the date on which the MEMBER so retires and the date on which the MEMBER would have attained the NORMAL RETIREMENT AGE; or (iii) a period of five years, whichever is the shortest; - any additional liability as determined by the ACTUARY, and incurred by the FUND as the result of the retirement of a MEMBER in terms of Rule 3.4 (1) (a) or 3.4 (1)(d) shall be paid to the FUND by the EMPLOYER of the MEMBER, unless the TRUSTEES, acting on the advice of the ACTUARY, determine otherwise; - in the case of a member of the COMMISSION who retires upon the expire of his/her term of office as stipulated in section 2(3) of the Public Service Commission Act, 1990 (Act No. 2 of 1990) or who retires in terms of sections 4(l)(a)(i), 4(l) (a)(iv) or 4(2)(a) of the said Act, his/her PENSIONABLE SERVICE shall be increased by - (i) a period equal to - (aa) one-third of the period of the MEMBER'S PENSIONABLE SERVICE; or - (bb) the period between the date on which the MEMBER so retires and the date on which the MEMBER would have attained the NORMAL RETIREMENT AGE; or - (cc) a period of five years,whichever is the shortest, and (ii) one-half of the period during which he/she occupied the office referred to in section 2(3) of the Public Service Commission Act, 1990 (Act No. 2 of 1990). |
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| Any
increase in a MEMBER'S PENSIONABLE SERVICE in terms of the foregoing provisions
may not result in such MEMBER'S PENSIONABLE SERVICE commencing prior to his/her
eighteenth birthday. If
on request in terms of section 4(2)(a)(ii) of the Public Service Commission Act,
1990 (Act No. 2 of 1990) the President of Namibia determines that a member of
the COMMISSION retire in terms of section 24(3)(a) of the Public Service Act,
1995 (Act No. 13 of 1995) his/her PENSIONABLE SERVICE shall not be increased by
the periods referred to in (i) and (ii). For
the purposes of Rule 3.4(l)(a) - - the term "PENSIONABLE SERVICE" where it occurs in (aa) above, shall exclude the period during which a MEMBER occupied the office referred to in section 2(3); - "one half of the period" refers to half of a completed term and also half of a completed extended term referred to in section 2(3); and - in the case of a PERMANENT SECRETARY as contemplated in section 37(2)(a) of the Public Service Act, 1995 (Act No. 13 of 1995), who retires at the expire of his/her term of office or in terms of section 24(4)(a), (b) or (c) of the Public Service Act, 1995 (Act No. 13 of 1995) or who is permitted to retire in terms of section 14(l)(c)(i) of the Public Service Act, 1980 (Act No. 2 of 1980),read in conjunction with section 37(2)(a) of the Public Service Act, 1995 (Act No.13 of 1995), his/her PENSIONABLE SERVICE shall be increased by the amounts referred to in Rules 3.4(2)(c)(i) and 3.4(2)(c)(ii) above. |
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| 3.5 LUMP SUM BENEFIT At
the request of a retiring MEMBER made at the time of retirement, the MEMBER may
choose to receive, as a lump sum benefit, up to one-third of his/her PENSION (or
up to the whole thereof if permitted by the INCOME TAX ACT), payable on the first
day of the month immediately following the MEMBER'S retirement from SERVICE. The
lump sum benefit shall be determined by the ACTUARY. |
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| 3.6. SPECIAL PROVISIONS APPLICABLE TO CERTAIN MEMBERS
WHO WERE MEMBERS AS AT 1 APRIL 1996 Notwithstanding
the provisions of Rules 3.1 to 3.5, a MEMBER who was a MEMBER on 1 April 1996
and who, not later than 31 December 1996, irrevocably elected to retain the retirement
benefits payable in terms of rule 5 of the rules of the FUND in force immediately
prior to I April 1996 shall enjoy retirement benefits calculated in accordance
with the provisions of Annexure "C" to the RULES. |
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| 3.7. PAYMENT OF PENSIONS PENSIONS
shall commence on the first day of the month following the MEMBER'S retirement
date and shall be payable monthly in airier. Each
monthly payment shall be equal to one - twelfth of the annual PENSION. A
PENSION is payable for as long as a PENSIONER may live. |
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| 4.1 DEATH BENEFITS | ||
| 4.2 PAYMENT OF PENSIONS OF QUALIFYING SPOUSES AND QUALIFYING CHILDREN | ||
| 4.3 SPECIAL PROVISIONS APPLICABLE TO CERTAIN MEIIABE.RS WHO WERE MEMBERS AS AT I APRIL 1996 | ||
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| 4.1 DEATH BENEFITS DEATH IN SERVICE PRIOR TO NORMAL RETIREMENT AGE Subject
to the provisions of section 37C of the ACT, quoted in Annexure "A"
to the RULES, and subject to the provisions of Rules 9.1, 9.2 and 9.3, the benefits
set out below shall be payable on the death of a MEMBER while in SERVICE prior
to NORMAL RETIREMENT AGE or while in receipt of a disability pension in terms
of Rule 6. - A lump sum equal to twice the MEMBER'S PENSIONABLE EMOLUMENTS; plus - A PENSION to his/her QUALIFYING SPOUSE equal to 40% of the MEMBERS' PENSIONABLE EMOLUMENTS immediately before his/her death, provided that the TRUSTEES manage to locate the QUALIFYING SPOUSE within twelve months of the MEMBER'S death; plus - A PENSION in respect of QUALIFYING CHILDREN of the MEMBER equal in total to a percentage of the MEMBER'S PENSIONABLE EMOLUMENTS immediately before his/her death, in accordance with the following table |
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| NUMBER OF PERCENTAGE Of QUALIFYING MEMBER'S PENSIONABLE
CHILDREN EMOLUMENTS 1 10% 2 20% 3 or more 30% Subject
to Rule 4.2(2), the PENSION payable in respect of QUALIFYING CHILDREN of a MEMBER
is doubled for any month for which no PENSION is payable to a QUALIFYING SPOUSE
of the MEMBER in terms of (ii) above. |
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| DEATH AFTER RETIREMENT On
the death of a PENSIONER his/her PENSION shall cease as provided for in Rule 9.1(3).
The following shall then be payable: |
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| - a PENSION to his/her QUALIFYING SPOUSE, commencing on the PENSIONER'S death or 60 months after the commencement of the PENSIONER'S PENSION, whichever occurs last, equal to 50% of the PENSION payable immediately prior to the commencement of the PENSION to the QUALIFYING SPOUSE. It is a proviso that where the PENSIONER entered into a RECOGNIZED MARITAL UNION with such QUALIFYING SPOUSE after the date of the PENSIONER'S retirement, the PENSION payable to the QUALIFYING SPOUSE shall be reduced by a percentage thereof, as determined by the TRUSTEES, acting on the advice of the ACTUARY, for each year by which the age of the PENSIONER exceeds the age of the QUALIFYING SPOUSE. | ||
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| 4.2 PAYMENT OF PENSIONS OF QUALIFYING SPOUSES AND
QUALIFYING CHILDREN On
the death of a MEMBER or PENSIONER, at the request of hid/her QUALIFYING SPOUSE,
the TRUSTEES may in their discretion commute for a cash payment to the QUALIFYING
SPOUSE up to one-third of the PENSION payable to the QUALIFYING SPOUSE (or up
to the whole thereof if permitted by the INCOME TAX ACT), provided that such commutation
takes place within six months of the MEMBER'S or PENSIONER'S death and before
the first installment of the spouse's PENSION is paid. The amount of the PENSION
payable to the QUALIFYING SPOUSE shall thereafter be reduced by such proportion
of the total PENSION as is commuted for a cash payment. The
amount of the cash payment shall be decided by the TRUSTEES after consultation
with the ACTUARY. In
event of such commutation |
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| - any PENSION payable in respect of QUALIFYING
CHILDREN of the MEMBER during the lifetime of the QUALIFYING SPOUSE will not be
affected; - the PENSION payable in respect of QUALIFYING CHILDREN of the MEMBER after the death of the QUALIFYING SPOUSE will not be doubled but will be adjusted as decided by the TRUSTEES after consultation with the ACTUARY. |
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If the deceased
MEMBER or PENSIONER, other than a female PENSIONER who retired prior to I April
1992, leaves more than one QUALIFYING SPOUSE, the TRUSTEES shall decide to which
of them and in what proportion the benefits shall be paid, provided that the total
QUALIFYING SPOUSES' PENSION shall be equal to the PENSION that would have been
payable had there been only one QUALIFYING SPOUSE. Pensions
in respect of QUALIFYING CHILDREN of the MEMBER shall be paid to or for the benefit
of such QUALIFYING CHILDREN in such proportions as the TRUSTEES may decide. |
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| 4.3 SPECIAL PROVISIONS APPLICABLE TO CERTAIN MEIIABE.RS
WHO WERE MEMBERS AS AT I APRIL 1996 Notwithstanding
the provisions of Rules 4.1 and 4.2, the benefits payable on the death of a MEMBER
who was a MEMBER of the FUND on I April 1996 and who, not later than 31 December
1996, irrevocably elected to retain the death benefits payable in terms of rule
6 of the rules of the FUND in force immediately prior to 1 April 1996 shall be
calculated in accordance with the provisions of Annexure "C" to the
RULES. |
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| On
the death of a MEMBER while in SERVICE prior to his/her NORMAL RETIREMENT AGE
or while in receipt of a disability pension in terms of Rule 6, or on the death
of a MEMBER'S QUALIFYING SPOUSE or a MEMBER'S QUALIFYING CHILD prior to such MEMBER'S
NORMAL RETIREMENT AGE,a funeral benefit, as stated below, shall be payable.
DECEASED AMOUNT MEMBER N$5 000,00 QUALIFYING SPOUSE N$5 000,00 QUALIFYING CHILD aged 1 year or older N$1 000,00 QUALIFYING CHILD younger than 1 year (including a stillborn child) N$ 500,00 The
benefits in terms of this Rule are subject to the provisions of Rule 9.3 |
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| 6.1 DISABILITY BENEFITS | ||
| 6.2 CONDITIONS GOVERNING DISABILITY BENEFITS | ||
| 6.3 SPECIAL PROVISIONS APPLICABLE TO CERTAIN MEMBERS WHO WERE MEMBERS AS AT I APRIL 1996 | ||
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| 6.1. DISABILITY BENEFITS If
at any time prior to NORMAL RETIREMENT DATE the COMMISSION considers a MEMBER
to have become totally and permanently disabled as a result of disease or illness,
to the extent that such MEMBER can no longer pursue his/her own or a similar occupation
for which he/she would be qualified by his/her training and experience, the following
provisions will apply: A
disability income benefit equal to 75% of the MEMBER'S PENSIONABLE EMOLUMENTS
at date of disablement shall be payable. After
the first twenty-four months of disablement, the disability income benefit in
(a) above will be reduced to 50% of PENSIONABLE EMOLUMENTS as at the date of becoming
disabled, provided that the disability income benefit of a MEMBER who becomes
disabled as a result of one of the conditions below, will not be reduced in terms
of this provision. |
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| - A traumatic bodily injury which was accidental,
violent, external, visible and resulted in immediate hospitalization with specialist
treatment by a physician, - cancer; - stroke; - central nervous system disorders which are organic in origin and severely degenerative; - kidney failure requiring regular renal dialysis-, - hepatic failure;- blindness; - disablement from activities of daily living (assessment criteria available on request); - cognitive disablement which is irreversible and organic in origin to such an extent that the MEMBER requires continual personal assistance or direct supervision. - chronic obstructive pulmonary disease; - connective tissue disorders, such as rheumatoid arthritis; - coronary artery disease, heart valve disease or cardiomyopathy. |
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| The
first payment of the disability income benefit shall be made on the last day of
the month following the date on which the COMMISSION decides that the MEMBER is
disabled for purposes of the FUND. The last payment shall be made on the last
day of the month prior to the month in which the MEMBER dies or retires from SERVICE
in terms of Rule 3. |
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| 6.2. CONDITIONS GOVERNING DISABILITY BENEFITS The
disability income benefit in terms of Rule 6.1 shall be subject to the provisions
of Rule 9.3 and the following conditions On
the attainment of his/her NORMAL RETIREMENT AGE the disability income benefit
described above shall cease and the MEMBER will receive an annual PENSION, calculated
in accordance with the provisions in Rule 3.1.2, as if the MEMBER had been in
SERVICE to his/her NORMAL RETIREMENT AGE. The
TRUSTEES shall call for and obtain such medical evidence as they may require to
determine the nature, cause and extent of the MEMBER'S disablement. The TRUSTEES
shall be bound to consult with the EMPLOYER as to whether the MEMBER is disabled.
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The TRUSTEES
shall be entitled, from time to time, to call for and obtain such medical evidence
as they may require to determine the extent of continuous disablement of a MEMBER
who is in receipt of a disability income benefit in terms of this Rule. If, in
the opinion of the TRUSTEES, the MEMBER is no longer disabled as contemplated
above, the disability income benefit granted in terms of Rule 6.1 above shall
cease and the MEMBER shall thereafter receive a PENSION equal to the PENSION that
would have been payable to him/her had he/she not been disabled, as calculated
by the ACTUARY. If,
in the opinion of the TRUSTEES, the disablement of the MEMBER is the result of
a disease or illness which existed at the commencement of the MEMBER'S SERVICE
with the EMPLOYER, and in respect of which benefits are being paid to the MEMBER,
the TRUSTEES may exclude the disability income benefit provided for in this Rule. The
MEMBER will remain a MEMBER of the FUND, contributions by and in respect of him/her
will continue to be payable and he/she will remain entitled to all rights and
benefits in terms of the RULES. The
MEMBER'S PENSIONABLE EMOLUMENTS will, for purposes of the RULES, be his/her PENSIONABLE
EMOLUMENTS immediately prior to the date of disablement, subject to increases
from time to time as determined by the TRUSTEES in terms of Rule 9.7(2). If,
in the opinion of the TRUSTEES, such accident, disease or illness was caused by
the MEMBER'S own action or neglect, the TRUSTEES may reduce or exclude the benefit
provided for in Rule 6.1 above. |
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| 6.3 SPECIAL PROVISIONS APPLICABLE TO CERTAIN MEMBERS
WHO WERE MEMBERS AS AT I APRIL 1996 Notwithstanding
the provisions of Rules 6.1 and 6.2, a MEMBER who was a MEMBER on 1 April 1996
and who, not later than 31 December 1996, irrevocably elected to retain the disability
benefits payable in terms of rule 5 of the rules of the FUND in force immediately
prior to 1 April 1996 shall enjoy disability benefits calculated in accordance
With the provisions of Annexure "C" to the RULES. |
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| 7.1 CASH WITHDRAWAL BENEFIT | ||
| 7.2 PRESERVATION BENEFIT | ||
| 7.3 DEFERRED PENSION PROVISIONS | ||
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| 7.1 CASH WITHDRAWAL BENEFIT If
a MEMBER leaves SERVICE as a result of resignation or dismissal prior to his/her
NORMAL RETIREMENT AGE and is not entitled to benefits under any other Rule, an
amount equal to A + B shall be paid to him/her, where "A" and "B"
have been calculated according to the following formulae: FORMULA FOR "A" (applicable to service rendered prior to 1 April 1992) |
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| [1+(0,0275 x T)l x C x T x K + 1, where -
C = half the sum of the MEMBER'S PENSIONABLE EMOLUMENTS on the commencement of his/her PENSIONABLE SERVICE and his/her PENSIONABLE EMOLUMENTS on 31 March 1992; T = the period of the MEMBER'S PENSIONABLE SERVICE to 31 March 1992, excluding any backdated PENSIONABLE SERVICE in respect of which payment by the MEMBER has not yet been made by the FUND; K = the rate all which the MEMBER contributed to the FUND; I = interest on "A" before the inclusion of "l", calculated at a rate of 10% per annum from 1 April 1992 to the date of withdrawal from SERVICE; |
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| FORMULA FOR "B" (applicable to service
rendered on or after 1 April 1992) [0,07 x (1+0,05T)] x C x T, where; C = half the sum of the MEMBER'S PENSIONABLE EMOLUMENTS on 1 April 1992 and his/her PENSIONABLE EMOLUMENTS on the date of withdrawal from the FUND, in the case of a MEMBER who became a MEMBER prior to 1 April 1992; or C = half the sum of the MEMBER'S PENSIONABLE EMOLUMENTS on the commencement of his/her PENSIONABLE SERVICE and his/her PENSIONABLE EMOLUMENTS on the date of withdrawal from the FUND, in the case of a MEMBER who became a MEMBER on or after 1 April 1992; T = the period of the MEMBER'S PENSIONABLE SERVICE as from 1 April 1992, excluding any backdated PENSIONABLE SERVICE |
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| The
TRUSTEES may, in their absolute discretion, withhold payment of the cash withdrawal
benefit in terms of this Rule for a maximum period of three months from the date
on which the MEMBER left SERVICE. Any payment made after this initial three month
period shall attract interest of 12%, compounded annually. |
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| 7.2 PRESERVATION BENEFIT A
MEMBER may elect in writing to the TRUSTEES within thirty-one days of termination
of his/her SERVICE, to preserve his/her full entitlement in terms of Rule 7.1
above, in which case the MEMBER'S withdrawal benefit shall be equal to his/her
ACTUARIAL RESERVE. A
MEMBER who preserves his/her benefit in terms of (1) above may elect to preserve
such benefit : In
the FUND if the MEMBER has completed at least ten years' PENSIONABLE SERVICE and
the TRUSTEES agree thereto, in which case he/she will become a DEFERRED PENSIONER,
or By
transferring such amount to an APPROVED PENSION FUND or an APPROVED RETIREMENT
ANNUITY FUND of his/her choice. |
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| 7.3 DEFERRED PENSION PROVISIONS Should
the MEMBER elect to preserve his/her benefit or part thereof in the FUND in terms
of Rule 7.2(2)(a) he/she will become a DEFERRED PENSIONER with benefits to be
determined as follows: |
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Upon the DEFERRED
PENSIONER'S attainment of his/her NORMAL RETIREMENT AGE, he/she shall receive
a PENSION vesting on the following day, based on his/her accrued ACTUARIAL RESERVE,
as determined by the ACTUARY. The DEFERRED PENSIONER'S accrued ACTUARIAL RESERVE
will be applied to purchase a PENSION in respect of the DEFERRED PENSIONER. Payment
of the deferred PENSION may be accelerated in accordance with Rule 3.2 or 3.3. No
further contributions will be payable by or on behalf of the DEFERRED PENSIONER
on or after the date of his/her withdrawal from SERVICE. The
DEFERRED PENSIONER shall not be entitled to benefits other than those provided
for under this Rule 7.3. |
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| On
the death of a DEFERRED PENSIONER before the PENSION in terms of (2) above becomes
payable, the cash value of the MEMBER'S deferred PENSION as at the date of his/her
death, together with increases (if any) in terms of Rule 9.7, shall be payable
in accordance with section 37C of the ACT, quoted in Annexure "A" to
the RULES. |
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| 8.1 MEMBER CONTRIBUTIONS | ||
| 8.2 EMPLOYER CONTRIBUTIONS | ||
| 8.3 PAYMENT OF CONTRIBUTIONS | ||
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| 8.1 MEMBER CONTRIBUTIONS Each
MEMBER shall contribute an amount equal to 7% of one twelfth of his/her PENSIONABLE
EMOLUMENTS to the FUND. Contributions
are deducted monthly from the MEMBER'S remuneration. |
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An EMPLOYER may
enter into an agreement with the TRUSTEES, in terms of which payments shall be
made to the FUND to secure benefits, additional to those provided for elsewhere
in the RULES, for MEMBERS in its SERVICE. Conditions relating to the extent of
these benefits shall be determined by the TRUSTEES after consultation with the
ACTUARY. The MEMBER shall be notified of such additional benefits in writing. If
a MEMBER'S PENSIONABLE EMOLUMENTS are reduced, he/she may choose to continue contributing
the same amount as before the reduction. The choice shall be communicated to his/her
EMPLOYER in writing within thirty days of the MEMBER having been informed (of
the said reduction), and shall be subject to approval by the EMPLOYER. If the
MEMBER concerned continues contributing at the rate of his/her PENSIONABLE EMOLUMENTS
prior to the said reduction such emoluments shall, for the purposes of the FUND,
be deemed to be his/her PENSIONABLE EMOLUMENTS. |
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| 8.2 EMPLOYER CONTRIBUTIONS The
EMPLOYER shall contribute to the FUND each month an amount equal to the balance
of the cost of providing the benefit in terms of these RULES, after taking into
account the MEMBERS' contributions to the FUND in terms of Rule 8.1(1). Such amount
shall be determined by the TRUSTEES in consultation with the ACTUARY, after which
such increase shall be submitted to the COMMISSION and THE PRIME MINISTER for
their recommendation and approval respectively. The
TRUSTEES, in consultation with the ACTUARY, shall determine what further contributions
shall be paid to the FUND by the EMPLOYER to cover the cost of greater benefits
and pension increases granted in terms of Rule 9.7 and retirement benefits granted
in terms of Rule 3.4(1)(a) or (d). |
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| 8.3 PAYMENT OF CONTRIBUTIONS Contributions
are payable to the FUND monthly, in arrears. The
EMPLOYER shall deduct the. MEMBER'S contributions in terms of Rule 8.1 from the
MEMBER'S remuneration at the end of each payperiod. The first deduction shall
be that at the end of the payperiod during which the MEMBER became a MEMBER in
terms of the RULES. These contributions and the EMPLOYER contributions in terms
of Rule 8.2 shall be paid over to the FUND within seven days of the end of the
calendar month to which such contributions relate, subject to the provisions of
section 13A of the ACT. Interest, at a rate determined by the TRUSTEES, in consultation
with the ADMINISTRATOR, shall be payable on overdue amounts. |
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| 9.1 PAYMENT OF BENEFITS | ||
| 9.2 PAYMENT OTHER THAN SPECIFIED | ||
| 9.3 LIMITATION | ||
| 9.4 BENEFITS INALIENABLE | ||
| 9.5 LIEN OVER BENEFITS | ||
| 9.6 UNCLAIMED MONEYS | ||
| 9.7 GREATER BENEFITS AND ESCALATION OF BENEFITS | ||
| 9.8 TRANSFER FROM OR TO OTHER FUNDS | ||
| 9.9 CURRENCY | ||
| 9.10 MONEYS NOT TO REVERT TO EMPLOYER | ||
| 9.11 DISPUTES | ||
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| 9.1 PAYMENT OF BENEFITS Amounts
payable in respect of a BENEFICIARY during his/her lifetime shall be paid to such
BENEFICIARY, subject to Rules 9.1(7), 9.2(l) and 9.2(2). Pensions
are payable in equal payments monthly or, at the request of the retiring MEMBER,
quarterly, half-yearly or annually in arrears, the proportionate amount being
derived from the annual PENSION calculated in terms of these RULES. |
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If PENSIONS are
payable monthly, the first payment shall be due at the end of the calendar month
following the month in which - a MEMBER retires or dies, or - a PENSIONER dies, and |
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| the last payment shall be that due at the end of
the calendar month in which: - a PENSIONER dies, subject to the provisions of Rule 4.1 (1); - the QUALIFYING SPOUSE dies in the case of a QUALIFYING SPOUSE'S PENSION; - - a QUALIFYING CHILD dies or ceases to be eligible for a pension, in the case of a QUALIFYING CHILD'S PENSION; (d) a designated DEPENDENT dies in the case of a designated DEPENDENT'S PENSION. These
provisions shall apply, mutatis mutandis, if PENSIONS are payable quarter, halfyearly
or annually at the request of the retiring MEMBER. |
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Whenever a PENSION
commences, is changed or terminates, payments due at the end of the month concerned
will be made based on the circumstances applying immediately prior to such commencement,
change or termination. Whenever
a benefit is payable to any BENEFICIARY, the BENEFICIARY shall be deemed to have
requested payment thereof by means of electronic transfer to such BENEFICIARY'S
banking account, of which the BENEFICIARY shall inform the TRUSTEES in writing.
However, the TRUSTEES may, at the request of the BENEFICIARY, agree to payment
of the benefit in some other manner. |
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Subject to the
provisions of Rules 9.1(7) and 9.2 (2), a benefit that becomes payable upon a
MEMBER'S death shall be dealt with by the TRUSTEES in accordance with the provisions
of Annexure "A" to the RULES.
Notwithstanding
the provisions of Rules 9.1(1) and 9.1(6), a benefit payable to a BENEFICIARY
who is a minor shall be paid to such minor's de jure guardian.
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| 9.2 PAYMENT OTHER THAN SPECIFIED Should
the TRUSTEES decide that there are sound and adequate reasons why a benefit should
not be paid to a MEMBER, they may, notwithstanding the provisions of Rule 9.1
(1), pay the benefit as follows: |
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| - Wholly or partially to the MEMBER'S DEPENDENTS
or to a trustee or guardian for the benefit of such DEPENDENTS, if the MEMBER
attempts to contravene the provisions of Rule 9.4(l); or - to the MEMBER'S curator for the benefit of the MEMBER, subject to the provisions of section 37B of the ACT. |
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| Should
the TRUSTEES decide that there are sound and adequate reasons why a benefit, which
has arisen upon the death of a MEMBER, DEFERRED PENSIONER or PENSIONER should
not be paid to a BENEFICIARY, they may, notwithstanding the provisions of Rules
9.1(1), 9.1(7) and 9.1 (8), pay the benefit as follows: |
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| - Wholly or partially to the BENEFICIARY'S dependents
or to a trustee or guardian for the benefit of such dependents, if the BENEFICIARY
attempts to contravene the provisions of Rule 9.4(1); or -to the BENEFICIARY'S curator for the benefit of the BENEFICIARY, subject to the provisions of section 37B of the ACT; or - to a trustee contemplated in the Trust Moneys Protection Act, 1934 (Act No. 34 of 1934) for the benefit of the BENEFICIARY. |
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|
A decision of the TRUSTEES in terms of this
Rule (other than a decision to make payment to a trust and such payment has already
been effected) may be varied by them from time to time in their sole discretion.
A
payment made in terms hereof shall not be made in a manner which conflicts with
the provisions of the ACT or the requirements laid down by the Ministry of Finance
in terms of the INCOME TAX ACT |
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| 9.3 LIMITATION
This
Rule shall apply notwithstanding anything to the contrary contained in Rules 4,
5 and 6. |
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| The
TRUSTEES may, after consultation with the ACTUARY, reinsure the benefits described
in Rules 4.1(1), 5 and 6.1 with an INSURER. The said benefits shall be subject
to the conditions imposed by the INSURER concerned and each MEMBER shall be entitled
to the said benefits only to the extent that he/she is accepted by the said INSURER
for such benefits provided that the TRUSTEES may, in their absolute discretion,
and after consultation with the ACTUARY, make provision for payment of part of
any benefit which has been reduced or for payment of the whole benefit, where
the said INSURER has refused to admit a claim in respect of any benefit. |
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| Any
MEMBER in respect of whom the benefits in terms of Rules 4.1(1),5 and 6.1 are
restricted in terms hereof shall be informed of the extent of such restriction
by the TRUSTEES within a reasonable time period of the TRUSTEES becoming aware
of the restriction. It is a proviso that the restricted benefit may not be less
than a refund of the MEMBER'S own contributions, together with interest thereon
at the rate provided for in Rule 7.1 (1). |
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| 9.4 BENEFITS INALIENABLE Save
to the extent permitted bv the ACT, the INCOME TAX ACT and the Maintenance Act,
1963 (Act No. 80 of 1963), no benefit or right thereto provided for in the RULES,
or right in respect of contributions made by or on behalf of a MEMBER, DEFERRED
PENSIONER or PENSIONER shall be capable of being reduced, transferred, ceded,
pledged or hypothecated or be liable to attachment or subject to any form of execution
under a judgment or order of court, or to the extent or not more than N$3 000
per annum, be capable of being taken into account in the determination of a judgment
debtor's financial position in terms of the Magistrates' Courts Act, 1944 (Act
No. 32 of 1944) If
a BENEFICIARY attempts to transfer, cede, pledge or hypothecate a benefit or right,
the benefit shall, as the TRUSTEES may direct, be withheld or suspended; provided
that the TRUSTEES may direct that the benefit or part thereof be paid in accordance
with Rule 9.2 (1) or 9.2 (2), as the case may be, for such period as they may
determine. If
the estate of a BENEFICIARY is sequestrated or surrendered, the benefit shall,
subject to the provisions of the ACT, not be deemed to form part of the assets
of the insolvent estate of such BENEFICIARY, and may not in any way be attached
or appropriated by the curator of such BENEFICIARY'S insolvent estate or by his/her
creditors, notwithstanding anything contrary in any law relating to insolvency.
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| 9.5 LIEN OVER BENEFITS
Any
benefit payable in respect of a BENEFICIARY in terms of the RULES on a MEMBER'S
retirement or termination of membership for whatever reason may be subject to
a deduction by the TRUSTEES in respect of the following: |
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| - any housing loan granted to the MEMBER by the
EMPLOYER for any purpose referred to in section 19(5)(a) of the ACT, quoted in
Annexure "B" to the RULES; - any amount for which the FUND or the EMPLOYER is liable under a guarantee furnished in respect of any loan granted by some other person or body to the MEMBER for any purpose referred to in section 19(5)(a) of the ACT, quoted in Annexure "B" to the RULES; |
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| - compensation (including any legal costs recoverable
from the MEMBER) in respect of any damage caused to the EMPLOYER as a result of
any theft, dishonesty, fraud or misconduct by the MEMBER and in respect of which
the MEMBER has in writing admitted liability to the EMPLOYER, or judgment has
been obtained against thin MEMBER in any court; - any amount for which the MEMBER is liable to his/her EMPLOYER in respect of the backdating of the MEMBER'S PENSIONABLE SERVICE in terms of section 5 of the Statutory Institutions Pensions Act, 1980 (Act No. 3 of 1980). It is a proviso that such deduction shall be made only at the request of the MEMBER'S EMPLOYER and only upon submission to the FUND of satisfactory proof of the MEMBER'S liability towards such EMPLOYER. |
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The TRUSTEES
shall pay any amount so deducted to the EMPLOYER or such other person or body;
provided that the total amount deducted in terms of (1)(a) and (b) above shall
not exceed the amount which may be taken as a lump sum by a BENEFICIARY in terms
of the INCOME TAX ACT.
In order to give
effect to the provisions of this Rule and of sections 37D(a) and (b) of the ACT,
the TRUSTEES may exercise the right to payment of a lump sum benefit as provided
for in Rule 3.5 on behalf of the MEMBER concerned; provided that in giving effect
to the provisions of section 37D(b)(ii) of the ACT, any amount due to the EMPLOYER
in terms of this Rule, shall, on the date of the MEMBER'S retirement or on which
he/she ceases to be a MEMBER of the FUND, be deducted from the benefit payable
to such BENEFICIARY. |
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| 9.6 UNCLAIMED MONEYS
If
a benefit (other than a benefit arising on the death of a MEMBER, PENSIONER or
DEFERRED PENSIONER) remains unclaimed for three years after the date it becomes
payable, it shall revert to the FUND, and such BENEFICIARY shall have no further
claim against the FUND. The
TRUSTEES shall have the discretion to pay out any such benefit after the expiration
of the three year period referred to in (1) above. |
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| 9.7 GREATER BENEFITS AND ESCALATION OF BENEFITS The
TRUSTEES shall, at the request of the EMPLOYER, increase any benefit payable to
or in respect of any MEMBER on such basis as shall be determined after consultation
with the ACTUARY, subject to the approval of the Ministry of Finance. |
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|
PENSIONS may
be increased from time to time at a rate decided by the TRUSTEES after consultation
with the ACTUARY. It
is a proviso that any additional liability incurred by the FUND as the result
of an increase granted in terms of Rule 9.7(1), as determined by the ACTUARY,
shall be paid to the FUND by the EMPLOYER of the MEMBER, unless the TRUSTEES,
acting on the advice of the ACTUARY determine otherwise. |
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| 9.8. TRANSFER FROM OR TO OTHER FUNDS The
TRUSTEES may, after consultation with the ACTUARY, approve special arrangements
for the preservation of transferred pension rights, which may make provision,
inter alias, for the following : In
respect of a person who was a member of another pension or provident fund and
who becomes a MEMBER of the FUND : |
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| - for the amendment of the conditions of the FUND in respect of such MEMBER,
having regard to the conditions that applied to such MEMBER under such other fund;
- for the recognition of certain periods of former service for the purposes of determining the MEMBER'S benefits in terms of these RULES; - for the payment by such MEMBER or such other fund of contributions in respect of such MEMBER'S benefits. |
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| 9.9 CURRENCY Contributions
and benefits are payable in the currency of the Republic of Namibia. |
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| 9.10 MONEYS NOT TO REVERT TO EMPLOYER The
EMPLOYER shall not derive any monetary advantage from moneys paid into or out
of the FUND and no moneys of the FUND shall become the property of the EMPLOYER
other than specifically provided for in the RULES. |
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| 9.11 DISPUTES If
any dispute concerning interpretation of the RULES arises - between the TRUSTEES
and an EMPLOYER, or between either of them and the successors in title to the
other of them, or between the TRUSTEES and a MEMBER or his/her BENEFICIARIES or
the legal representative of either of them which, may affect the liability of
the FUND, the dispute shall be referred for arbitration. The
arbitrator shall be appointed by mutual agreement between the parties and shall
be a person having the necessary experience and expertise in the field of pension
funds and related matters, and in particular, expertise in matters of a similar
nature to that in dispute. Should the parties be unable to agree on an arbitrator,
the REGISTRAR shall be requested to designate an arbitrator. |
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| 10.1 TRUSTEES | ||
| 10.2 MEETINGS OF THE TRUSTEES | ||
| 10.3 POWERS OF THE TRUSTEES | ||
| 10.4 PRINCIPAL OFFICER AND ADMINISTRATOR | ||
| 10.5 AUDITOR | ||
| 10.6 BOOKS OF ACCOUNT | ||
| 10.7 ACTUARY | ||
| 10.8 ACTUARIAL VALUATIONS | ||
| 10.9 PORTFOLIO MANAGER | ||
| 10.10 BANK ACCOUNT | ||
| 10.11 RECORDS AND SAFE CUSTODY OF SECURITIES | ||
| 10.12 SIGNING OF DOCUMENTS | ||
| 10.13 INDEMNIFICATION | ||
| 10.14 FIDELITY INSURANCE | ||
| 10.15 EXPENSES | ||
| 10.16 TRUSTEES'ALLOWANCES | ||
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| 10.1 TRUSTEES The
management, control and administration of the FUND vest in a Board of TRUSTEES
consisting of 9 persons, appointed as follows: |
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| - Three by Government; - three by ORGANIZED LABOR; and - three by the COMMISSION. Such appointees shall represent the EMPLOYEES and one such appointee shall be a PENSIONER. In making the two other such appointments, the COMMISSION shall take into consideration those EMPLOYEES who, because they are members of the Namibian Defense Force or the Namibian Police Force or because the provisions of section 58 of the Labor Act, 1992, (Act No. 6 of 1992) do not apply to them, are not represented in the appointments made by Government in terms of (a) above and ORGANIZED LABOR in terms of (b) above. |
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The TRUSTEES
who were in office as at 30 September 1995 remain in office until their term of
office has expired.
Government, ORGANIZED
LABOR and the COMMISSION shall have the right to remove any TRUSTEE appointed
by them respectively from office at any time and to appoint a new TRUSTEE, and
to each appoint an alternate to any of the TRUSTEES appointed by them.
The TRUSTEES
who do not retire from office in terms of Rule 10. 1 (2) shall hold office for
a period of three years, after which they may be re-appointed.
Casual
vacancies among the TRUSTEES shall be filled as prescribed in Rule 10.1(1). |
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Any TRUSTEE ceases
to be such if: - he/she ceases to be a TRUSTEE in terms of (2) or (3) above, or if he/she resigns as a TRUSTEE; or - he/she becomes mentally or physically incapable of acting as a TRUSTEE; or - he/she becomes contractually incapacitated; or - his/her estate is sequestrated or surrendered or assigned in favor of his/her creditors; or - he/she is convicted by a competent court of theft, fraud, forgery or any similar offense; or he/she is discharged by a competent court from any office of trust on account of misconduct; or - he/she is discharged by a competent court from any office of trust on account of misconduct; or - he/she is convicted by a competent court on any charge and sentenced to a prison term Without the option of a fine. |
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| 10.2 MEETINGS OF THE TRUSTEES
The TRUSTEES shall annually elect one of the TRUSTEES
to act as chairperson at all meetings of the TRUSTEES. In the event of the chairperson
being absent from a meeting, the TRUSTEES present shall elect one of their number
to act as chairperson of such meeting. The
TRUSTEES shall meet from time to time as is necessary to conduct the business
of the FUND; a quorum shall be five TRUSTEES. Such quorum is competent to discharge
any duty of the TRUSTEES, notwithstanding any vacancy among the TRUSTEES. Whenever
he/she deems it necessary, the chairperson of the TRUSTEES shall convene a TRUSTEE
meeting to discuss matters relating to the FUND. Any TRUSTEE may request the chairperson,
in writing, to convene a meeting of the TRUSTEES to discuss such matters as are
set out in the request.
Resolutions shall
be taken by a consensus vote including written proxy votes. The chair- person
of the meeting shall have a deliberative vote only. A resolution in writing signed
by all the TRUSTEES shall be as effective as if it had been passed at a meeting
of the TRUSTEES duly convened and held. Any resolution passed in terms of this
Rule shall be confirmed at the first meeting of the TRUSTEES held after the passing
of such resolution and shall be recorded in the form of written minutes. Any
TRUSTEE shall be obliged to divulge to the COMMISSION, in writing, all personal
interests, of any nature whatsoever, in transactions of the FUND. |
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| 10.3. POWERS OF THE TRUSTEES
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| - to receive, administer and apply the moneys of
the FUND;
- to contract on behalf of the FUND and to sign such contract or other document on behalf of the FUND, to institute any legal action or process for the FUND and to conduct, settle or abandon such action or process, to defend or settle any legal action or process instituted against the FUND; - to raise, borrow or lend moneys, at interest or otherwise, for the purposes of the FUND; provided that borrowing shall be limited to temporary loans for bridging unforeseen cash shortages or for taking advantage of attractive investment opportunities- provided further that the total amount of such temporary loan shall not exceed 50% of the gross income of the FUND from all sources in the immediately preceding FUND YEAR; - to acquire, hold, alienate or otherwise deal with any movable or immovable property of the FUND subject to the provisions of section 19 of the ACT; provided that any immovable property acquired in excess of the FUND'S own requirements at any stage may be let; - to invest, lend, put out at interest, place on deposit, make advances of, or otherwise deal with all moneys of the FUND upon such securities and in such manner as they may determine from time to time; and, in particular, to invest the whole or part of the moneys of the FUND, for such period and on such terms as they may determine, in an investment policy issued by an INSURER; provided that the TRUSTEES may delegate their powers to make investments of any nature to any one or more of their members, or to a financial institution as defined in the Financial Institutions (Investment of Funds) Act, 1984 (Act No. 39 of 1984), or to PORTFOLIO MANAGER, and may defray expenses incurred as a result of such delegation out of the moneys of the FUND; |
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| - to grant a loan to any MEMBER as envisaged in
section 19(5)(a) of the ACT; provided that any loan granted in terms of this Rule
shall be repaid immediately on termination of the MEMBER'S SERVICE, and may, in
accordance with the provisions of Rule 9.5 of the RULES and section 37D of the
ACT, be deducted from any benefit payable in respect of such MEMBER to which a
BENEFICIARY becomes entitled;
- to reinsure with an INSURER any benefits provided by the FUND to its MEMBERS and to act on behalf of the FUND and the MEMBERS in all negotiations with such INSURER; - to delegate the exercise of any of their powers and the performance of any of their functions to a subcommittee or any other person or persons, subject to conditions they may determine; - to make, amend and rescind regulations in respect of any matter concerning the FUND, provided that such regulations do not conflict with the RULES; - to prescribe and rescind regulations as to how a claim should be submitted to and dealt with by the FUND; and
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| 10.4 PRINCIPAL OFFICER AND ADMINISTRATOR
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If the principal
officer is absent from the Republic of Namibia for a period exceeding 30 days
or is otherwise unable to perform his/her duties, the TRUSTEES shall appoint an
acting or new principal officer, as the case may be, and shall advise the REGISTRAR
accordingly.
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| 10.5 AUDITOR
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| 10.6 BOOKS OF ACCOUNT
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| 10.7 ACTUARY
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| 10.8 ACTUARIAL VALUATIONS
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| 10.9 PORTFOLIO MANAGER
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| 10.10 BANK ACCOUNT
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| 10.11 RECORDS AND SAFE CUSTODY OF SECURITIES
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| 10.12 SIGNING OF DOCUMENTS
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| 10.13 INDEMNIFICATION
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| 10.14 FIDELITY INSURANCE
- insure the FUND at the FUND'S expense against
loss resulting from negligence, dishonesty or fraud of any of its officers (including
the TRUSTEES and any person to whom they have delegated their functions) having
the receipt or charge of moneys belonging to the FUND, - ensure that the ADMINISTRATOR, PORTFOLIO MANAGER, EMPLOYERS and any other party having the receipt or charge of moneys belongin |
