The Risk Benefits offered by the funds administered by the KZN MBA has been enhanced at no additional cost to the member. The Trustees have decided to utilise reserves and create a Contribution Stabilisation reserve account to fund this. The new enhanced Risk benefits, effective 1 July 2017, are as follows:
Death Benefit: 5 x Annual Pensionable Salary
Disability Benefit: 75% of Monthly Pensionable salary payable for 21 months after a 3 month waiting period.
Thereafter the member will be re-assessed and if still deemed to be disabled, he/she will receive 2.5 x Annual Pensionable salary as a lump sum benefit and their membership to the Fund will cease.
The following benefits are payable – note that a child’s benefit depends on the child’s age at date of death:
Main Member, spouse, or children aged 14 to 21 years
Children aged 6 to 13 years
Children aged 1 to 5 years
Children aged 0 to 11 months
R 7, 500
Children if stillborn
To find out more about how we could tailor a solution for you to provide benefits to staff, contact: