In a defined contribution fund your fund credit is your specific ‘slice’ of your retirement fund’s ‘pie’. Your fund credit is made up of:
The benefits you get from the fund will depend on how much money is in your fund credit on the day you leave the fund.
Your fund salary is the annual salary or wage amount that you and your employer use in calculating your respective contributions to the fund.
The contributions you and your employer make are always calculated as a pre-agreed percentage of your fund salary.
Your risk benefits are also based on your fund salary.
The Pension Funds Act allows retirement funds to give members financial assistance for housing. As a member of your fund, you may have access to a loan facility to help you buy a home or improve or renovate your existing home.
It is fraudulent to apply for a home loan and use the money for something else. The trustees of your fund have a duty to make sure that loans are being used for housing purposes.