MCPF

MCPF Mission

To provide members with the best possible benefits with maximum returns on investments through excellent management of the financial contributions of municipalities and members.

Benefits

Being a Defined Contribution (DC) Pension Fund and not a Provident Fund, as defined in
legislation, the payment of benefits to members are as follows:

1. Members over the age of 60, maximum of a third can be converted into cash balance to be utilizes for the purchase of a pension from an external source (annuity)
2. Members between ages 55 and 60 years can be dealt with as in 1 above. OR. Be deemed as a resignation from the Fund and after tax deduction, benefits can be paid out to the member.
3. For members younger than the permittable retirement age (55 years), benefits can, after deduction of tax, be paid out.
4. Payment of benefits on resignation or death are subject to the obtaining of a Tax Directive from the South African Revenue Services (SARS).