Members are not required to contribute to the Fund.

The University contributes 23.5% of your Retirement Funding Income (RFI) into the Fund each month in respect of retirement benefits, insured benefits and expenses.

You can structure your RFI to be any percentage of your gross remuneration package subject to a minimum of 55% and a maximum of 100% of your gross remuneration package. If you choose a lower RFI, it will result in lower savings towards retirement and a lower disability income benefit cover and lower death benefits.

You can transfer money you have from a previous fund into the UWRF. This amount will be added to your Share of fund. If your previous fund was a pension fund, the monies will be taxed before it is transferred into the UWRF, due to the Fund being a Provident Fund.

Your employer’s contributions are added to your salary as a taxable fringe benefit. You can claim a tax deduction on contributions to all the pension, provident and retirement annuity funds that you belong to, up to 27.5% of the higher of your remuneration or taxable income, and up to R 350 000 every year. Member and employer contributions form part of this tax-deductible limit.

If you contribute more than R 350 000 in a year, the contribution that is more than this is added to your contributions in future years and will be deductible in future years if it’s within the limits of that year. At retirement, if there are any contributions that you didn’t get a deduction on, this will be set off against your retirement benefit and added to the tax-free amount you are entitled to on retirement or the amount you take as a pension.

As such, the Trustees have amended the rules of the Fund to allow you to contribute an additional 4% of your Retirement Funding Income to the Fund, so that you can take advantage of the tax deduction of up to 27.5% of your remuneration or taxable income.