About the Fund
The UWRF is a “defined contribution” Fund. The Rules of defined contribution Funds apportion responsibility of who must make the contribution (for example, you and your employer) to the Fund and this largely determines what you will get out of the Fund. The Rules also prescribe how much must be contributed to the Fund each month.
The benefit that you are entitled to when you retire depends on the amount that has been contributed over time and what the investment growth has been. It is not guaranteed that you will have enough money to live on when you have retired. When the investment markets grow, the value of your Share of Fund grows. When the investment markets drop, the value of your Share of Fund also drops, which will be dependent on the portfolio that you are invested in.
It is important that you invest for your retirement over many years and that your money is invested in the right way if you want to make sure that you have saved enough money for your retirement. Because the UWRF is a defined contribution fund, the risks of generating investment growth in the financial markets rest with you and not your employer.
The UWRF Rules stipulate eligibility of membership. If you are eligible to be a member of the UWRF, you must belong to the Fund. An eligible employee means any employee who is in service of the University of the Witwatersrand, Johannesburg and who:
- is under the normal retirement age; and
- is not a temporary worker whose employment contract is valid for a period of less than 12 months.