Mibfa Balance

Established to administer retirement benefits for workers in the Metal and Engineering Industries Bargaining Council (MEIBC), MIBFA oversees two primary funds:​

  • Engineering Industries Pension Fund (EIPF): Provides monthly pensions upon retirement.

  • Metal Industries Provident Fund (MIPF): Offers a lump-sum payout at retirement.

These funds are designed to ensure financial security for members after their employment ends.

How Is Your MIBFA Balance Calculated?

Your MIBFA balance reflects the total contributions made by you and your employer, along with any investment growth. Specifically, it includes:

  • Your contributions with interest

  • Employer contributions

  • Less deductions for death, disability, and administration costs

  • Voluntary contributions or transfers from other funds

  • Profits generated by the fund​

This cumulative amount determines your benefit upon retirement or withdrawal. ​

Retirement Benefits: What to Expect

Upon reaching the age of 55, you’re eligible for retirement benefits. Depending on your fund type:​

  • Pension Fund (EIPF): You may opt to receive up to one-third of your fund credit as a cash lump sum, with the remainder providing a monthly pension.

  • Provident Fund (MIPF): The full fund credit is paid out as a lump sum, which you can invest to generate a monthly income. ​

For those seeking a monthly income without the lump sum, MIBFA offers a linked living annuity through Sanlam.

Withdrawal Benefits: Accessing Your Funds Early

If you leave your job before turning 55, you can access your funds through a withdrawal benefit. This is a lump-sum payment equivalent to your full fund credit, including any profits. You also have the option to transfer these funds to another approved retirement fund. ​

How to Check Your MIBFA Balance

Monitoring your fund balance is essential. You can check your MIBFA balance by:​

  • Visiting the MIBFA website: Log in to your account to view your statements.

  • Contacting MIBFA directly: Call their customer service at 0860 10 25 44 or email them at surplus@mibfa.co.za.

  • Visiting a MIBFA office: For personalized assistance, visit their office at 42 Anderson Street, Johannesburg. ​

 

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