Mibfa Claims

In this blog post, we’ll break down the types of MIBFA claims, the process involved, and important considerations you should keep in mind when making your claim. We’ll also provide insights into the necessary documents and timelines to help you through the process.

Types of MIBFA Claims

  1. Retirement Benefits When you retire, you can claim retirement benefits from MIBFA. To apply, you must complete a retirement claim form, which must be signed in the presence of a Human Resources official. You’ll also need to provide several key documents:

    • ID copy

    • Proof of age

    • UIF card

    • Bank mandate

    • Certificate of service

    • Marriage or divorce certificates (if applicable)

  2. Withdrawal Benefits If you leave your job before reaching the age of 55, you are eligible to claim your withdrawal benefits. The amount is a lump sum equivalent to your full Fund Credit, including:

    • Your contributions with interest

    • Your employer’s contributions minus any deductions for death, disability, and administration costs

    • Any voluntary contributions

    • Profits of the Fund

    Important: You may choose to leave your funds in the scheme or transfer the balance to another approved retirement fund. If you decide to transfer, MIBFA’s Transfers Division can guide you through the procedure.

  3. Death Benefits In the unfortunate event of a member’s death, dependants are eligible to claim death benefits. Claims must be lodged within 12 months from the date of death. To apply, dependants will need to submit the following:

    • Proof of death (such as a death certificate)

    • ID copies of the deceased and the claimant

    • Any other relevant documents depending on the circumstances

  4. Sick Pay If you are unable to work due to illness, you may be entitled to sick pay. To claim, you must:

    • Complete a sick pay claim form

    • Provide a certificate from a medical practitioner confirming the illness and treatment plan

  5. Savings Pot Withdrawals (Under the Two-Pot System) With the introduction of the Two-Pot System, members can also access their savings pot under specific conditions. The process involves submitting an application form, with the employer’s assistance in completing and submitting the form to MIBFA.

Claim Process: Step-by-Step

  1. Application Forms The first step is to complete the appropriate application form for the type of claim you are making. Forms can be obtained from MIBFA or through your employer.

  2. Supporting Documentation The necessary supporting documents vary depending on the type of claim. Common documents include:

    • A valid ID

    • Bank mandate

    • Certificate of service (for withdrawal benefits)

    • Death certificate (for death benefits)

    • Medical certificate (for sick pay)

  3. Employer Involvement Some claims, such as retirement or savings pot withdrawals, require employer involvement. Employers must complete and submit specific documents to ensure the claim is processed smoothly.

  4. MIBFA Processing Once MIBFA receives your completed forms and supporting documents, they will begin processing your claim. This may include liaising with SARS for tax directives, if applicable.

  5. Payment Upon approval, your benefits will be paid directly into your bank account. Be mindful that MIBFA may apply tax deductions, especially for savings pot withdrawals.

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