Who we are
The Motor Industry Pension Fund is a self-administered defined Contribution scheme registered in terms of the Pension and Provident Funds Act (Chap. 24:09).
Contribution to the Fund is compulsory to all employees under the age of 65 years whose employers are registered with the National Employment Council for the Motor Industry in terms of Statutory Instrument (S.I) 66 of 1995.
The Fund is managed by the Principal Officer appointed by the board together with his management and support team. The fund is governed by the Pensions and Provident Funds Act, Finance Act and the Income tax Act. The investments of the Fund are managed by the Trustees from time to time.
Employers are obliged to deduct 5% from an employee’s monthly basic salary and in turn contribute 5% on behalf of their employee plus 2.5% stabilization. These contributions should be paid into the Fund’s account or offices on or before the 14th of the following month in terms of S.I 243 of 2006.