FREQUENTLY ASKED QUESTIONS

Akani Retirement Fund Administrators (Akani) is the biggest, 100% black-owned and -managed administrator of retirement funds in Southern Africa with operations in most parts of South Africa and Lesotho. It has been in operation since 2001 and prides itself for delivering excellent service to its Clients. Akani’s main services include Trustee Training, Beneficiary Fund Administration, Retirement Fund Administration, Investment Administration, Member Communication, Legal and Secretariat Services and many others.

Akani collects monthly pension contributions from Members of Retirement Funds, pays benefits and invests the balance through third party Asset/Investment Managers. While Akani is a registered financial services provider (FSP), it does not offer financial advice directly to Members of Retirement Funds but to Trustees of Pension Funds. These Trustees, in turn, take decisions in the best interest of the funds under their management.

No, Akani doesn’t not offer financial advice directly to members of the public but only to Trustees of Retirement Funds. For financial advice, please make sure you reach out to a registered financial advisor near you by visiting the FSCSA website: https://www.fsca.co.za/Regulated%20Entities/Pages/List-Regulated-Entities-Persons

Akani administers the following retirement funds:

• Municipal Employees Pension Fund (MEPF) – a retirement fund for municipal employees
• Chemical Industries National Provident Fund – a retirement fund for chemical works
• State Life
• Evangelical Presbyterian Church in Southern Africa (EPCSA)
• Akani Small Umbrella Provident Fund
• Bokamoso
• General Workers’ Pension Fund

Yes, Akani does distribute Benefit Statements to members of the funds under their administration. The process of distributing Benefit Statements will resume after the Covid-19 disruptions have been normalised.  For more information on your benefit statement, please click on Member Login ……

You can do so when you reach the age of 21 and/or 23 no longer full-time at school and you’re no longer going to school on a fulltime basis. You can submit your Final Trust Claim by submitting your completed Final Trust claim form accompanied by your Certified ID, a Certified ID copy of the Guardian and your three-month bank statement through to email: pension@akafin.co.za.

Please make sure that you also send the original forms to the nearest municipality. The Office Couriers will collect the original documents from the municipality. Your final trust claim will be processed and be paid within two (2) months from the date of receipt of your completed documents.

Every two years, Pensioners (widows/widowers and children) are required to submit the ‘proof of life’ Declarations to show that they are still alive and kicking. They must also submit  proof of marriage (only applicable to widows/widowers). Due to Covid-19 restrictions, the process for declarations has been put on hold. Communication will be sent out to all widows/widowers and guardians of children about when the declaration process will resume.

If all the required documents are submitted, the claim process takes eight (8) weeks or two months to be processed.

You may approach your Human Resources (HR) Department or send an email to pension@akafin.co.za and the relevant form will be shared with you. The form will need to be completed and stamped by the bank.

You may approach your HR department or send an email to pension@akafin.co.za and a nomination form will be provided to you.

Resignation Benefit is a benefit payable when a Member resigns from the services of the Local Authority Member is below the age of 55 years.

Retirement Benefit is a benefit payable when a Member leaves the services of the Local Authority and is above the age of 55 years.

A Member can retire from the Fund once he/she is 55 years old and above.

Early Retirement Age is from 55 years. Normal Retirement Age is 65 years and Late Retirement Age is 70 years.

A Member should contact his/her Local Authority’s HR Department and complete a Termination of Service Form for Retirement as well as a Questionnaire Form provided by the Fund and attach the following documents:

• A Certified ID Copy, and
• A Three-Months Bank Statement

The transfer values of the Member received by the Fund buys the Member additional Pensionable Service in the Fund as calculated by the Fund’s Actuary. Additional Pensionable Service will form part of the Total Pensionable Service of the member used to calculate the Retirement Benefit.

Gratuity/Lump sum is calculated as follows:

Three (3) years Average Annual Salary x Pensionable Service x Age Factor ÷ 100.

Monthly Pension is calculated as follows:

Three (3) years Average Annual Salary X Pensionable Service X Age Factor ÷ 120.

A pensioner will receive his/her monthly pension for the rest of his/her life.

The Pensioner will receive his/her Annual Increase in January of each year, subject to the investment returns of the Fund and the Pensioner will receive his/her Annual Bonus every year in November.

When a Pensioner dies, the following benefits shall be paid:

• To his/her surviving spouse who was married to him/her before the Date of Retirement, a Monthly Pension equal to 50% of the Monthly Pension which the Pensioner received prior to his/her death.

The Family Funeral Cover benefit will continue beyond retirement as it covers the Pensioner, Pensioner Spouses and Children of the Pensioner below the age of 21.