Overview
In a groundbreaking move, the Financial Services Board has granted approval for both the Engineering Industries Pension Fund (EIPF) and the Metal Industries Provident Fund (MIPF) Surplus Apportionment Schemes on November 30, 2011. This heralds a new era for members of these esteemed funds, promising a fair and judicious allocation of surpluses.
Timely Updates for Members
We take pleasure in announcing that individual Surplus statements will soon reach members. The Actuaries are diligently updating the Surplus values as of April 1, 2008, considering the actual investment returns earned by the Funds up to the anticipated payment date. This meticulous process ensures that members receive the most accurate and up-to-date information.
Anticipated Payment Timeline
Considering the intricacies involved, payments are expected to commence within a 6-month period. We recognize the importance of transparency and efficiency in this process, and our commitment is to ensure that members receive their entitlements in a timely manner.
Action for Qualifying Former Members
For qualifying former members, a Bank Mandate form will be dispatched to confirm their banking details. It is imperative that these forms are promptly returned to the Surplus office. Once the details are recorded, payments will be initiated, providing a seamless experience for our valued members.
Benefits for Pensioners
Pensioners are in for a dual benefit. They will receive a lump sum in cash along with an increase to their monthly pension as of April 1, 2008, as detailed in the comprehensive communication booklet. This strategic approach ensures that pensioners not only receive immediate financial relief but also enjoy enhanced long-term benefits.
Current Members' Surplus Crediting
Current members need not worry about cash transactions. Their Surplus amounts will be judiciously credited to their Fund credit. This approach aligns with our commitment to bolstering the financial standing of our members and ensuring the sustained growth of the funds.
Resources for Further Understanding
To facilitate a deeper understanding of the process, we provide downloadable resources such as the EIPF Surplus Communication Booklet, EIPF Member Conversion Information Guide, MIPF Surplus Communication Booklet, and a comprehensive Questions and Answers document. These resources serve as invaluable guides, empowering members with the knowledge they need to navigate the Surplus Apportionment process seamlessly.
In conclusion, the approval of the EIPF and MIPF Surplus Apportionment Schemes marks a pivotal moment for our members. We are dedicated to ensuring that this transition is not only smooth but also enriching for each member involved. Stay tuned for further updates as we embark on this journey together.
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