In the Construction Industry Pension Fund a member is registered when the first deduction for pension is done, that is after working for 26.4 hours.
What is Registration?
In the Construction Industry Pension Fund a member is registered when the first deduction for pension is done, that is after working for 26.4 hours. At this stage a member is said to be provisionally registered. It is then expected that a member be properly registered with the fund thereafter.
Why Proper Registration?
A member is said to be properly registered with the fund when he/she would have completed two forms, a Declaration form and Form Annexure 7 (See downloadable forms). Basically the Declaration form requests a member to supply his/her personal details, passport size photographs, details of his/her family and appending of a signature. Form Annexure 7 (See downloadable forms) requests employment details, eg trade and grade of the member. Most important on this form is the confirmation by the employer that the employment details are bonafide.
The Pension Fund rules stipulate that each member provides proof of age, therefore non declaration of such is a violation of the fund rules.
Registering properly with the fund ensures that one obtains an NEC card, which is used as both an ID card and trade classification.
Proper registration expedites the disbursement of benefits, when due. No benefit is released from the fund unless a member is properly registered with the Fund.
Members will receive information direct at their addresses eg contribution statements.
The soundness of the Pension Fund is determined after a valuation. This valuation determines how much each member is entitled to currently and when retiring. A proper valuation is done with exact ages of the members and this can only be done with correct information at hand.