BREAKING NEWS!!!

Please take note that members’ benefit statements for both the Auto Workers Provident Fund and the Motor Industry Provident Fund have been posted to employers.

Our story

About us

Decades of motor industry experience and a proven track record of performance & integrity.

Our story

In 1952 the National Industrial Council for the Motor Industry created the first pension fund in the automotive industry, the Motor Industry Pension Fund (Pty) Ltd. It was the only industry-specific fund which administered retirement equity for employers and employees in the retail sector of the motor industry.     

The handful of directors, actuarial consultants, accountants and administrators, who were the first custodians of the Motor Industry Pension Fund (Pty) Ltd nearly 70 years ago, have been replaced over the years with a greater number of highly qualified in-house specialists and administrative personnel.

Since its inspection the Motor Industry Retirement Funds has grown tremendously and now houses the following funds;

  • Auto Workers’ Provident Fund
  • Motor Industry Provident Fund
  • Motor Industry Pension Fund (2005)
  • Motor Industry Beneficiary Fund
  • Copartes Pension Fund

Our mission

This has remained constant through time. The funds’ mission has always been to provide the very best and most secure pension fund investments to the automotive industry. And we continue to do this by ensuring the Board of Trustees and all employees are tuned in to the specific needs of the automotive sectors, and that they subscribe to the highest levels of integrity, regulatory compliance, financial acuity and administrative efficiency — all so that automotive sector’s employees can be assured their retirement funding is in safe hands and will deliver the best returns possible.

Essentially, MIRF’s overriding aim is to lift the burden of financial worries over retirement funding from the shoulders of their approximately 250 000 members and transfer this responsibility to the multi-ethnic, handpicked industry and financial specialists that make up MIRF’s highly-qualified board of trustees.

Our vision

To be the pension fund of choice for the motor industry and reward members’ trust in us by delivering on our promises and providing good financial returns at the lowest possible costs. We also strive to give our members the best possible guidance in choosing the most suitable retirement product for their specific needs and promise on-going improvement of our communications and overall service to our members. In addition, the company aims for full compliance with all regulatory bodies and legislation through the implementation of rigorous governance procedures.

Objects and goals of the MIRF

The object of the funds is to provide retirement benefits and other ancillary benefits in terms of the rules of the funds, to their members.

In fulfilling their object, the funds’ trustees are mindful that they want to see their members retire with sufficient money so that the member can live with dignity in their old age. In achieving this goal, the trustees endeavour to properly invest the funds’ assets to achieve good investment returns, operate the funds cost-effectively so that as much as possible of members’ contributions are invested and they want to provide excellent benefits to the members and their beneficiaries.

The trustees are proud that the funds have grown significantly over time and now have over 250 000 active members and assets of over R35 billion. All the MIRF funds are financially sound and their costs are significantly lower than most other retirement funds in South Africa.

Background

The Motor Industry Retirement Funds (MIRF) have a long and proud history to them. The Copartes Pension Fund was established with effect from 28 January 1954 and has now been in existence for more than 65 years, while the Motor Industry Pension Fund (2005) was established with effect from 28 July 1980 and has been operating for almost 40 years.

The more recent additions to the motor industry retirement funds family are the Auto Workers’ Provident Fund, which was established on 3 July 1995, the Motor Industry Provident Fund which came into being on 1 January 2001 and the most recent addition is the Motor Industry Beneficiary Fund which came into existence on 1 January 2009.

The motor industry retirement funds owe their existence to the collective bargaining arrangement in the motor industry and have their genesis in the collective agreement for the motor industry. The five motor industry retirement funds are, however, separately registered as retirement funds with the Financial Sector Conduct Authority and in terms of the Pension Funds Act, 1956 each fund has its own and separate legal personality. Each fund is managed, operated and controlled by its Board of Management comprising board members, who are more generally known as the Trustees of the fund.

Challenges

The MIRF funds are financial institutions and are part of the South African financial services sector. This does mean that the funds are required to comply with financial sector laws and regulations, which are aimed at ensuring the good governance of all retirement funds in the country and providing good outcomes for users of financial services such as members of retirement funds. The recent change to market conduct regulation has brought with it several new governance and compliance requirements, such as the default regulations, which the MIRF funds are adopting and implementing for the members. In a similar vein, the trustees and management have adopted a proactive approach to managing the funds so that members will receive more timely information on their funds, better service and benefits from the funds. Members are encouraged to find out more about their funds and to communicate with the trustees and management of the MIRF funds.

Let’s work together

To provide the very best and most secure retirement funds’ investments to the automotive industry.

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