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.