Scope of

administration

MIFA (Pty) Ltd is responsible for the administration and management of 5 retirement funds within the Automotive Industry as listed below:

Motor Industry Pension Fund (2005)

This Fund was previously known as Auto Workers’ Pension Fund and is closed to new membership. The Fund comprises 5 531 pensioners in respect of whom monthly pension payments are made. Assets of this Fund are currently valued at R6 billion.

Auto Workers’ Provident FunD

This Fund comprises 206 016 active contributory members in Job Grades 1-6 and provides lump sum retirement; withdrawal; disability and death benefits.  Total members’ funds managed amount to R14.3 billion.

Motor Industry Provident Fund

This Fund comprises 70 095 active contributory members in Job Grades 7-8 and provides lump sum retirement; withdrawal; disability and death benefits.  Assets of this Fund amount to R12.4 billion.

Motor Industry Beneficiary Fund

This Fund comprises 2 107 minor beneficiaries of deceased Fund members and assets amount to R262 million.  The objective of this Fund is to facilitate, on behalf of beneficiaries, the receipt; administration; investment and payment of benefits which have become available on the death of the member in order to ensure the education; maintenance; advancement and well-being of their dependants. 

Copartes Pension Fund

This Fund comprises 597 active members (staff members of MIFA; MIBCO; RMI; MISA and Motohealthcare) and provides benefits to members of the Fund on their retirement or upon their death, to their dependants. Assets of this Fund are currently valued at R900 million.

All Funds are actuarially valued on a regular basis, and have been certified to be financially sound.

Continued attention is given to advancements in computer hardware and software technology, with MIFA (Pty) Ltd (now MIRF) achieving high levels of efficiency and cost effectiveness in the administration of the Funds. 

It is continually ensured that the company complies with the highest standards of Corporate Governance in compliance with the King Report.

Statutory requirements are closely monitored in liaison with the Fund’s actuaries and the FSCA, and the Funds are all in full compliance with current requirements of legislation.

Actuarial services are provided by Moruba Actuaries and Consultants. Auditing services are provided by Deloitte & Touche.

MIFA is moving with the times

Our pension fund members have the added oversight of automotive industry bodies.

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