Understanding vested and non-vested benefits

Vested benefit is an amount that may be taken in cash on retirement if you were a member of a provident fund or provident preservation fund on 1 March 2021.

Non-vested benefit is an amount that is not a vested benefit and is subject to the annuitisation provisions on retirement from 1 March 2021.

Below we explain what this means practically:

Were you 55 years or older on 1 March 2021?

You can take all your savings and future growth in cash when you retire – unless you transfer to a new fund before you retire.

Were you younger than 55 years on 1 March 2021?

Vested benefit

For the amount you have saved before 1 March 2021 plus the further growth, you can:

Non-Vested benefit

For the amount you have saved after 1 March 2021, you: buy a pension take it in cash can take up to a third in cash must use the rest to buy a pension

Real-time information at your fingertips

The trustees would like to make your interaction with the fund convenient and effective. To support this, we’d like to send current fund developments to you when they happen. Please make sure your employer has your latest mobile number and personal email address (not that of the company) to make sure we can stay in touch. The fund would prefer you to provide your personal email address that is not linked to your employer.

We encourage you to register for AF Online or download the Alexforbes mobile app to see your benefits and other useful information. This information is in real time and provides you with instant updates. This is what you need to register:

AF

Online

How to access

Log onto www.alexanderforbes.com

Click on Online Services and follow the prompts

Register. Wait three days to link your Alexforbes products to your online profile

Information you will find

• Investment balances

• Retirement savings statements

• Fund fact sheets

• Personal details

• Investment portfolios

• Tools to help you secure your financial wellbeing

• ‘Who needs financial support when I die?’ beneficiary nomination form

• Making short-term insurance enquiries or modifying a policy

AF mobile application

How to access Go to the Apple app store or the Google Play store on your phone

Search Alexforbes and download for free

Information you will find

• Investment balances

• Retirement savings statements

• Fund fact sheets

• Personal details

• Investment portfolios

• Media section and products section

• FAQs

• Talk to us

• Short-term insurance policy details