Contributions

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You choose a percentage of between 12% and 40% of your CoE. If you do not make a choice when you join the UCTRF, your contribution rate will be defaulted to 18% of CoE. These contributions are Employer contributions, even though they come out of your CoE.

Part of this contribution is used to pay for your death, disability and family funeral cover, administration fee and other expenses (such as audit, actuarial, secretarial, FSCA levies, bank charges, costs of running the UCTRF Office, etc.). The rest is invested in your Accumulated Retirement Savings. These costs change in July each year.

The Risk Cover costs, administration fee and other expenses change annually and are set out below:

These costs apply with effect from   
1 October 2021

Percentage of CoE

UCTRF death cover premiums for every 1 x annual CoE that you select

0.393%

Disability income cover premiums

0.501%

Separate lump sum death and disability cover premiums

0.462%

Administration fee

0.109%

Other expenses

0.14%

Funeral cover (applicable to members who do not opt out from this benefit) 

R20.80 per 
member per month


As can be seen from the above, the amount of your total contribution that is allocated to your Accumulated Retirement Savings will depend on the Risk Cover you elected. To understand the amount that is allocated from your contributions towards your own Accumulated Retirement Savings please use the Contribution Calculator.

You may also select up to an additional 4x CoE Separate lump sum death cover. The cost of any additional Separate lump sum death cover will be paid by you in addition to the percentage contribution you select and costs 0.3% for each 1 x annual CoE. (The premium is reviewed annually effective 1 July.)


When can I change my contribution rate?

You can change your contribution rate effective 1 February each year.  You can also change your contribution rate whenever your CoE changes.  Please note that the contribution is deducted from your CoE, so a change to your contribution rate will affect your take-home pay.

If you want to increase your contribution rate contact your HRBP, who will assist you with completing the relevant forms.  Details of HRBPs can be found on the UCT Human Resources website at http://www.hr.uct.ac.za/hr/contacts/.

Can I make lump sum additional voluntary contributions?

Yes. If you receive a performance bonus (i.e. discretionary or exceeds award) you may transfer up to 55% of this bonus to the UCTRF

In addition, if you choose to leave your Accumulated Retirement Savings in the UCTRF when you leave the service of your Employer, you can transfer up to 55% of your leave pay to the UCTRF.

If you have been contributing below the tax-free maximum, all or part of this additional, voluntary contribution will be tax free. Please click here for information on taxation of contributions.

Can I transfer money from a previous fund into the UCTRF

Yes. This amount will be credited in full to your Accumulated Retirement Savings.  Your Vested Share in your previous fund will be allocated to your Vested Share in the UCTRF and your Non-Vested Share in your previous fund will be allocated to your Non-Vested Share in the UCTRF.

The transfer will be tax free.

Are my contributions taxed?

Please click here for information on taxation of contributions.



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