Frequently Asked Questions
Membership of the UCTRF
1. Do I have to join the UCTRF? - Click here for more
Contributions
2. Can I contribute more/less towards my retirement funding? - Click here for more
3. How much do I contribute towards the UCTRF? - Click here for more
Investments
4. FAQs regarding the closure of the Smoothed Bonus Portfolio on 1 May 2023 - Click here for more
5. Where is my benefit invested? - Click here for more
If you do not make any choice when you join the UCTRF, then your Accumulated Retirement Savings will be invested in accordance with the Life Stage Model.
You may elect a different option at any time. Your investment portfolio is indicated on your benefit statement which you can view on the Retirement Fund Web.
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6. Where should I invest my benefit? - Click here for more
7. How often can I change my investment choice?
8. Which Portfolio do you think I should invest in? - Click here for more
9. What is the Life Stage Model and why do we have such a model? - Click here for more
Withdrawal Benefits
10. How much money will I receive when I resign? - Click here for more
11. On how much will I be taxed at resignation? - Click here for more
12. How soon after resignation will I receive my benefit?
This service level shall be extended for the same period that these requirements are not met.
13. Will I receive interest on my benefit while my payment is being processed?
Retirement Benefits
14. How much money will I receive when I retire?

15. Monthly pension options
What is a Life Annuity?
It is a monthly pension, which is guaranteed for your life. The Insurer calculates the pension you will receive every month, and this depends on the amount of your Accumulated Retirement Savings and the type of pension you choose. The following factors play a role:
- Whether you have elected to take a lump sum, or not;
- Whether you have elected to include a guaranteed period, or not;
- This means the pension will continue to pay out (to whomever you elect i.e. your spouse and/or your dependants) until the terms ends, even if you die during this period. For e.g. if you choose a 5 year guaranteed period, your pension is guaranteed to pay out from your retirement date until the end of the 5 years, even if you die in the first year.
- Whether you have elected that a spouse’s or dependant’s pension must be paid after your death;
- This means the pension will continue to pay out (for life) to your spouse or dependant after your death, even after the guaranteed period has expired. However, should your spouse also die after the guaranteed period has expired and you did not choose to include a dependant pension, the monthly pension will no longer pay out.
- The Insurer guarantees the pension, so it provides you with security – the only risk is if the Insurer becomes insolvent.
For more information regarding life annuities and the options available please refer to the UCTRF Retirement Options Booklet.
What is a Living Annuity?
When you leave your Accumulated Retirement Savings with the UCTRF (or an Insurer providing a similar product), it is then treated as a savings account and will grow with investment returns.
SARS stipulates that you must take between 2.5% and 17.5% of the total value of your account annually as a pension, but that the annuity must at all times produce a life annuity. This may mean that the maximum you may take is likely to be lower than the normal range of 17.5%. You can adjust your pension annually within these constraints.
The pension can be paid to you monthly, quarterly, biannually or annually (if you take a monthly pension, the monthly amount is fixed for the coming year based on the amount invested at the beginning of the year and your chosen percentage).
For more information regarding living annuities and the options available please refer to the UCTRF Retirement Options Booklet.
16. On retirement, how much can I take in cash?
Your Accumulated Retirement Savings are divided between a Vested Share and a Non-Vested Share.
If you were 55 years or older on 1 March 2021 you may take up to 100% of your Accumulated Retirement Savings in cash when you retire.
If you were younger than 55 years on 1 March 2021, you may take 100% of your Vested Share in cash when you retire. If your Non-Vested Share is R247 500 or less you may also take 100% of the Non-Vested Share in cash. However, if your Non-Vested Share is R247 500 or more you may only take one third of this in cash and you must use the other two thirds to buy a pension.
17. How much will I be taxed at retirement? - Click here for more
18. How soon after retirement will I receive my benefit?
19. Will I receive interest on my benefit while my payment is being processed?
20. Can I decide where to purchase my Living Annuity?

21. Can I change Insurers at a later date if I took the Living Annuity with the UCTRF in the first instance?
Death Benefits
22. What are my death benefits? - Click here for more
23. Where can I find the Nomination of Beneficiaries Form? - Click here for the forms page
24. When/how often should I update my Nomination of Beneficiaries Form?
25. Where can I send my forms once completed?
Enquiries
021 650 2934
Please submit all comments or questions via this formFund website: www.uctrf.co.za
LinkedIn: www.linkedin.com/in/uctrf
Twitter: @uctrf