SNPF

Benefit on age grounds is paid when the member is 50 years of age, but it can be claimed before then as a "retirement benefit" if the member is at least 45 years of age and has retired from regular employment or become self-employed.

A member’s age is normally determined – in the absence of any documentary proof – by the employer, but, if there is any dispute et. as to age, the Chief Executive Officer is given authority to decide a member’s date of birth for the purpose of any benefit. If a member, having qualified for age benefit at 50 years, continues to work, Provident Fund contributes are payable by his employer and he builds up credits afresh. He must wait two years, however, before claiming a benefit again.

A supplementary contribution may be deducted from an employee’s wages in whole or in part depending on the agreement reached between the employer and employee.

On leaving the employer for any reason and at whatever age, the amount paid to the Fund as a supplementary contribution is paid out to the employee with interest. Other than leaving the employer’s service, the amount is included in an employee’s benefit when he has claimed on retirement or age grounds.

As soon as a member of the Fund has some contributions in his benefit account he may nominate the member (s) of his family he wishes to receive the benefit if he dies.

The marriage of a member is deemed to revoke any prior nominations made by him and if, on the death of a member, no new nomination has been made since marriage, the Chief Executive Officer will pay the benefit to the surviving spouse or if there is more than one surviving spouse, divide the benefit amount to them in such proportions as he may, deem fair and just.

In the absence of any surviving spouse, the Chief Executive Officer is authorized to pay the benefit in such proportions as he may think fit to any persons who were, at the time of the member’s death, substantially dependant on him for the provision of the ordinary necessities of life.

When the dependant is a minor child, the Chief Executive Officer can make payment to his guardian for the use on the child’s behalf, on such conditions as the Chief Executive Officer may require.

As explained earlier, the statutory contributions credited to a member’s account in the National Provident Fund are vested in the Board and consequently the contributions or the benefit represented by such contributions do not form part of the estate of a deceased member. Thus the moneys of the deceased will not necessarily be distributed to persons entitled to the deceased’s estate under customary law, but will be paid to any persons nominated by the member.

In the absence of any nominations, the Swaziland National Provident Fund Order lays down the procedure which the Chief Executive Officer of the Fund must follow in dealing with the administration of such a benefit.

All money in the Fund is vested in the Provident Fund Board and member’s accounts are thus fully protected, for example, against seizure by creditors. A member’s for example, against seizure by creditors. A member’s contribution credit can only be drawn on to pay a benefit to the member or his survivors.

The Fund’s investments are controlled by a special committee consisting of the Principal Secretary, Ministry of Finance (who will be chairman of the committee), two members of the public experienced in financial matters and the Chief Executive Officer of the Fund.

It is important that members should know where the money comes from that is used in the payment of interest as mentioned above.

On receipt of the contributions, the Fund, through its investment committee invest the money in the best way possible.

In terms of the Order the Fund deducts from the total interest collected each year, administration costs (salaries, motor vehicle expenses, traveling costs etc.). From what has remained, the Fund pays interest on all members’ accounts at the rate determined by the Board from year to year.

This rate of interest shall be fixed by the Board in such a way that a surplus remains for credit to the reserve account.

Benefit claims for a benefit may be lodged with any of the Fund’s offices listed hereunder;