What is a benefit statement?

Your will receive a benefit statement once a year, which will give you an indication of the value of your Fund benefit at a particular point in time. Review your situation regularly and make adjustments to your investments when necessary. It is essential to invest extra money while you are still working to ensure that your retirement fund will be enough to live on securely when you are old. Please keep these statements in a safe place for future reference, and remember that they contain confidential salary information.

The following information is included in the annual benefit statement:

  • Fund details, such as the name and registered address of the fund, the name and contact details of the person who will answer queries with regard to the fund and the fund’s reference number.
  • Member details, such as the member’s name, date of birth, join date and the member’s pensionable salary.
  • Benefit details, such as the current rate of contributions payable by members and the employer and the frequency thereof as well as the value of the benefit and whether any switches were actioned during the year.
  • General information, for example internal dispute resolution procedures and information about the Pension Fund Adjudicator should internal procedures fail. It should also state the importance of nominating dependants and beneficiaries and keeping this information up to date.
  • Additional information. Funds may give more information than the minimum required, for example, information regarding permanent disability benefits and the unapproved group life assurance that does not fall within the ambit of the Pension Funds Act.

 

Distribution of your benefit statement

The latest distributed Benefit Statement is the 2019. The Benefit Statement as at 1 April 2020 will be distributed during July/August 2020.

 

How to read your benefit statement

Access your current benefit value & benefit statements

EBS Africa Online provides you with access to view your fund value on a daily basis, and you can view your previous benefit statement online.

Please log onto EBS Africa Online

 

What do I use as my login details

  • Username:  This is your new EBS Member Number which starts with a couple of zeros
  • Password:  This is a system generated 5 digit numerical password

What information is on EBS Africa Online

  • Go to Member Information
    • Personal Information – shows the static information captured for you – surname, ID, DOB, etc
    • Activity Summary – select a date range and view a summary of transactions that have been processed on your retirement fund – contributions coming in, expenses paid, insurance premium paid etc
    • Benefit Statement – print your own benefit statement [for assistance on how to print your benefit statement –see the attached guide]
  • Go to Member Maintenance
    • Upload Documents – you can upload your latest Beneficiary Nomination Form

Note:  EBS have kindly also uploaded your prior years Benefit Statements issued by Alexander Forbes. You can access them here.