Funds managed by MIRF
Auto Workers’ Provident Fund
This fund comprises 162,000 active contributory members in job grades 1-6. It provides lump sum retirement, withdrawal, disability, and death benefits. The total amount managed through the Auto Workers’ Provident Fund is R20 billion. In addition to the active members, the fund also has over 275,000 unclaimed benefit members.
Motor Industry Provident Fund
This fund comprises 52,000 active contributing members in job grades 7-8 as well as apprentices. It provides lump sum retirement, withdrawal, disability, and death benefits. Assets in this fund amount to R15 billion. The fund has over 85,000 unclaimed benefit members.
Copartes Pension Fund
This fund comprises 597 active members (staff members of the Motor Industry Fund Administrators (MIFA), Motor Industry Bargaining Council (MIBCO), Retail Motor Industry (RMI), Motor Industry Staff Association (MISA), and Moto Health Care (Medical Cover for the Motor Industry). It provides benefits to fund members on retirement, or to dependants upon the death of the member. Assets in this fund are currently valued at over R1 billion.
Motor Industry Pension Fund (2005)
This fund comprises over 6,000 pensioners, over 250,000 unclaimed benefit members and over 190,000 surplus benefit members. The fund was previously known as the Auto Workers’ Pension Fund. It is now closed to new membership and provides monthly pension payments to the existing members as well as paying out the unclaimed benefit and surplus fund members. Assets in this fund are currently valued at R6 billion.
Motor Industry Beneficiary Fund
This fund comprises 3416 minor beneficiaries of deceased fund members and its assets amount to R354 million. The objective of this fund is to facilitate the receipt, administration, investment, and payment of benefits which have become available on the death of a member to ensure the education, maintenance, advancement, and well-being of their dependants.