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Daily Assembly Digest |
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Pension Fund is healthy, but payment problems persist |
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The Principal Officer of the South African UCCSA Pension Fund, Mr Brian Mullin, addressed the Business Session of the Assembly on Monday morning.
He was able to report that the Pension Fund is in a sound financial state. Following the latest actuarial valuation, it now has assets of over R35 million. As a result of the good performance on the fund's investments during the last year, it has been possible to increase the amount paid to pensioners by 15% - more than twice the rate of inflation in South Africa.
Distribution of the surplus to those still contributing to the fund was fixed at 26%, a record. Mr Mullin stressed the important need for churches to pay their ministers' pension contribution in full, on time, and with relevant information. Failure of churches to do this meant that they would be robbing their ministers in their old age.
With his own retirement as Principal Officer due to take place at the end of 2008, and the need to comply fully with statutory requirements, Mr Mullin proposed, and the Assembly agreed the following resolution:
That the UCCSA passes the administration of its Pension Fund to an Umbrella Fund with effect from 1 January 2009;
That a training programme for employers be Implemented in 2008; and
That the task of selection of the new fund be delegated to the Trustees, the Actuary and the Executive.
It was stressed that, whether or not these changes were made, local churches would still need to take payment of pension contributions seriously in order to honour their covenants with ministers. |
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