Contributions

Contributions

As a member of a defined contribution fund, you have your own account within the fund and your contributions, and those of your employer, are paid into that account.rn

If you are a Municipal employee:

  • Your monthly contribution = 9% of your pensionable salary
  • Your employer’s monthly contribution = 18% of your pensionable salary

If you are a Councillor:

  • Your monthly contribution = 7.5% of your pensionable salary
  • Your employer’s monthly contribution = either 7.5% or 10% of your pensionable salary

To make sure that the savings in your fund account keeps on growing, they are invested and earn returns that are added to the account balance.