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.