Pension Fund and Provident Fund
The Western Province Building Industry Pension Scheme and Provident Fund (“the Funds”) provide retirement, disability, and life insurance benefits as well as funeral cover for employees in the building industry and their dependents.
A description of the Funds
On a monthly basis, the employee and employer contribute towards the funds, and the contributions are then invested by Specialist Investment Managers. The value of the final benefit depends on how much the employee and employer contributed towards the Funds and how well the investments performed. These Funds are known as 'Defined Contribution’ funds.