About the Fund

As you know, the Fund merged from 1 November 2021. It will now be called the Columbus Retirement Fund. The new Rules are available here

Contributions and investments
Both the employer and members contribute to the Fund. Click here for more about your contribution options.
Members are encouraged to select the investment options that will best support their retirement objectives. Click here for more about your investment options.
The Fund Credits of members who do not make an investment selection will be invested in the Lifestage Option.

The Fund was created to provide members with benefits should they leave the employ of Columbus Stainless or at retirement. But more than that, the Fund also provides benefits to members should they pass away.

What is a Retirement Fund?
It is a 'savings plan' to help you save for retirement that is tax-efficient and has much lower administration costs than most individual savings policies. Every month you and your employer deposit money into the Fund, which will earn returns (interest) so that you can use them one day when you have retired and you are no longer earning a salary.
All full time employees of Columbus Stainless, who have not yet reached the normal retirement age of 65 years, but are over 18, will automatically become members of the Fund on appointment.

Pension* and Provident* Funds are very similar vehicles to use to save for retirement, but there are two main points to note:

• Employer and Member contributions to retirement funds (pension, provident, retirement annuities) are added together. Members will be allowed a tax-free total annual contribution of the higher of 27.5% of annual remuneration or taxable income limited to R350 000 per year.
• When you retire from a pension fund, you may only take one third of your benefit in cash, the Income Tax Act states that the balance has to be used to purchase a pension. When you retire from a provident fund, you may take the entire amount in cash.

*Merging of the two Funds are in process. The estimated finalisation date is the end of September 2024.