Orion Namibia Pension and Provident Funds provide a simple and cost-effective way for employers to offer retirement and risk benefits to their employees. The Funds provide members with a wide range of retirement, withdrawal, disability, and risk benefits. These benefits are designed to offer financial security and peace of mind throughout your working life and into retirement.
Benefit
Benefit
When a member resigns, is dismissed, retrenched, or when the employer is liquidated, the member has the following options for their withdrawal benefit:
Members can take the whole withdrawal benefit in cash (benefit is taxable).
Members can take a portion of the withdrawal benefit in cash and transfer the remaining portion to another approved pension fund, approved provident fund, approved pension preservation fund, approved provident preservation fund, or approved retirement annuity fund.
Members can transfer the whole withdrawal benefit to another approved pension fund, approved provident fund, approved pension preservation fund, approved provident preservation fund, or approved retirement annuity fund (transfer is tax-free).
Benefit
Benefit
A withdrawal benefit becomes payable when a member resigns , is retrenched or dismissed from employment, the member has the following options for their withdrawal benefit:
Members can take the whole withdrawal benefit in cash (benefit is taxable).
Members can take a portion of the withdrawal benefit in cash and transfer the remaining portion to another approved pension fund, approved provident fund, approved pension preservation fund, approved provident preservation fund, or approved retirement annuity fund.
Members can transfer the whole withdrawal benefit to another approved pension fund, approved provident fund, approved pension preservation fund, approved provident preservation fund, or approved retirement annuity fund (transfer is tax-free).
Benefit
Benefit
Members can retire early with their employer’s consent providing that it is not more than 10 years prior to the Normal Retirement Date (NRD). One month’s notice will be required. Upon early retirement, members will receive:
• A lump sum of one third (1/3) of the total pension amount, tax-free.
• The remaining two thirds (2/3) of the total pension must be used to purchase an annuity, which provides a regular monthly income.
• On a provident fund, the member may take the two thirds (2/3) in cash which is subject to tax.
Benefit
The Normal Retirement Age (NRA) is 60. Upon retirement, the member will receive:
• A lump sum of one third (1/3) of the total pension amount, tax-free.
• The remaining two thirds (2/3) of the total pension must be used to purchase an annuity, which provides a regular monthly income.
• On a provident fund, the member may take the two thirds (2/3) in cash which is subject to tax.
Benefit
The Normal Retirement Age (NRA) is 60. Upon retirement, the member will receive:
• A lump sum of one third (1/3) of the total pension amount, tax-free.
• The remaining two thirds (2/3) of the total pension must be used to purchase an annuity, which provides a regular monthly income (annuity).
• On a provident fund, the member may take the two thirds (2/3) in cash which is subject to tax.
Benefit
Benefit
Members can apply to retire before the normal retirement date due to ill health, provided your employer has received satisfactory medical evidence of ill health that renders you unable to do your job.
If a member is medically boarded due to ill health, they will receive:
• A tax-free lump sum equal to one third (1/3) of the total pension.
• In addition, the member will receive a monthly pension , payable through the annuity purchased from the remaining pension value.
• On a provident fund, the member may take the two thirds (2/3) in cash which is subject to tax.
Benefit
Members who become totally and permanently disabled as a result of disease or illness, to the extent that they can no longer perform their own or a similar occupation, will be entitled to a disability income benefit.
• The member will receive an income equal to 75% of their final salary.
• The member will remain a full member of the Fund and will continue to qualify for all benefits in terms of the Fund Rules.
• Both the member and employer must continue to contribute to the Pension or Provident Fund during this period.
This is only applicable if your employer has selected these benefits. Please contact your employer to confirm the benefits you are eligible to receive.
Benefit
Members who become totally and permanently disabled as a result of disease or illness, to the extent that they can no longer perform their own or a similar occupation, will be entitled to a disability income benefit.
• The member will receive an income equal to 75% of their final salary.
• The member will remain a full member of the Fund and will continue to qualify for all benefits in terms of the Fund Rules.
• Both the member and employer must continue to contribute to the Pension or Provident Fund during this period.
This is only applicable if your employer has selected these benefits. Please contact your employer to confirm the benefits you are eligible to receive.
Benefit
Benefit
In the unfortunate event that a member passes away before reaching retirement age, a lump sum death benefit becomes payable.
This benefit is paid to the member’s dependants and/or nominated beneficiaries.
The distribution of the death benefit is conducted in accordance with Section 37C of the Pension Funds Act.
Benefit
Orion Namibia offers your employer the ability to structure your fund benefits, by providing cost effective options including retirement, death, disability and funeral cover benefits. The value of the cover you enjoy will depend on various factors. For full details of your cover under Orion Namibia speak to your HR department or have a look at your annual Member Benefit Statement
Orion Namibia Offers Your Employer A Choice of the Following Risk Benefits If You Die in Service:
If selected by your employer, on your death, a lump sum benefit plus, your Member Account is payable.
If selected by your employer, and you die because of an accident, a lump sum benefit, in addition to the lump sum death benefit above, and your Member Account is payable.
If selected by your employer, a lump sum is payable should you, your spouse and/or your children die. This benefit is not provided by the Fund; it is provided by an Old Mutual policy that has been taken out by your employer.
It is also possible for your employer to provide lump sum death benefits and accident death benefits through policies that it has taken out with Old Mutual. These are not paid by the Fund and therefore are not distributed by the Management Board (Trustees) in terms of the Pension Funds Act. Please refer to your New Entrant Certificate or annual Member Benefit Statement to see if you are eligible for any separate (non-Fund) benefits.
Benefit
Orion Namibia offers your employer the ability to structure your fund benefits, by providing cost effective options including retirement, death, disability and funeral cover benefits. The value of the cover you enjoy will depend on various factors. For full details of your cover under Orion Namibia speak to your HR department or have a look at your annual Member Benefit Statement
Orion Namibia Offers Your Employer A Choice of the Following Risk Benefits If You Die in Service:
If selected by your employer, on your death, a lump sum benefit plus, your Member Account is payable.
If selected by your employer, and you die because of an accident, a lump sum benefit, in addition to the lump sum death benefit above, and your Member Account is payable.
If selected by your employer, a lump sum is payable should you, your spouse and/or your children die. This benefit is not provided by the Fund; it is provided by an Old Mutual policy that has been taken out by your employer.
It is also possible for your employer to provide lump sum death benefits and accident death benefits through policies that it has taken out with Old Mutual. These are not paid by the Fund and therefore are not distributed by the Management Board (Trustees) in terms of the Pension Funds Act. Please refer to your New Entrant Certificate or annual Member Benefit Statement to see if you are eligible for any separate (non-Fund) benefits.
