Providing superior investment
returns for M & E Sector
workers
T
he Metal Industries Benefits Funds have, over the decades, not only provided
death, retirement, resignation, disability and sick pay benefits to their members,
but they have also continuously taken pressure off the Government’s shoulders by
providing a social security net to retired members, so says Metal Industries Benefit Funds
Administrators (MIBFA) CEO Jacques Calomiti.
MIBFA administer the following Industry Benefit Funds in the Metal and Engineering
industries:
• The Engineering Industries Pension Fund,
• The Metal Industries Provident Fund,
• The Metal and Engineering Industries Permanent Disability Scheme, and
• The Metal and Engineering Industries Bargaining Council Sick Pay Fund
The Funds Boards of Trustees is comprised of both employers operating in the metals and
engineering sector as well as trade union fund members representing employees in the
sector. Equal representation of employers and trade union representatives on the Board
of Trustees and the various sub committees ensures that decisions are made jointly by
consensus.
Jaccques Calomiti
Mibfa CEO
“The move to include employee representatives on the Board was in the 1970’s and
1980’s was both strategic and of crucial importance in as far as equal representation and
transparency are concerned,” Mr Calomiti said.
Mr Calomiti says that in addition to this, the Funds are also registered with and subject to
oversight by the Financial Services Board (FSB) which provides members with additional
security of oversight.
The Funds have a Principal Officer, Mr Omar Gire, who oversees the management of the
Fund with all its service providers and reports to the FSB .
He has over 30 years experience in the metals industries as a Trustee, shop steward,
NUMSA Treasurer, and has more than ten years’ experience as the Funds Principal Officer .
As of April 2018, the joint market value of the Funds was in excess of R112 billion and
had a total of over 280 000 contributing members. Since November 2011, the Funds have
also been involved in the distribution of surplus to current and past members, as per the
Amended Pension Funds Act.
Omar Gire
The Funds Principal
“Following the change in Pension Funds Legislation, the Financial Services Board approved
both the Engineering Industries Pension Fund and the Metal Industries Provident Fund
Surplus Apportionment Schemes on 30 November 2011.
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