Cape Municipal Pension Fund, Cape Town

The Cape Municipal Pension Fund is registered in terms of the Pension Funds Act, No 24 of 1956 and the Income Tax Act, No 58 of 1962. In terms of Section 1 of the Income Tax Act, 1962 the Fund is classified as a Pension Fund and is a hybrid Fund.
The Fund was established on 1 January 1925 and up until March 1998 it was called the Cape Town Municipal Pension Fund. At that time it was a Defined Benefit Pension Fund. In July 1998 a Defined Contribution section was opened and in-service members of the Fund were given the choice to move to the Defined Contribution section. The Defined Benefit section was then closed to new entrants. Since that date all new members of the Fund have been required to join the Defined Contribution section of the Fund. The Cape Municipal Pension Fund is the oldest local authority Pension Fund in South Africa. As at 30 June 2016, the Fund served the interests of some 9 900 in-service members and some 5 000 pensioners.The objectives of the Fund are to provide benefits:

• Pension Fund
• Compensation Fund
• Retirement Fund