CRF members enjoy flexible cost-efficient benefits, by choosing a risk category best suited to their individual financial needs.

The risk category you select, determines the amount of risk cover you have in the unfortunate event of death, disability or if you are diagnosed with a dread disease. Your risk category also determines how much of your monthly contributions are used to purchase your risk cover and how much goes towards your retirement savings.

To help you choose, or when reviewing your existing risk cover with the Fund, the table below reflects the amount you pay for risk cover and how much you save towards retirement for each risk benefit category in the Fund:

Risk Category
(before expenses of running the Fund)
Check to see if you fit this profile What happens if you die? What happens If you become disabled? Are you covered for dread disease?
A: This category costs 3%.
You save 22.5% or 24% towards retirement.
Councillors save 12%.
I have some insurance of my own, so I only need some death, disability and dread disease cover Your dependants will receive a lump sum of 4.35 x your annual pensionable salary plus your member share plus your funeral benefit You will receive a lump sum of 4.35 x your annual pensionable salary plus your member share. This benefit decreases with 1/120th per month from the age of 55 and ends at 65. Yes
B: This category costs 5%.
You save between 20,5% to 22% for retirement.
Councillors save 10%.
I am a young member with a family and have little insurance cover. I definitely need death, disability and dread disease cover Your dependants will receive a lump sum of 7.35 x your annual pensionable salary plus your member share plus your funeral benefit You will receive a lump sum of 4.70 x your annual pensionable salary plus your member share. This benefit decreases with 1/120th per month from 55 and ends at 65 years old. Yes
C: This category costs 2%
You save between 23,5% and 25% for retirement
Councillors save 13%
I have sufficient disability cover, so I only need death and dread disease cover Your dependants will receive a lump sum of 4.70 x your annual pensionable salary plus your member share plus your funeral benefit No insured disability benefit. Only your member share will be paid to you Yes
D: This category costs 0%
You save between 25.5% and 27% for retirement
Councillors save 15%
I am older than 50 years or a councillor. I have my own insurance, which my broker confirmed is sufficient. All my contributions are to be placed in to my retirement savings account. Category D does not offer any risk benefits other than funeral cover. Your dependants will receive a lump sum consisting of your total member share plus your funeral benefit Your member share will be paid to you in form on a lump sum. No
E: This category costs 3.25%
You save between 22,25% and 23.75% for retirement
Councillors save 11.75%
I need death and dread disease cover and as well as a monthly income disability benefit Your dependants will receive a lump sum of 4.25 x your annual pensionable salary plus your member share plus your funeral benefit You will receive a monthly income disability benefit of 75% of your annual pensionable salary, subject to a maximum of R130 000 per month. In the case of disability, you will continue to contribute 9% or 7.5% towards retirement funding and when you reach 65 you will receive your full member share as a retirement benefit. Remember that while you receive the monthly income disability benefit, you remain covered for the death benefit until you turn 65. Please note that the insurer can stop the monthly benefit if you no longer meet the requirements of the definition of disability. Yes
F: This category costs 3%
You save between 22.5% and 24% for Retirement
Councillors save 12%
I am between the ages of 65 and 75 years and have a need for death cover Your dependants will receive a lump sum of 4.25 x your annual pensionable salary plus your member share plus your funeral benefit There is no insured disability benefit. This means that only your member share will be payable to you No
G: This category costs 0.6%
You save between 24,9% and 26.4% for retirement
Councillors save 14.4%
I have my own insurance outside the Fund, but I would like the minimum death cover offered by the Fund while saving the rest towards my retirement Your dependants will receive a lump sum consisting of 1 x your annual pensionable salary plus your total member share plus your funeral benefit. You will be paid your total member share in a lump sum. No

Important information regarding your dread disease cover

  • Should you be diagnosed with one of the insured dread diseases, a lump sum equal to 0.75 x your annual pensionable salary could be paid to you
  • If you are on risk category A, B, C or E, you are covered for dread disease benefit
  • The following diseases are covered under the dread disease policy: stroke, cancer, heart attack, coronary artery surgery, blindness, renal failure, paralysis, and major organ transplants
  • You can claim for a maximum of two unrelated illnesses
  • A pre-existing condition could have an effect on your dread disease claim
  • The payment of the dread disease benefit is subject to policy conditions and the level of the disease as defined in the policy
  • Your claim form needs to be submitted within 3 months of diagnosis and the specialist reports must be submitted within 6 months

Make a note of this!
As your need for risk cover changes, you will have the option to switch between the available risk categories at the following times:

    • Annually before 30 April for implementation 1 July.  The completed form  needs to reach the Fund before 30 April
    • You will also be allowed to change your risk category in the event of the following life events:
Marriage Divorce Birth or death of a child
Death of a spouse When you obtain the ages of 40, 50, 60 years When a child reaches majority age
When your employment contract changes
  • Proof of an event, e.g. a certified copy of a birth certificate, must be provided together with the risk option change form. Please submit your request to change risk category, within three months of the event
  • Certain conditions apply, in terms of the policy conditions, if the risk cover is increased. The insurer may request additional medical information

Important information regarding your death benefit.

  • Your death cover stops when you reach the age of 65
  • If you are older than 65 but younger than 75 years and need death cover, you can elect risk category F which makes provision for death cover for members in this specific age group
  • There are important legal provisions governing the payment of the death benefits as set out in Section 37C of the Pension Funds Act
  • Your beneficiary nomination form and last Will and Testament serves as an important guideline to the Trustees to identify your dependants. This enables them to make informed decisions ensuring your dependants are looked after when you are no longer able to. Please ensure that you update your beneficiary nomination form on a regular basis

Important information regarding your disability benefit.

  • Your disability cover stops when you reach the age of 65.
  • Members that have elected risk category A or B make provision for a lump sum disability benefit. This benefit decreases by 1/120th per month from the age of 55
  • Risk category E will provide members with a monthly income disability benefit. When this benefit kicks in, you will remain a contributing member of the Fund, and remain covered for the death benefit. When you reach the age of 65 you will receive your fund value as a retirement benefit. The insurer can stop the monthly benefit if you no longer meet the requirements for the definition of disability.
  • Disability claim forms need to be submitted to the Fund within 180 days from date of impairment.
  • Pre-existing conditions could influence your disability claim
  • Approval of your disability is subject to the insurer’s policy conditions and definition of disability. In a nutshell, for the lump sum benefit (risk category A and B) permanency will need to be established in order for the claim to be approved, where with the monthly income disability benefit (risk category E), permanency does not have to be established in order for the claim to be approved
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