MIFA plays a crucial role in managing retirement savings for employees in the South African motor industry retail sector. This guide provides a comprehensive overview of MIFA, its services, and answers frequently asked questions.

What is MIFA?

The Motor Industry Fund Administrators (Pty) Ltd (MIFA) is a registered retirement fund administrator under Section 13B of the Pension Funds Act. They specialize in administering the Motor Industry Retirement Funds (MIRF). With decades of experience, MIFA offers a secure and reliable platform for retirement savings in the motor industry.

What Does MIFA Do?

• Fund Administration: MIFA handles the day-to-day operations of the MIRF funds, including member contributions, benefit payments, recordkeeping, and investment management.
• Compliance: MIFA ensures the MIRF funds comply with all relevant laws and regulations set by the Financial Sector Conduct Authority (FSCA).
• Investment Strategy: MIFA works with a qualified investment committee to develop and implement a diversified investment strategy that aims to grow member retirement savings.
• Member Communication: MIFA provides members with regular statements and updates on their retirement fund benefits.

Who Does MIFA Serve?

MIFA serves the following groups:

• Employers: MIFA partners with motor industry retail employers to offer their employees retirement savings benefits through the MIRF funds.
• Employees: MIFA manages retirement savings accounts for employees contributing to the MIRF funds.
• MIRF Trustees: MIFA provides administrative support to the board of trustees overseeing the MIRF funds.

The Motor Industry Retirement Funds (MIRF):

MIFA administers five separate retirement funds under the MIRF umbrella:

• Motor Industry Provident Fund (MIPF)
• Auto Workers’ Provident Fund (AWPF)
• Motor Industry Pension Fund (2005) (MIPF 2005)
• Copartes Pension Fund
• Motor Industry Beneficiary Fund (MIBF)

Each fund caters to specific needs within the motor industry and has its own set of rules and benefits.

How to Access MIFA Services:

MIFA primarily works with employers and the MIRF trustees. Individual members typically wouldn’t interact directly with MIFA. However, members can access information about their retirement benefits through their employer or by contacting the MIRF directly.

FAQs About MIFA and MIRF

• Who can join a MIRF fund?

Membership in a MIRF fund is typically automatic for employees working in the motor industry retail sector whose employers contribute to the funds.

• How do I contribute to a MIRF fund?

Employers deduct contributions from your salary and forward them to MIFA for deposit into your chosen MIRF fund account.

• How much can I contribute to a MIRF fund?

Contribution rates vary depending on the specific MIRF fund and may be subject to bargaining council agreements.

• How do I access my retirement benefits?

You can only access your retirement benefits upon meeting certain qualifying events as outlined in the specific MIRF fund rules. These events may include retirement, resignation, dismissal, disability, or death.

• How do I contact MIFA?

While MIFA doesn’t directly handle member inquiries, you can find information about MIFA and the MIRF funds on their website https://www.mifa.org.za/ or by contacting your employer or the MIRF directly.

• How do I find out which MIRF fund I belong to?

Your employer should be able to tell you which MIRF fund you are contributing to.

• I am no longer employed in the motor industry. Can I still keep my money in a MIRF fund?

Yes, in most cases, you can retain your membership in a MIRF fund even if you leave the motor industry. However, contribution amounts may change depending on the specific fund rules.

Additional Resources:

• Motor Industry Retirement Funds (MIRF): https://www.mirf.co.za/
• Financial Sector Conduct Authority (FSCA): https://www.fsca.co.za/

This guide provides a starting point for understanding MIFA and the MIRF funds. For specific details about your membership and benefits, consult your employer or contact the MIRF directly.