Pension payouts

**Isetech** · 17-Oct-23, 10:47 AM

I have an employee who worked for a company a couple of years ago, he left that company.

He has received a call from a company which apparently deals with pension "cold cases".

Do we deal with this company or contact the industry council directly.

**Isetech** · 17-Oct-23, 10:59 AM

With regards to pensions etc, if you join the ECA for example one of the requirements is that you have to register with the electrical industry bargaining council and that means you have to increase your rate to try cover the overheads added to your little business.

I am at that point where we are doing more elctrical work than "other" work, which means it would be advisable to look into registering with the bargaining council again and the ECA to CYA

**Dave A** · 17-Oct-23, 11:27 AM

Originally Posted by Isetech

He has received a call from a company which apparently deals with pension "cold cases".

A company called Cold Case has been contracted by the Electrical Industry KZN Pension Fund to trace members with unclaimed benefits. If in doubt, contact the NBCEI, which is also a "front desk" for this pension fund.

**Isetech** · 17-Oct-23, 11:43 AM

Can a small company create a pension fund with an approved insurance company and pay the employees contribution directly to the policy for the employee?

**Thys LOW Elektries** · 17-Oct-23, 12:59 PM

I have a Annuities plan. A previos employer made us sign up to it as an alternative to a retirement plan. i payed half and they paid half of the fund's payment.
I work for myself now and pay the full amount into the account each month.
Your fund don't expire or stop growing when you change work or loose your income. Maybe something to have a look into.
The benifit is if you stop paying it still grows.

**Dave A** · 17-Oct-23, 01:28 PM

Originally Posted by Isetech

Can a small company create a pension fund with an approved insurance company and pay the employees contribution directly to the policy for the employee?

You would apply for an exemption from the collective agreement scheme at the NBCEI. Note that the benefits of the policy must be as favourable or better than those of the benefit scheme you are applying for exemption from for the application to be successful.

**Isetech** · 17-Oct-23, 01:31 PM

Due to the scope of work we do (not only electrical and solar), we are no longer required to be registered with the NBCEI (since 2015 we cancelled membership).

I would like to get some sort of pension fund or the like going for the employees. The question is which one will work for us and how much to contribute.

**Isetech** · 17-Oct-23, 01:36 PM

We had an onsite meeting at the time to discuss the scope of work etc.

Our new workshop is only 10 % electrical and it gets complicated because now the turnover is more towards solar than electrical, so I am stil ltrying to decide if I should register with one of the solar associations or the ECA.

Originally Posted by Dave A

You would apply for an exemption from the collective agreement scheme at the NBCEI. Note that the benefits of the policy must be as favourable or better than those of the benefit scheme you are applying for exemption from for the application to be successful.

**GCE** · 18-Oct-23, 06:47 AM

Originally Posted by Isetech

With regards to pensions etc, if you join the ECA for example one of the requirements is that you have to register with the electrical industry bargaining council and that means you have to increase your rate to try cover the overheads added to your little business.

Your statement is incorrect

If you do any electrical installation work , and solar is defined as electrical installation work , who have to be law register with the Electrical Bargaining council . It does not matter whether you are a member of an association or not

**GCE** · 18-Oct-23, 06:55 AM

Originally Posted by Isetech

We had an onsite meeting at the time to discuss the scope of work etc.

Our new workshop is only 10 % electrical and it gets complicated because now the turnover is more towards solar than electrical, so I am stil ltrying to decide if I should register with one of the solar associations or the ECA.

I thought you had submitted applications some months back to ECA.

ECA is the only employer's organization - As previously discussed on this topic some of the other organizations running around are made up of suppliers and training center service providers and are more interested in setting regulations to suit themselves.

ECA is basically run by Electrical Contractors - guys like you and me that are passionate about the industry and trying to look after ourselves as contractors