Mission

“The mission of the SALA Pension Fund is to pay the benefits promised to all members in terms of the rules of the Fund as they fall due and to continuously strive for the actuarial and financial soundness of the Fund. The Fund therefore seeks to grow the assets of the Fund in real terms through a risk conscious manner taking cognisance of the existing financial and actuarial soundness of the Fund”

Vision

“To become the fund of choice in the entire municipal sector”

Objective

“The objective of the SALA Pension Fund shall be to provide benefits on retirement, ill-health, disability, retrenchment or death to Members of the Fund and / or their Dependants.”

Background

The SALA Pension Fund commenced in March 1985 so that employees of the Local Authorities would be able to provide for themselves and their families in the event of retirement, death or ill-health.

Employees, who at that time have been members of various other pension funds within Local Government, were transferred to SALA with full credit for years of service already completed.

The Fund, as at May 2009, consists of ±19 000 members. Its members are predominantly from the municipal and police services sectors.

Management

A board of trustees consisting of employer and employee representatives manages the SALA Pension Fund. The process starts with a Local Authority Committee for each council. Therefrom representatives are chosen to form committees, regional and provincial structures.

Trustees of SALA perform their responsibilities in terms of the Pension Funds Act (No. 24 of 1956), the Income Tax Act (No. 58 of 1962) and other applicable legislation.

Members of the Board (Trustees) serve for a term of 5 years coinciding with the municipal term of office as would be applicable at the time.

The Chairperson, Deputy Chairperson and Principal Officer of the Board are elected by members of the Board.