We are pleased to inform you that the Financial Services Board has approved both the Engineering Industries Pension Fund (EIPF) and the Metal Industries Provident Fund (MIPF) Surplus Apportionment Schemes on the 30 November 2011.
Please note that individual Surplus statements will be sent to members as soon as practically possible after the Actuaries have updated the Surplus values at as 01 April 2008 with the actual investment returns the Funds have earned up to the expected payment date.
Taking into account the above it is expected that payment will only begin to be made within a 6 month period.
- Qualifying Former members will receive a Bank Mandate form to confirm their banking details. These forms will have to be returned to the Surplus office. Once the details have been recorded, payment will be made.
- Pensioners will receive a lump sum in cash as well as an increase to their monthly pension as at 01 April 2008 (as detailed in the communication booklet).
- Current members will have their Surplus amounts credited to their Fund credit and will not receive any cash payments.