How does the Fund deal with the leftover money from your contribution?

Each participant of the Fund makes a monthly contribution from their own salary or savings, which is known by the Fund as “own contribution”. It is the Fund’s obligation to return this money and its interest earned to you, your entitled survivors, or estate (the assets and liabilities left by a person at death).

If you die in service or after retirement and if you have not exhausted the equivalent of your “own contribution”, the Fund will pay whatever amount is left to your survivors (i.e. your spouse or ex-spouse, children under the age of 21 or disabled child). However, what happens if you don’t have survivors?

The Fund calls the leftover money as “Residual Settlement” and requires each participant to fill out the Designation of Recipient for a Residual Settlement A2 Form. The Fund will pay the residual settlement to whomever you designated in your A2 form. If you don’t fill out this form, the Residual Settlement will be paid to your estate.

For more information about Residual Settlement and details on calculations and payments, please visit our dedicated page.

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