Exemptions - Application for Exemption for 2023
PLEASE NOTE: Applications for exemptions for the 2023 calendar year may be submitted from 1 November 2022.
You may request the Exemption Application Form from exemption@hcsbc.co.za.
Exemptions are granted per calendar year, or part thereof, as may be determined by the Exemption Committee. Exemptions that were granted for 2022 do not carry over and you must re-apply for exemption for the 2023 calendar year.
When applying for exemption for multiple employees, only one application form needs to be completed. However, an individual letter from each employee, as per the example given in the Exemption Application Form, must be provided.
For Pension Fund exemption applications, please ensure that the Broker/Intermediary Form is properly completed and that the current membership schedules of the alternative Fund are provided in relation to the employees to whom the application relates. Should you wish to apply for exemption from the Pension Fund, bear in mind that exemption will only be granted if the alternative Pension Fund is equal to, or better than, the HBSI Pension Fund.
Compliance is an important factor that is considered in exemption applications. Applicants must ensure that their accounts are up to date and that all employees are registered with the Council.
Pension Fund: Update on Foreign Nationals
Verso, on behalf of the HBSI, has issued an updated newsletter regarding foreign nationals’ claims and bank accounts. The newsletter can be accessed through HERE.
Regarding “foreign national” members, the National Labour Migration Policy (“NLMP”) affects all foreign nationals who current resides in the Republic of South Africa. The only “foreign nationals” who are not affected by the NLMP are those who obtained permanent residence or those who are refugee permit holders (Section 24 permit/maroon ID document).
As a Fund, we totally understand your sense of panic and uncertainty faced for example by the cancellation of the Zimbabwean Exemption Permits (“ZEP”) by the Department of Home Affairs which have now been extended to 30 June 2023. First of all, we want to reassure you that pension fund benefits are always due and payable, irrespective if you are a South-African citizen or Foreign National. With this newsletter, we will try to answer some of your questions already received regarding the pension fund withdrawals by the Non-South African Members.
Please click HERE to read the full document that includes documentation required and FAQs for pension fund withdrawals by Foreign Nationals.
Electronic Returns Reminder
For those of you who do not receive your Returns electronically you can access the document on the Council’s website www.hcsbc.co.za.
We appeal to all establishments who have previously elected to receive their Returns by way of post, to opt for email correspondence. The Council will consider a postage charge going forward. The change to your option can be notified to the Council by way of an email to amend@hcsbc.co.za.
Please consult the Council’s WEBSITE for the contact details of Agents in your area.
For more information, contact: www.hcsbc.co.za