YX Retirement benefits explained: costs, cover & value

Being part of the YX Employee Benefit Fund means you get retirement savings, insurance, and funeral benefits — plus extra value-added services. Here’s a simple guide to what’s included, what it costs, and how it works.

Retirement Savings

Your total savings = your contributions + employer contributions + investment returns – costs.

Contribution Categories

• Category 1: You pay 2% of salary, employer pays 2% (minus admin).
• Category 2 (Default): You choose 7.5%–9%, employer pays 18% (minus admin).
• Category 3: You pay at least 7%, employer pays at least 7%.

Two-Pot Retirement System (from 1 Sept 2024)

• Vested Pot: All savings before Sept 2024. You can access when you resign or retire.
• Retirement Pot: 2/3 of new contributions. Locked until retirement (55+), must buy an annuity.
• Savings Pot: 1/3 of new contributions. One withdrawal per tax year (minimum R2,000).

💡 Bonus: 10% of your vested pot (max R30,000) was added as starting seed capital in Sept 2024.

Funeral Benefits

Direct family members are automatically covered.

• Category 1: Up to R14,000 (you/spouse/children over 6).
• Category 2: Up to R58,000 for you/spouse, R28,500 for children.

💡 Spouses/partners must be under 75 when you join. Children are covered until 21 (or 26 if studying/unmarried/disabled).

What Happens If You Leave the Fund

• Resign before 55:
  • Vested Pot: Take cash, transfer to another fund, or preserve it.
  • Savings Pot: Withdraw (if you haven’t already this tax year).
  • Retirement Pot: Locked until retirement.
• Retire at 55+:
  • Lump sum, annuity, or a mix (depending on when the savings were made).
  • Exception: If your total retirement savings are under R165,000, you can take it all in cash.

Monthly Costs (deducted from employer contributions)

• Admin: 0.5% of salary.
• Insurance: Depends on your level chosen.
• Funeral cover: 0.080% (Category 1) or 0.313% (Category 2).
• Investment + withdrawal fees: deducted from returns or savings.

Extra Benefits

• Free: Financial advice, 24/7 counselling, online account access.
• Discounted: Banking, lifestyle benefits, funeral services (25% off with Dune Funerals).
• Loans: Housing loans up to 60% of savings (approval required).

📞 Key Contacts

• Fund Broker: 012 555 5555
• Fund Manager: 012 555 5555
• Funeral Services (Dune): 087 555 5555
• Sanlam: 0861 555 555

👉 Click “Get in touch” and let’s chat about your needs - no obligations, no fuss.