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ASPF Brochure
Agri and Affiliated Sectors Provident Fund (ASPF)
The Agri and Affiliated Sectors Provident Fund comprises various plans, with each plan offering unique benefits. These plans are compiled in such a way as to offer individual member’s death, capital disability, accidental death/bodily loss and funeral benefits at affordable premiums with the inclusion of a savings component. The savings component is based on the gross contributions for every member of the Fund less the costs of administration, death, capital disability, accidental death/bodily loss and funeral benefits. The effectiveness of the savings component depends on the level of contributions, as well as the period over which contributions are made. The savings period of members who only joined the Fund at an older age is much shorter than those of younger members and subsequently, their Fund values will also be lower at retirement.The Fund is extremely flexible and can satisfy a variety of needs while still straight forward enough to ease administration and limit costs.
SALARY AND WAGE PACKAGES
The below wage packages will be in effect from 1 March 2024.
| PLAN | A1 | A2 | B | C1 (Closed) | C2 | C3 (Closed) | D | E |
|---|---|---|---|---|---|---|---|---|
| Contributions | R180 | R180 | R203 | R228 | R228 | R323 | R272 | R456 |
| Death Cover | ||||||||
| Cover | - | R14 000 | R17 000 | R17 000 | R20 000 | R20 000 | R25 000 | R35 000 |
| Premium | - | R17.71 | R21.50 | R21.50 | R25.30 | R25.30 | R31.63 | R44.28 |
| Accident Death Cover | ||||||||
| Cover | - | R14 000 | R17 000 | R17 000 | R20 000 | R20 000 | R25 000 | R35 000 |
| Premium | - | R4.83 | R5.87 | R5.87 | R6.90 | R6.90 | R8.63 | R12.07 |
| Capital Disability Cover | ||||||||
| Cover | - | - | - | - | - | R20 000 | R25 000 | R35 000 |
| Premium | - | - | - | - | - | R8.28 | R10.35 | R14.50 |
| Funeral Cover | ||||||||
| Cover | - | R12 000 | R16 000 | R19 000 | R19 000 | R19 000 | R20 000 | R30 000 |
| Premium | - | R26.22 | R35.00 | R41.55 | R41.55 | R41.55 | R43.70 | R65.55 |
| Paid Up Funeral Policy | ||||||||
| Cover | - | - | - | R5 000 | - | R7 500 | - | - |
| Premium | - | - | - | R20.13 | - | R30.20 | - | - |
| Administration Costs | R18.00 | R18.00 | R18.00 | R18.00 | R18.00 | R18.00 | R18.00 | R18.00 |
| Marketing Costs | R2.00 | R2.00 | R2.00 | R2.00 | R2.00 | R2.00 | R2.00 | R2.00 |
| Communication Costs | R2.00 | R2.00 | R2.00 | R2.00 | R2.00 | R2.00 | R2.00 | R2.00 |
| Indpendent Advisor Fee | R9.78 | R9.78 | R11.04 | R12.42 | R12.42 | R17.60 | R14.84 | R24.84 |
| Less Total Cost | R31.78 | R80.54 | R95.41 | R123.47 | R108.17 | R151.83 | R131.15 | R183.24 |
| Net Contribution Towards Saving | R148.22 | R99.46 | R107.59 | R104.53 | R119.83 | R171.17 | R140.85 | R272.76 |
| % Of Contribution | 82.34% | 55.36% | 53.00% | 45.85% | 52.56% | 52.99% | 51.78% | 5982% |
Pre-existing conditions will be excluded from the Capital Disability Benefit. Subject to the terms and conditions.
SALARY PACKAGES
The below salary packages will be in effect from 1 March 2024.
| PLAN | SAL1 | SAL2 | SAL3 | SAL4 |
|---|---|---|---|---|
| Contributions | R605 | R906 | R1 210 | R3 025 |
| Death Cover | ||||
| Cover | R100 000 | R150 000 | R200 000 | R500 000 |
| Premium | R65.60 | R98.70 | R131.00 | R328.00 |
| Accident Death Cover | ||||
| Cover | R50 000 | R75 000 | R100 000 | R250 000 |
| Premium | R8.00 | R12.10 | R16.10 | R40.25 |
| Capital Disability Cover | ||||
| Cover | R100 000 | R150 000 | R200 000 | R500 000 |
| Premium | R33.40 | R50.00 | R66.70 | R167.00 |
| Funeral Cover | ||||
| Cover | R35 000 | R35 000 | R35 000 | R35 000 |
| Premium | R51.50 | R51.50 | R51.50 | R51.50 |
| Administration Costs | R18.00 | R18.00 | R18.00 | R18.00 |
| Marketing Costs | R2.00 | R2.00 | R2.00 | R2.00 |
| Communication Costs | R2.00 | R2.00 | R2.00 | R2.00 |
| Independent Advisor Fee | R32.95 | R49.39 | R65.95 | R164.85 |
| Less Total Cost | R213.45 | R283.69 | R353.25 | R773.60 |
| Net Contribution Towards Saving | R391.55 | R622.31 | R856.75 | R2 251.40 |
| % Of Contribution | 64.72% | 68.69% | 70.81% | 74.43% |
The salary plans are applicable to members earning above R10 000 per month.
Pre-existing conditions will be excluded from the Capital Disability Benefit. Subject to the terms and conditions.
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