ENGINEERING INDUSTRIES PENSION FUND
TheMetalIndustriesBenefitFundsAdministrators (MIBFA),ANonProfitCompany(NPC)thatprovides administrationservicesforBenefitFundsinthe industry.
The"EngineeringIndustriesPensionFund"havingbeen namedandbeingthecontinuationoftheMetal IndustriesGroupLifeandProvidentFund.Until31 March2012theEngineeringIndustriesPensionfund wasa"DefinedBenefit"fund.Thismeansthatthe benefitsthatarepayableintermsoftheRulesare guaranteedandarefixedinnature.TheFundbearsthe riskandbenefitspayableonretirementmustbepaidas amonthlyincomeandarepayabletothememberfor therestofhisorherlife.
Thiswasdoneinordertoensurethelongtermfinancial sustainabilityoftheFund.
