The National Fund for Municipal Workers (NFMW) has grown to the largest fund within local government and with a membership base of more than 52 000 (employees and councillors) throughout South Africa, it is clear that we are the fund of choice.
We are a defined contribution fund and was established after negotiations at Bargaining Council level between the employer and trade unions and is registered in terms of the Pension Funds Act 24 of 1956.
The fund is managed by a Board of Trustees consisting of 10 member representatives and 1 employer representative. This means more than 90% of the Trustees are members of the fund.
The NFMW’s excellent long-term investment performance track record puts it on par with the best global balanced managed portfolios in South Africa and ahead of its peers in Local Government.
We pride ourselves in providing excellent service and the administration cost is of the lowest in the industry, this translates to less of our members' contributions towards cost and more towards retirement savings.
...is to always keep our members informed about what is happening in the fund; educate them so they understand the benefits they enjoy as members; guide and provide them with the necessary tools through ongoing interaction and equip them to make informed decisions to ultimately retire financially sound one day.
To be the benchmark of excellence in providing retirement benefits to local government employees, indicates that we endeavour to provide a correct and personalised service to each member of this Fund.
To provide financial security to members and their dependants. This is to be achieved by managing the fund in a professional and efficient manner, with the prime focus being on growing the retirement benefits in a competitive and risk conscious manner.
Board of Trustees effective 1 January 2020
Mr C C K Antonio (Chairperson of Board of Trustees); Ms M C Makgalemele (Chairperson of Communications Committee); Mr H S Rossouw (Chairperson of Investment Committee); Mr E A Schutte (Chairperson of Legal Committee); Mr N C Cindi; Mr L Geldenhuys; Ms M E Jantjie; Ms C J Labuschagne; Mr P S Mofokeng; Mr N J Nkuna; Mr P R Nolutshungu;Acting Principal Executive Officer: Mr L Ndawana
Why does the NFMW not conduct annual general meetings (AGMs)?
- It is not a legislative requirement for a fund to conduct an AGM and the fund is only required to consider conducting these meetings i.e. member demographics, costs etc.
- An annual general meeting is usually only conducted once a year and at a venue as decided by the specific Board of Trustees. These venues are often not accessible for most members who do not always have the means to travel.
- The NFMW has more than 52 000 members employed at more than 200 employers throughout South Africa. The fund will have to conduct at least one annual general meeting per province, considering the membership demographics and incur the cost of conducting the AGM, transport etc. These costs will ultimately have an impact on the running costs of the fund.
- Employers only identify a certain number of member and employer delegates to represent the municipality at an AGM. This means that not all members will have the opportunity to attend. The NFMW conducts regular information sessions at municipalities where all members have equal opportunity to attend and engage with a fund representative.
- The information communicated at the AGMs include the annual financial statements, reports from the Chairperson and the Principal Executive Officer on the activities of the fund during the financial year, rule amendments etc. All this information is contained in the annual report issued to all fund members every year.