The fund understands its members' need for housing finance and therefore provides housing loan guarantees based on a maximum percentage of a member's fund credit. The loan is subject to approval by the relevant credit provider and must be used for housing purposes i.e. renovating of property, purchasing of property and/or a plot and/or for the settlement or partial settlement of an existing bond.
Great news! Improved benefits and a reduction in risk cover costs with effect from 1 July 2019.
The fund understands the impact that high cost can have on a member's retirement savings and therefore always endeavours to keep it to a minimum.
Updating beneficiary and financial dependant information is of the utmost importance and will assist the fund with the processing and payment of death benefits. Registering your qualifying family members and a life-partner is as important in ensuring that the funeral benefit is paid when a claim is submitted. The insurer may decline to pay a funeral benefit if the fund has no record of a qualifying dependant and where the required proof of the deceased's relationship to the member cannot be provided.
UPDATE ON DEFAULT REGULATIONS EFFECTIVE 1 MARCH 2019
We have previously communicated on the default regulations that are set to be implemented with effect from 1 March 2019. In general, default options are automatic choices made on behalf of members who do not exercise an alternative choice.
The new default regulations are aimed at promoting good fund governance and improving the retirement outcomes of retirement fund members and prescribe the requirements for default investment portfolios, default preservation and annuity strategies.
Well we have definitely started 2019 off on a high!
Winning FOUR awards at this year’s Institute of Retirement Funds Africa – Best Practices Industry Awards and with the fund fast approaching the 50 000-membership mark, we are growing from strength to strength and setting the benchmark in Local Government.
We are excited to introduce the new ABSA Workplace benefits which offer NFMW-members exclusive financial service solutions, including discounts on vehicle finance, home loans and personal loans.
NFMW WINS AWARDS!!
2017/2018 Annual Report & Key Highlights
The NFMW had another successful financial year and we are excited to provide you with the 2017/2018 Annual report in this month's edition. The report provides an overview of the fund's activities for the period 1 July 2017 to 30 June 2018 and a hard copy has been posted to all fund members to reach them by the end of November.
You can download the full Annual Report and watch the Principal Executive Officer's overview as well as the NFMW's key highlights video by clicking on the links below.