News

Oct 2019

Can you believe that we are at the end of October already, which means there are only two months left until the end of 2019? The latest Annual Report, providing an overview of the fund for the 2018/2019 financial year, will be posted to members at the end of November. Members are encouraged to ensure that the fund has their correct addresses on record in order to receive their packs updating their contact details. An electronic version of the report will also be distributed as part of the next news update edition.

Investment update Oct 2019

NFMW-greetings

In the volatile investment climate that we are currently experiencing, and have been experiencing for some time now, it is understandable that members would be concerned about the impact that the most recent investment portfolio returns may have on their retirement savings. In this special edition of the mailer we provide answers to the questions that we have received on this topic, which we trust will also address any concerns you may have.

Sep 2019

Member and employer contributions are payable to the fund by no later than the seventh (7th) day after the end of the month in respect of which the contributions are payable. For example the September-contributions must have been paid to the fund by the 7th of October. Non-payment of contributions by an employer can have a negative impact on members and an article on this important topic is provided later in this article.

Aug 2019

President Cyril Ramaphosa's statement in the national assembly that South Africa should have a national conversation about the use of prescribed assets, has again created some concerns amongst our fund members. Prescribed assets could refer to the percentage of retirement funds’ assets that, by law, must be invested in bonds issued by the SA government and state-owned enterprises.

Jul 2019

NFMW-greetings

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.

Jun 2019

NFMW-greetings

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.

May 2019

The risk cover category elected by a member determines the benefit payable in the event of death and disability*. The fund provides members with the option to elect the extent of death and disability cover, by choosing between the available categories. It is important for members to review their risk cover category from time to time to ensure that it is still best suited to their individual needs. Members can change their risk category twice a year effective 1 January and 1 July and when their personal status changes i.e. marriage, birth of a child.

April 2019

NFMW-greetings

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.

March 2019

Our aim as a fund 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 decision to ultimately retire financially sound.

February 2019

This edition includes the latest information on the new default regulations, the latest investment returns and the voluntary funeral benefits and burial packages available to members.

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.

January 2019

NFMW-greetings

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.