News

Latest News Update 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.

Latest News Update 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.

NFMW WINS AWARDS!!

We are proud to announce that the NFMW was awarded, not one, or two, but  FOUR AWARDS at this year’s Institute of Retirement Funds Africa – Best practices industry awards.

2017/2018 Annual Report & Key Highlights

NFMW-greetings

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.

Latest News Update October 2018

We have noticed a concerning increase in the number of members wanting to resign or "end their membership" with the fund, because they have been declined a pension-backed home loan and/or want to access their retirement savings, mainly because of debt. The financial pressures that most South Africans are experiencing with the increased petrol price, the rising day-to-day cost of living and all the other pressing financial obligations are all contributing factors.

Latest News Update September 2018

NFMW-greetings

In this edition we would like to welcome and introduce to you the newly appointed SALGA-employer trustee, Mr. Rio Nolutshungu, who has joined the Board of Trustees during the month of September.

Market performance and impact on NFMW-portfolios

Recent economic developments, market performance and impact on NFMW-portfolios. The volatility experienced in the markets (global and local) over the last couple of months can be attributed to various global and local economic data flows as well as geopolitical events. For example, the ongoing and potential US/China trade war as well as the rising interest rate environment in the US.

Latest News Update August 2018

The primary objective of the NFMW is to provide benefits for members on retirement or withdrawal and for their dependants or nominees in the event of the death of such a member. There are different factors that can have an impact on the benefits payable to a member on resignation and retirement. It is therefore important that members are made aware of these factors in order to assist them to make informed decisions about their retirement savings to ensure the best possible outcome. Please take the time to read this edition of the news update and please contact us if you require any further information or need our assistance.

Retirement Reform Update

Annuitisation of retirement benefits from provident funds – effective date of 1 March 2019 not yet confirmed. The legislation that is currently in effect and which was passed in previous years states that from 1 March 2019, provident fund members may be required to purchase an annuity (pension/income) from contributions made to their provident fund after 1 March 2019. The implementation of this requirement has been postponed a number of times for consultation at NEDLAC.

Positive returns declared on all NFMW portfolios

Positive returns declared on all NFMW investment portfolios. Investment returns declared by the fund have a direct impact on a members' retirement savings. This means that good investment returns will have a positive effect on their fund credit and negative returns will have the opposite effect.

News Update (June 2018)

A reduction in risk cover cost & improved funeral benefits effective 1 July 2018!

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.

After performing the annual review of the death, disability and funeral benefits, the fund was able to increase the funeral cover benefit and at the same time reduce the risk cover cost!