Oct 2019

Submitted by webbest_admin on Thu, 10/31/2019 - 15:26

NFMW-greetings

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.

Members and their qualifying dependants are covered for funeral benefits and it is important that the fund already has all the information on record, should a claim arise. Please read the article included in this mailer on this topic. The forms to update the qualifying dependants' details are also provided.

Looking for ways to enhance your retirement savings? The article on Additional Voluntary Contributions (AVCs) provides you with information on how you can save extra towards your retirement.

Remember, we are always here to help if you need any information or assistance with any fund-related matter.


Piggy Bank

ADDITIONAL VOLUNTARY CONTRIBUTIONS (AVCs)

Member and employer contributions are fixed and calculated on the member's pensionable salary. Members have the option to make Additional Voluntary Contributions (AVCs) towards the fund to enhance their retirement savings. The monthly AVCs are deducted from the member's salary by the employer and paid to the fund and forms part of the member's fund credit to which monthly interest is allocated.

The member determines the additional amount he/she would like to contribute extra every month and arranges the deduction directly with the municipality's salary department by completing the Voluntary Contribution Instruction-form.

Did you know? Members can deduct up to 27,5% of the higher of their remuneration and taxable income, subject to a maximum of R350 000 per year, for both member and employer contributions.


Piggy Bank

FUNERAL COVER

During September, all the NFMW-portfolio returns were positive, which translates into excellent year to date performance figures. The table shows the most recent return declaration and the graph highlights the calendar year to date returns:

The table below indicates the most recent and longer-term returns experienced by the various NFMW -portfolios as at 30 July 2019.

Category C (main fund)

  • Main member: R 48 500
  • Qualifying spouse/life partner: R 48 500
  • Qualifying child 6 years and older (above 21 years of age must be a full-time student, unmarried and/or disabled): R 24 250
  • Qualifying child from 26 weeks of pregnancy until 6 years: R 11 000

Category A (2%-fund)

  • Main member: R 11 500
  • Qualifying spouse/life partner: R 11 500
  • Qualifying child 6 years and older (above 21 years of age must be a full-time student, unmarried and/or disabled): R 4 700
  • Qualifying child from 26 weeks of pregnancy until 6 years: R 4 700

Registration of qualifying dependants

Please ensure that you complete and submit the Registration of qualifying dependants for funeral benefits-form. This will assist in expediting the payment of a funeral benefit. Members must ensure that their life-partners are registered with the fund, by completing the Application for registration of life-partner and the Affidavit by life-partner-forms, where relevant. All the fund forms are available on the website.

Repatriation benefit

This is an included service available on the death of a member or qualifying family members. It is available 24 hours a day, seven days a week and offers the service of transporting the deceased via road and/or air to place of burial within South Africa. This service is available from anywhere in South Africa, Lesotho, Swaziland, Zimbabwe, Botswana, Namibia and Mozambique. To claim, please contact the insurer on 086 0004 080, quote the name and ID of the deceased, name of fund and place where death occurred.

DID YOU KNOW?

  • In the event of the principal member’s death or disability before the age of 65 years, the funeral cover will continue until such time as he/she would have reached the age of 65 years.
  • The qualifying spouse/life-partner must be older than 15 and younger than the age of 75 when the member joins the fund to qualify for the funeral benefit.

NFMW LATEST INVESTMENT PORTFOLIO RETURNS

During September, all the NFMW-portfolio returns were positive, which translates into excellent year to date performance figures. The table shows the most recent return declaration and the graph highlights the calendar year to date returns:

September 2019 Year to date Last 12 months
Shari'ah Portfolio 0,84% 6,04% 1,95%
Capital Protector 0,60% 6,11% 8,08%
Stable Growth 0,87% 5,46% 5,16%
Capital Growth 0,97% 7,75% 3,47%
Aggressive Growth 1,03% 8,27% 2,64%


ABSA Offer

ABSA limited transactional account offer! Get R2 000 cash in your account when you open a new Premium Banking Account or Get R1 500 on opening a new Gold Value Bundle.

  • The offer is only available through an ABSA Retail Sales Consultant
  • Limited offer ends 30 November 2019
  • Customer must switch their salary within 45 days from date of account opening
  • Customer must switch their debit orders to this new account
  • Customer must meet specific qualifying deposit criteria for three consecutive months
  • Customer must be and remain in good standing
  • Individual Requirements: ID-card/book , payslip , proof of address (utility bill), NFMW-membership card
  • Group Scheme Code: 10682

Please click on the following link for the detailed Terms and Conditions.

https://www.absa.co.za/content/dam/south-africa/absa/pdf/Offers/terms-and-conditions/absa-work-place-banking-gvb-and-pvb-terms-and-conditions.pdf

Need more info? Click here for the Absa External Sales Consultants' details