April update
We already are in the second quarter of 2017 and with all the public holidays behind us for now, it is full speed ahead. This edition of the news update includes an article on the fund's investments, including life stages, member investment choice and portfolio switches.
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Enjoy reading and please feel free to contact us if you have any questions or require assistance with fund related matters.
Kind regards
Sean Samons
Principal Executive Officer
Indemnity statement
The National Fund for Municipal Workers does not accept liability for any loss, damage or expense that may be incurred as a direct result or consequence of reliance upon the information in this document. If there is any conflict between the information in this document and the actual Rules of the Fund, the actual Rules of the Fund will prevail.
NFMW - Investments
Life stages - The fund applies a life stage model which automatically takes members through different investment portfolios i.e. aggressive to more conservative portfolios as they near retirement age. The life stages are as follows:
- Members younger than age 55 - Aggressive Growth portfolio
- Members age 55 and older, but younger than age 62 -Capital Growth portfolio
- Members age 62 and older - Stable Growth portfolio
Member investment choice - NFMW members have the option to select the investment portfolio most suitable to their individual needs. Members may choose any of the following five approved investment portfolios (or any combination thereof) in accordance with their individual risk profiles;
- Capital Protector portfolio
- Stable Growth portfolio
- Capital Growth portfolio
- Aggressive Growth portfolio
- Shari'ah portfolio
It is important that members regularly review their investment portfolios. Members have the option of one free switch between the different portfolios at any time within a fund year (1 July -30 June). A switch fee will be charged for any additional switches.
How to switch: Complete the Investment Portfolio Switch-form with clear instructions on the switch required. Please note that the percentages of the portfolios must add up to 100. A copy of the member's ID must be attached and his/her address provided, as proof of the switch will be posted to this address.
You are welcome to contact us if you have any questions or require assistance with the switch process.
The National Fund for Municipal Workers is a Paragraph A-fund, which provides for a special tax dispensation for members who have joined the fund prior to March 1998. This means that all service years before March 1998 are regarded as tax free.
It is important to note that the Formula C-calculation, which is used to calculate the tax free portion, only applies to lump sum benefit payments i.e should a member elect to take the entire benefit in cash without transferring any portion to a retirement annuity or preservation fund.
Please contact the fund's offices on (012) 743 3000 or (021) 816 9500 or click here, if you wish to register for the website interactive service. The registration process can take 5 to 10 working days to complete.
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