Fund and Industry Updates
The NFMW Offices are open to walk-in visitors
The offices of the NFMW have been re-opened to all walk-in visitors. It is important that we continue to ensure the safety of our staff and members and therefore strict COVID-19 protocols must be adhered to at all times.
Members are also encouraged to, where possible, complete and electronically submit any forms i.e. change in personal details and update of beneficiary information. The forms can be accessed by clicking here Fund Forms - National Fund for Municipal Workers. Please complete and submit the form and supporting documentation to the email address provided on the form. You can also register on the Sanlam online platform to view your benefit statements and update your beneficiary information Sign in (sanlam.co.za)
Preservation and early access to retirement savings
A media statement was released by National Treasury on the 11th of August, following the Finance Minister’s comments regarding plans to provide members with an opportunity to use a portion of their pension funds to alleviate financial challenges in difficult times.
Government is engaging with trade unions, regulators and other stakeholders to discuss how to allow these withdrawals, together with mandatory preservation requirements. The NFMW is monitoring developments in this regard and will inform our members when or if the law is changed to make such provision.
The NFMW-how-to guide provides information and guidance to assist members with the different fund processes and requirements
In this edition we will focus on the funeral benefits provided by the fund and the documents that must be submitted to the fund if a claim arises.
NFMW members and their qualifying family members are covered for the following funeral benefits:
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 to 6 years: R 11 000
CATEGORY A (2%-Fund)
- Main member: R 11 500
- *Qualifying spouse: R 11 500
- Qualifying children: R 4 700
*The qualifying spouse/life partner must be younger than the age of 75 when the member joins the fund, to qualify for the funeral benefit. Members must ensure that their life-partners are registered with the fund prior to the deceased’s date of death, by completing and submitting the Application for Registration of a Life-Partner-form in order to qualify for the funeral benefit.
Submitting a funeral claim to the fund
A funeral claim must be submitted to the fund within 12 months from the date of death. The claim can be submitted by the employer or by the member to email@example.com. It is important to ensure that ALL the claim and supporting documentation are provided to the fund to avoid any payment delays.
The claim forms are available on the fund’s website Fund Forms - National Fund for Municipal Workers and the list of documents that must be submitted to the fund can be accessed here. NFMW HOW-TO-GUIDE: DOCUMENTATION REQUIRED
Payment of this benefit will be made within 48 hours after receipt of all the required documents.
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Latest investment portfolio performance
The table shows the most recent and long-term investment portfolio performance up to 31 August 2021.
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