National Fund for Municipal Workers

News

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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.

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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.

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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.

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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.

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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.

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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!

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What 1 March 2019 means for your retirement savings

National Treasury has already warned in 2012 that it may need to regulate the cost of retirement products, if the financial sector and Government cannot come to an agreement on the excessive high cost of pension funds and retirement products (such as living annuities and preservation funds). Pension products are expensive and, in many cases, confusing. This is what led to the new regulations, which place an obligation on the trustees of pension and retirement funds to offer default options to members.

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Update on the rationalisation of retirement funds

There has been much speculation around the rationalisation of retirement funds and the possible commencement date of the much-anticipated freedom of association (window period).

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May 2018

The first three months of 2018 proved to be a challenging period in terms of the various NFMW portfolio returns with the recorded returns, undoubtedly, not what most investors would have expected after the recent (positive) sentiment change when Cyril Ramaphosa was elected as the ANC's and South Africa's president.

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