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2018-11-1614.168118.173416.0963

Newsletter

NJMPF MEMBER NEWSLETTER

Your quarterly news update – September 2018

MESSAGE FROM THE CEO/PRINCIPAL OFFICER

Welcome to the Spring 2018 issue of the Member newsletter.

The good news this quarter is that the NJMPF has once again received a Clean Audit from the Auditor General. Good Governance is an important part of any organisation and the NJMPF is especially aware of ensuring that your retirement savings are well looked after.

Many South Africans are facing pressurised economic difficulties; petrol price hikes, high unemployment and increases in food prices. The importance of prudent fund management, a sustainable investment approach and a diligent governance culture becomes apparent.

The NJMPF has received 10 international awards and 4 nominations from international institutions during the first and second quarter from the following organisations;

NJMPF KIDDIES COMPETITION

The Kiddies Competition was communicated in the first quarter newsletter, social media, via email and the NJMPF’s webpage during April 2018. The first three lucky draw winners were announced in the second quarter newsletter.

We would like to thank everyone who entered the competition, the influx of entries made it a huge success. Below are the winners of the second lucky draw of the kiddies competition which recently took place. To view the artwork in colour, including the first three winners, visit: www.njmpf.co.za.

PENSION FUNDS ADJUDICATOR (PFA)

Pension Funds Adjudicator (PFA) decisions can be taken on appeal to Financial Services Tribunal.

The Financial Sector Regulation Act, 9 of 2017 (“FSR”) considers the Pension Funds Adjudicator as a decision-maker and as of 1 April 2018, the Tribunal is now able to hear appeals of determinations handed down by the Office of the Pension Funds Adjudicator. What this means is that anyone who is not satisfied with the outcome of a determination is now entitled to lodge an application for the reconsideration of the determination within 30 days of the date of the determination to the Financial Services. In the past aggrieved members had to approach the High Court which was restrictive because of the high costs involved.

An order of the Financial Services Tribunal has the effect of a civil judgement and may be enforced as if lawfully given in a competent court.

KNOW YOUR FUND

 

NJMPF RESEARCH PROJECT

The NJMPF is conducting a research study.

Here’s why….

This independent research builds on research conducted in the past and seeks to answer important questions about some of the recent financial literacy, educational and communication activations with you, our Members.

During August 2018, the Fund sent out a survey to Members via email. Members who have provided their email addresses to the Fund received the email containing the survey. An SMS was also sent out to Members who have provided cell phone details. Members without email addresses, will have a chance to participate in the research study as the Fund will be visiting selected Municipalities and facilitating focus groups.

What is the value for participating in the survey?

1. Give your input, contribute to the decision-making process of the Fund.

2. Ability to forecast future trends through an understanding of current trends.

3. The research expands knowledge to the Fund.

Each completed survey for the research study by Members will be entered into a lucky draw to stand a chance to win a R 1,000.00 shopping voucher.

If you did not receive an email with the survey and want to participate, please contact our Client Services Team on 031 279 5300 or send an email to info@njmpf.co.za.

DIGITALISATION: MOVING TOWARDS THE FUTURE

The world is evolving, and communication is becoming more digitalised. Online platforms allow for faster and more accurate interaction. Some of the platforms and products which have been built by the Fund, include; the mobile application, interactive webpage, customer relationship management system, social media platforms (Twitter and Facebook). Members are encouraged to download the NJMPF mobile app, visit our interactive webpage and link to our social media platforms. The digital era awaits you as an NJMPF Member. Be part of the movement, stay connected to your Fund by ensuring that the Fund has your correct contact details, by emailing them on info@njmpf.co.za, fax: 031 266 6715 and post: P.O. Box 33, Westwood, 3633. Download the NJMPF Mobile Application (App) and have the Fund in the Palm of your Hand.

SANLAM/NJMPF FUNERAL AID SCHEME

The NJMPF has facilitated the availability of the funeral aid scheme to Members of the Fund since 2013.

On an annual basis Sanlam conducts a review of the contribution rates and benefits and the general conditions of the scheme to ensure that Members are sufficiently protected in the event of death, whilst also ensuring that the premiums charged remain competitive and reflective of the claims experience.

Due to the current claims experience, where claims exceed contributions, Sanlam needs to increase the premiums for the scheme. On 1 November 2018, the Funeral Aid Scheme contribution rate, which is currently R39.90, will increase to R 44.00 per family per month.