Pensioners are fundamental stakeholders, who also fall under the targeted audience. The Fund has approximately 9000 Pensioners including Dependents/Beneficiaries. The retirement age according to the Fund’s Regulations is 65 years of age and early retirement is 55 years in the Superannuation Fund and 58 years in the Retirement Fund with 10 and more years of service.
Dependents/Beneficiaries form part of the Fund’s Pensioners. The group consists mainly of widows and children of deceased members and Pensioners who receive a monthly pension from the Fund.
Pay Dates For Pensioners
The pay dates for 2017 are highlighted in the table below:
NB: Pensions will be paid on the second last day of the month, taking into account weekends and public holidays.
The 13th cheque has been paid for a number of years in succession and it is therefore natural that pensioners of the two funds now view the payment of the 13th pension cheque as a reasonable benefit expectation. However, Regulation 37A of the Superannuation Fund, and Regulation 31 of the Retirement Fund, permits the Trustees to grant a 13th cheque to pensioners provided that this is affordable. This means that Trustees review the financial position of the Memorandum Account in the two funds annually and grant a 13th pension cheque only if the Actuary certifies that the Memorandum Accounts can afford to make the payment. Therefore members/pensioners must be aware that payment of the 13th cheque is not guaranteed.
It further states “The Committee may, on the advice of the actuary, in November of any year pay to every pensioner, widow, child, mother or father in receipt of a pension an annual bonus not exceeding one month’s pension; provided that if a pension has become payable during the year, the amount of the annual bonus shall be reduced pro-rata to the period during which the pension was not payable.”
Completion and submission of Declaration Forms for Pensioners is very important in providing the Fund with annual proof of our Pensioners’ existence. This is the reason the Fund insists on having the Declaration Form signed in the presence of a Commissioner of Oaths (who have certain obligations to ensure that what is before him/her is true and correct).
It also prevents fraudulent claims where a pensioner has passed away and a 3rd party continues to collect the deceased’s pension.
Declaration Forms are mailed once a year during the month of a Pensioner’s Birthday. These forms must be returned no later than a month after the Pensioner’s Birthday. Failure to do so will result in the suspension of pension payments.
The completion of forms may also be done at the Fund’s offices with the assistance of the Client Services Administrators.
NB: PLEASE NOTE THE FOLLOWING:
If your pension has been suspended, please ensure that you submit your completed Declaration Form to the Fund by the 10th day of the following month. Your pension will then be reinstated at the end of that month.
“The Trustees shall review the level of pension being paid from the Fund and may direct that pensions be increased. Any increase in pension shall be paid in terms of the Pension Increase Policy adopted by the Trustees in consultation with the Actuary from time to time, and shall be payable from the date set out in the Pension Increase Policy and subject to the minimum pension increase in terms of the Act.”
Over the past 5 years we have provided the following benefits;
The first ever Pensioner Indaba Roadshow will be held during March 2017 – details of which are as follows;
Venue: City of uMhlathuze Municipality (Auditorium)| Address: 5 Mark Strasse Street, Civic Centre, Richards Bay, 3900 Time: 11:00 am to 12:30 pm | Date: 30 March 2017.
The purpose of the roadshow is to promote communication, share news and provide updates about your Fund. The topics include; Declaration Forms, Tax Certificates, Investment Performance, Memorandum Accounts, Pensioner Increases, Special Bonuses, Savings, Importance of having a Will and Industry acknowledging the NJMPF.
Look out for our future Pensioner Indaba Roadshows as they travel to other areas around KwaZulu – Natal.