NJMPF PENSIONER NEWSLETTER
Your quarterly news update – July 2018
Message from the CEO / Principal Officer Sam Camilleri
Welcome to the second issue of the Pensioner newsletter for 2018.
The Financial Services Board (FSB) has formally taken up its new mandate as the Financial Sector Conduct Authority (FSCA), effective 1 April 2018. This marks the formal implementation of the Twin Peaks model of financial sector regulation, as envisaged in the Financial Sector Regulation Act 2017 (FSRA). Finance Minister Nhlanhla Nene, has now signed the Commencement Notice for the FSRA, formally establishing both the FSCA and its sister organisation, the Prudential Authority (PA).
What the new regulations aim to achieve;
• Protect financial customers by promoting their fair treatment by financial institutions,
• Providing financial education programmes and promoting financial literacy,
• Enhance and support the efficiency and integrity of financial markets,
• Assist in maintaining financial stability,
• Ensure solvency of financial institutions,
• Support the overall policy objectives of financial inclusion and transformation of the financial sector.
Once fully phased in, the Twin Peaks regulatory model will focus on a more harmonised system of licensing, supervision, enforcements, customer complaints, appeals and consumer advice and education across the financial sector.
NJMPF KIDDIES COMPETITION
The Kiddies Competition was communicated in the first quarterly newsletter, social media, via email and the NJMPF’s webpage during April 2018.
The competition consisted of two sections;- the Colouring-in of the NJMPF’s crest and completing the Word Search, with a closing date of 29 June 2018. The Fund has decided to have two draws for the competition. The first lucky draw winners are listed below, along with their winning art work. The second draw winners will be announced via the Fund’s communication mediums, after the closing date of the competition. All six winners will be revealed in the third quarterly newsletter.
KNOW YOUR FUND
PROOF OF LIFE (DECLARATION FORMS)
The declaration form is a very important document for Pensioners and it is crucial that Pensioners complete and submit the declaration form annually with a recently certified copy of their ID. The declaration form provides the Fund with proof of existence of a Pensioner. Pensioners may submit their completed declaration form and email these forms to the Fund at: email@example.com or fax to: (031) 266 6715. The originals must then be posted to the Fund at: P.O Box P. O. Box 33, Westwood, 3633. The forms must be returned no later than a month after the Pensioners birth month. Failure to do so will unfortunately result in the suspension of pension payments.
Please do not complete and send the declaration form before your birth month as these will be considered invalid.
The NJMPF is developing a pensioner payslip to communicate individual financial information to NJMPF Pensioners.
In the near future Pensioners will be able to access their pay slips via our interactive website and mobile App.
An automated SMS notification system has been introduced to improve efficiencies with the Declaration Form (Proof of Life). Notifications will include reactivation, reminders and notices to contact our Client Services Centre. We encourage Pensioners to keep their details updated with the Fund and provide updated – email addresses – cell phone numbers – physical addresses and any other changes to their details, by submitting this information to; firstname.lastname@example.org, P. O. Box 33, Westwood, 3633 or coming to the Fund to update your details.
Stay connected to the Fund through our communication platforms; download our mobile app, like our Facebook page: Natal Joint Municipal Pension Fund and follow us on twitter: @njmpf to get latest fund updates.
GOOD NEWS FOR PENSIONERS OF THE RETIREMENT AND SUPERANNUATION FUNDS
The Fund is pleased to advise that the Board of Trustees has approved a full Consumer Price Index (CPI) increase of 4.68% to Pensioners with effect from 1 July 2018. A pro-rata increase will be paid to Pensioners whose pensions commenced during the year 1 April 2017 to 31 March 2018. A special bonus of 50% of one month’s pension has also been awarded and will be paid closer to the end of the year.
Pensioners are reminded that the 13th cheque was made permanent when an extraordinary increase of 8,33% was awarded in January 2016.
Two police officers crash their car into a tree. After a moment of silence, one of them says, “Wow, that’s got to be the fastest we ever got to the accident scene.”
When we are no longer able to change a situation, we are challenged to change ourselves.
– Viktor E. Frankl
WHAT IS INFLATION?
Inflation is the rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of currency is falling. Central banks attempt to limit inflation — and avoid deflation — in order to retain the smooth running of the economy.
DISCOUNT DEALS FOR PENSIONERS!
NB* Pensioners are advised that the NJMPF has no association on with the organisations listed below. This information is for the benefit and enlightenment for our Pensioners.
Game – If you are over 60, you qualify for a Senior Citizens’ Discount Card which can be used on a Wednesday in all Game stores, countrywide. The first R1, 500 spent will qualify for a 10% discount, though this does not apply to groceries, liquor, insurance products, cell phones, airtime and contracts.
Pick ‘n Pay – Be on the lookout for Pick ‘n Pay hypermarkets, family markets and supermarkets – some of them issue special booklets with discount coupons every month for Pensioners; for meat, dairy, fish and other foods. Some have a Pensioners’ day once a week where a 5% discount is offered. Senior citizens need to be 60-plus – Pensioners are advised to take their ID along.
Clicks – If you are 60 years or older and a Club Card member, you automatically become a member of the Seniors Club which means you could earn Double Points for purchases at Clicks on the second Wednesday of the month. For more information contact Clicks.
Intercape – Offers a 15% discount to all Senior Citizens over 60 years, and they are guaranteed a seat on the lower deck so there is no flight of stairs to negotiate.
Tiger Wheel & Tyre – In-store discounts on tyres, selected products and services for customers over 60 every Tuesday.
REVAMPED NJMPF MOBILE APPLICATION
The NJMPF announced its revamped Mobile App in May 2018. The NJMPF’s redesigned Mobile App (Fund in the Palm of your Hand) comes with exciting new added features which include:
• Logging queries to the NJMPF’s Client Services Centre,
• Access to financial information and financial literacy articles weekly,
• Access to current Fund news,
• Click button to call and click button to email,
• Viewing of NJMPF informative videos.
The Mobile App provides fast access and browsing facilities. Browsing through the redesigned Mobile App is a familiar experience for members who use the NJMPF website as the App follows the theme of the website. We are pleased to confirm that the updated version uses less data than previously. Be on the lookout during roadshows. The NJMPF will be communicating the exciting new features of the App. The Fund will also give free access to members to download the App during roadshows.