NJMPF PENSIONER NEWSLETTER
Your quarterly news update – March 2018
Message from the CEO / Principal Officer Sam Camilleri
Welcome to the first issue of the Pensioner newsletter for 2018.
Highlights from the 2018 Budget
The increase in the Value Added Tax (VAT) rate from 14% to 15% became effective on 1 April 2018. This together with the fuel levy increases has the country abuzz with talk of a difficult year ahead. We encourage you to look at your finances so you can implement the necessary adjustments to cope with the increased costs of goods and services.
Also, in the budget speech on 21 February 2018, was the announcement of the offshore investment allowance increase for institutional investors from 25% to 30%. Furthermore, the allowance for investments into the rest of Africa increased from 5% to 10%. This means that pension funds may now acquire foreign exposure up to the revised limit of 30% in respect of foreign portfolio investments and an additional 10% in respect of foreign portfolio investments into Africa. Regulation 28 of the Pension Funds Act, which sets the assets allocation limits for pension funds, will be amended accordingly. What you need to know as a Pensioner is that this change allows for the Fund to invest a larger portion of your capital into foreign investments thus diversifying the portfolio to reduce the exposure to risk with the objective of maximizing investment returns.
Other highlights of the 2018 Budget can be found on our website www.njmpf.co.za.
In our December 2017 newsletter we communicated the proposed changes to the retirement funding system in Local Government by the South African Local Government Bargaining Council (SALGBC). Members and Pensioners of the Fund continue to express their concerns and comments on the proposed changes. Recently, the Fund received a signed petition from concerned Members and Pensioners of the eThekwini Municipality regarding the proposed changes. The Deputy Mayor of eThekwini and the Minister of Cooperative Governance and Traditional Affairs (CoGTA) have been notified of the petition. We acknowledge Pensioners concerns and confirm that your Board is working diligently and tirelessly at local and national levels to protect your rights and interests. The Fund will continue to keep you updated on this matter.
International & Domestic Industry Recognition
The NJMPF has started the year on a positive note, receiving 6 awards during the first quarter of 2018, 5 of which are international awards, from the following organisations;
For more information about the awards and the institutions that awarded them, please visit our awards page on our website at www.njmpf.co.za.
KNOW YOUR FUND
Annual Feedback Meeting (AFM)
This year’s Annual Feedback Meeting (AFM) was a great success. Attendance exceeded last year with over 600 Pensioners, Members and Councillors attending the event at the City Hill Church in Hillcrest on 2 March 2018. We would like to extend our most sincere gratitude to all who attended the meeting. Your interest in your Fund is certainly welcomed. Should you require further information or clarity concerning the proceedings of the AFM, or if you have any other enquires, email us at firstname.lastname@example.org or call 031 279 5300.
Your Monthly Pension Pay Dates – 2018
Pensioner Indaba Roadshows
The Pensioner Indaba Roadshow continues in 2018. The NJMPF aims to host Pensioner Indabas in all major regions throughout KwaZulu-Natal. These Roadshows provide a platform for NJMPF to interact with Pensioners to address their needs and keep them updated on the activities of their Fund. At a recent Roadshow held in KwaDukuza, more than 200 Pensioners attended the Indaba which covered the completion of the declaration form, the importance of savings, Pensioner increases and recent Fund updates.
Visit our website at www.njmpf.co.za to see where our next Indaba will be, for we could be coming to your region next!
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