PENSIONER NEWSLETTERS

Dear valued pensioner,

Clarity on the two-pot system for pensioners.
I’m sure you’ve heard a lot in the media recently about the new two-pot system, and you may be wondering how this affects you as an NJMPF pensioner. I want to assure you that this new system has no impact on your current benefits or any future benefits you receive from the Fund. Your pension remains secure, and there are no changes to the payments you are entitled to.

Please rest assured that you will continue to receive your pension as expected, and there will never be a time when we say, “there are no more funds” as a result of early access to retirement savings.
Your financial security remains our top priority.

We understand that these changes may bring concerns, but we want to emphasise that your retirement is safe and unaffected. Should you have any further questions, our team is always available to assist.

NJMPF’S AWARD-WINNING STREAK IN 2024

We are thrilled to announce that NJMPF received multiple prestigious awards in the second half of 2024, recognizing our dedication to excellence and service to our members.

Domestic recognition
Standard Bank KZN Top Business Awards: We’ve been honoured with a significant local accolade that highlights our commitment to our community.

International recognition
CFI.CO Awards: We’ve won two global awards for Champion of Financial Literacy and Best Pension Fund Leadership. These reflect our efforts in empowering our members with the knowledge and guidance
needed for a secure financial future.

European Awards: NJMPF has been named Best Managed Retirement Fund and Pension Fund of the Year.
These awards underscore our commitment to excellence in Fund management and member service.
International Business Awards: We are proud to receive three awards for Communicating a Better Retirement Future for over 30,000 KZN local government employees, Enhancing Financial Wellbeing and Retirement Preparedness, and Superior Financial Management.
These awards are not just a testament to NJMPF’s leadership and innovation but a reflection of the value and security we provide to our members. We remain committed to upholding these standards and ensuring that our members continue to benefit from a well-managed, forward-thinking pension fund.

Thank you for being part of this journey with us! Your trust fuels our dedication to excellence.

INVITATION TO THE 2025 ANNUAL INFORMATION MEETING (AIM)

We are excited to invite you to NJMPF’s hybrid Annual Information Meeting!

• Date: Friday, 7 March 2025
• Time: 9:00 AM – 1:00 PM
• Venue: Durban ICC (in-person) or virtual attendance
• For virtual attendees, a link will be sent closer to the date. This meeting is a vital opportunity for you to learn about NJMPF’s performance, and our plans for 2025. Don’t miss it!
• Your participation matters!
  Your input and engagement drive NJMPF’s mission forward. Join us at the Annual Information Meeting and take advantage of our educational initiatives to make informed choices for your financial well-being.
  We look forward to seeing you in March, whether in person or virtually!

IMPORTANT ADMINISTRATIVE INFORMATION

Divorce after retirement: If you are a pensioner who has divorced after retirement, it is essential to inform the Fund and submit the necessary supporting documents, such as the decree of divorce, to ensure that
payments are not made incorrectly to a former spouse.
Multiple spouses upon passing: In cases where a pensioner passes away and is survived by multiple spouses, each spouse must submit supporting documents (e.g., marriage certificate or affidavits). A legal opinion will be sought to determine whether the pension will be divided among the spouses, or which spouse is eligible to receive the monthly pension.
Defined Benefit pensioner passing away in less than 5 years: If a pensioner passes away within 5 years of retirement and is survived by dependents, the handling of the pension varies by the Fund (Retirement or Superannuation), the below explains these variants.
Retirement Fund: If there is a pension payable, no lump sum is paid out if less than 5 years have passed, but if no eligible children or spouse are present, a lump sum will be paid to the dependents.
Superannuation Fund: Whether a pension is payable or not, a lump sum will be paid to the dependents.
Tax compliance for pensioners with multiple incomes: Receiving multiple sources of income can increase your tax bracket and the percentage of tax payable. The Fund will tax you based on the pension income unless you opt to have additional voluntary tax deducted.
Why consider an additional voluntary tax deduction?
Manage your tax liability: Having more than one source of income may affect your tax bracket and increase the percentage of tax you owe. By opting for an additional tax deduction from your pension, you can better manage your overall tax obligations and avoid potential underpayment during the annual tax filing season.
Simplify your tax planning: This voluntary deduction can make your tax planning more straightforward, as it helps ensure that sufficient tax is being deducted from your pension each month.
If you would like to take advantage of this option, please complete the enclosed Voluntary Tax Deduction Application Form. You can specify the additional percentage you would like to have deducted from your monthly pension.
We recommend that you consult with a certified financial advisor or tax professional before making this decision to ensure it aligns with your overall financial plan.
Lifelong pension for children living with disabilities: Children living with a disability are eligible to receive a lifelong pension. To apply, you must provide medical documentation confirming the permanent disability.
Once received, this will be submitted to the Fund’s Board of Trustees for approval.