Mr. Bongi Mkhize

MESSAGE FROM THE CEO/PRINCIPAL OFFICER

Members of NJMPF, greetings!

As the implementation of the two-pot system is in full force, I want to personally assure you that our systems and processes are fully prepared to manage your claims efficiently and securely. We understand the significance of this change and have taken every measure to ensure a seamless experience for you. While the option of early access to your retirement savings is now available, we strongly encourage you to use this option only in case of genuine emergencies. Your retirement savings are designed to secure your future, and tapping into them prematurely can have long-term consequences. We advise you to consult with a certified financial advisor before making any decisions. They can provide you with tailored strategies to help manage or eliminate debt, ensuring that you make informed choices that align with your long-term financial goals.
Thank you for your trust in us as we continue to support your journey toward a secure and prosperous retirement.

NJMPF’s award-winning streak in 2024

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

Domestic recognition

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

International recognition
CFI.CO Awards: We have 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 have received 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.

KNOW YOUR FUND

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, updates on the two-pot system, 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!

EARLY ACCESS TO RETIREMENT SAVINGS

A cautionary reminder

While the new option to access your retirement savings early may seem appealing, it is important to remember that this means borrowing from your future self. Just because you can, does not mean you should. At NJMPF, we are committed to ensuring that our members make informed financial decisions that secure their long-term future.
We offer numerous initiatives designed to educate our members about the importance of retirement savings and what this investment means for your future:
• Road to retirement seminars
• New member inductions
• Member roadshows

These events are invaluable in equipping you with the knowledge and information needed to make better financial choices.

In addition, we regularly send out newsletters, fund insights, informative videos, and posters via email and SMS. We strongly encourage all members to keep their contact details up to date to stay informed and take full advantage of these resources.

Remember, your future self depends on the decisions you make today. Choose wisely. Members who were 55 years old on 1 March 2021 are not affected by the “two-pot” retirement system unless they opt in.
It is critical to understand that once you opt in, you cannot revert to the old system.

Understanding the two-pot retirement system

The introduction of the two-pot system was driven by two main concerns:

Lack of savings before retirement: Many workers resign to access their pension savings, leaving them financially insecure at retirement. The retirement component ensures that you have sufficient savings for retirement by restricting access until then.

Lack of general savings: The savings component allows members to access part of their pension for emergencies without resigning, addressing the lack of general savings among South Africans.

Impact of early withdrawals

While early access to your savings offers flexibility, it comes with significant risks. Withdrawing funds early can severely impact your retirement income. You are borrowing from your future self, reducing the amount you will have when you retire. We encourage members to consider this carefully and seek financial advice before making any withdrawals.