SUMMARY:National Budget Speech 2015

On 25 February 2015, Minister Nhlanhla Nene presented his maiden National Budget speech. This Budget speech was made in the context of slower economic growth and rising debt in South Africa. The National Budget is an important reflection of Government’s decisions on which priorities they will focus on and how they seek to allocate resources systematically and fairly. get a summary of the budget in PDF format.
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RETIREMENT REFORM: Update

Taxation Laws Amendment Bill (TLAB), 2015
Over the last three years, the National Fund for Municipal Workers (NFMW) has on numerous occasions communicated progress on retirement reform proposals by National Treasury, with specific reference to “T-day” proposals. “T-day” amendments will ensure consistent tax…
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Welcome to The National Fund for Municipal Workers:

Why this Fund?

The National Fund for Municipal Workers is managed by a Board of Trustees consisting of 14 member representatives and 1 employer representative. The Fund is administrated by RFS Administrators (Pty) Ltd with two front offices to assist members with queries and problems. Our vision, Benchmark of Excellence, indicates that we endeavour to provide a correct and personalised service to each member of this Fund.

Vision:

To be the benchmark of excellence in providing retirement benefits to local government employees.

Mission:

To provide financial security to members and their dependants. This is to be achieved by managing the fund in a professional and efficient manner, with the prime focus being on growing the retirement benefits in a competitive and risk conscious manner.

Retirement Fund

The retirement fund is a defined contribution fund operating nationally within local government. You may choose to receive between 0% and 100% of your fund credit as a lump sum benefit. The portion of your fund credit, which you do not take as a lump sum benefit, may be converted into a pension of your own choice.

Category A Fund

The 2% Fund (also called Category A) is a fund established by collective bargaining. Membership has therefore been a condition of service at participating councils since 1987.

Pension Fund

The Pension Fund is a defined contribution pension fund operating within local government. You may choose a maximum of 1/3 of your fund credit as a lump sum benefit. The portion of your fund credit not taken in a lump sum must be used to purchase a pension of your choice.