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RETIREMENT REFORM: UPDATE

Dear NFMW members

Various information documents have been made available and informations sessions conducted to members of the fund about the proposed retirement reform by Government. It was also pointed out that the proposed reform regarding annuitisation and preservation would not yet be applicable to municipal funds like the NFMW.

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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.

Retirement Fund
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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 Members (2% Fund)
Two Percent 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
Two Percent 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.

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