National Fund for Municipal Workers

May update


In this edition we focus on the risk cover provided by the fund.

What is risk cover? It is the death and disability cover you elect to have in the fund, to make provision for the unforeseen. It is a re-insured benefit provided by Sanlam and every month the cost of the cover (depending on the risk cover option elected) is deducted from the employer contributions. 

It is important that members review their risk cover from time to time to ensure that it is still best suited to their individual needs. Why? Because you may not have sufficient cover to make provision for the unforeseen or you may be paying for cover you no longer need.

We have exciting changes lined up from the 1st of July, but you will have to wait for next month's edition to find out more!

Enjoy reading and please feel free to contact us if you have any questions or require assistance with fund related matters.

Kind regards

Sean Samons
Principal Executive Officer

Indemnity statement

The National Fund for Municipal Workers does not accept liability for any loss, damage or expense that may be incurred as a direct result or consequence of reliance upon the information in this document. If there is any conflict between the information in this document and the actual Rules of the Fund, the actual Rules of the Fund will prevail.

Members are encouraged to always seek financial advice from a qualified financial practitioner when making financial decisions.

RISK COVER OPTIONS
The option you choose will determine the benefit that will be paid out in case of death and disability.

Category C

C1 = A lump sum of 1 x annual pensionable salary + fund credit for death and disability
C3 = A lump sum of 3 x annual pensionable salary + fund credit for death and disability
C5 = A lump sum of 5 x annual pensionable salary + fund credit for death and a lump sum of 3 x annual pensionable salary + fund credit for disability
C0 (40 years and older) = Choice of no cover, only fund credit payable in the case of death and disability

Category A

A100 = A lump sum of 1 x annual pensionable salary + fund credit for death and disability

Please click here for the cost of the risk cover options.

RISK OPTION CHANGES
The fund understands that circumstances change and provide members with the option to change their risk cover option.

Members may apply to decrease their risk cover twice per annum on 1 January and 1 July.

Members may apply to increase their cover in the event of marriage and birth of a child before age 55, within 2 months from the date of the event. Members may also apply to increase their cover at any time other than in the event of marriage and birth of a child, before age 55 and must provide proof of good health, which is for the member’s own expense.

How to apply? Complete the risk cover option-form in full, with all the necessary information, attach a copy of the member's ID, make sure the correct risk option choice is selected and that the form is signed. The form and supporting documents must be submitted directly to the fund.

LATEST INVESTMENT PERFORMANCE

For the latest portfolio investment performance, please click here

Congratulations to the first winners of our Get Social and Win-competition!

  • Paul Nigel Duffet
  • Nomafu Nhahu George
  • Sinah Moabelo
  • Adolphine Phala
  • J Buitendag
There is still time to enter!

You are automatically entered just by liking our Facebook page!

Please contact the fund's offices on (012) 743 3000 or (021) 816 9500 or click here, if you wish to register for the website interactive service. The registration process can take 5 to 10 working days to complete.

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