Dear valued NFMW-member

We are excited to bring you the NFMW Integrated report for the period 1 July 2022 to 30 June 2023.

The report focuses on the NFMW's impact and how the Fund has continued to contribute towards socio-economic prosperity in various meaningful ways and positively impacting the lives of our members, their families and communities, today and tomorrow.

It also provides an in-depth account of the Fund's activities for the year under review including detailed information on management, governance, operations, and investments.

As communicated previously by the Fund, National Treasury made proposed changes to the two-pot system, including a change of the implementation date to 1 March 2025. This date was rejected by Parliament’s Standing Committee on Finance, who voted to move implementation back to 1 March 2024.

An agreement has since been reached between the Minister of Finance and the portfolio committee, to the effect that the two-pot retirement system will be implemented on 1 September 2024 and not on 1 March next year. This is to allow the retirement funds industry and SARS sufficient time to put the necessary systems in place.

It is important to note that final legislation has not been issued and parliamentary approval is still required before the two-pot system is implemented.

We will, as always, ensure that you are updated on any new developments.