Dear valued member

The Fund has recently conducted its annual funeral benefit/cost review exercise. This review is part of our ongoing commitment to ensure that the benefits provided to our members remain the best in the retirement funds industry, while also keeping the costs to a minimum. By minimising the costs of the risk/funeral cover, the Fund seeks to maximise contributions toward our members’ retirement savings. Our commitment to prudent financial management is unwavering, and we will continue to keep costs to a minimum for the benefit of our members.

Following a meticulous and comprehensive evaluation, the Board of Trustees has decided to change the Fund’s funeral scheme insurer to Guardrisk Life Limited, under the Key Protect Cell, with effect from 1 August 2024. Guardrisk Life Limited, registration number 1999/013922/06, is a licensed life insurer and authorised financial services provider (FSP No. 76). With effect from 1 August 2024, the monthly funeral premium will be reduced by approximately 15% for both Category C and Category A membership categories whilst the amount of funeral cover you and your immediate family members are covered for, will remain unchanged. This change is designed to enhance your sense of security and confidence in the Fund. To confirm, the funeral cover costs and benefits effective from 1 August 2024 are as follows:

CATEGORY C: MAIN FUND

Cost reduces from 0.368% to 0.313% of monthly pensionable salary

The benefits remain as follows:

• Main member: R 58 000
• *Qualifying spouse/life partner: R 58 000
• Qualifying child 6 years and older (above 21 years of age must be a full-time student, unmarried and/or disabled): R 28 500
• Qualifying child from 26 weeks of pregnancy until 6 years: R 13 000

CATEGORY A: 2% FUND

Cost reduces from 0.094% to 0.080% of monthly pensionable salary

The benefits remain as follows:

• Main Member: R 14 000
• *Qualifying Spouse: R 14 000
• Qualifying child 6 years and older (above 21 years of age must be a full-time student, unmarried and/or disabled): R 14 000
• Qualifying child from 26 weeks of pregnancy until 6 years: R 5 800

*The qualifying spouse/life partner must be younger than the age of 75 when the member joins the Fund to qualify for the funeral benefit. Members must ensure that their life partners are registered with the Fund by completing and submitting the Application for Registration of a Life Partner form in order to qualify for the funeral benefit.

The Fund believes this change will provide the same level of security for you and your loved ones, while enhancing your retirement savings, through the overall cost reduction. Your security and retirement savings are our top priority, and we are committed to ensuring that any change benefits you.

As members you (and your employer) continue to interact with the NFMW offices regarding funeral claims/enquiries regardless of which underwriter is insuring the funeral benefits. All the other material terms, conditions and processes remain unchanged.

Yours sincerely,

Dr Leslie Ndawana
Principal Executive Officer.