Dear valued NFMW member,

It has been six months since the implementation of the two-pot retirement system, and the Fund has already processed over 25,000 claims, paying out more than R520 million (with the necessary tax deductions paid to SARS).

With the new tax year starting on 1 March, we urge members to think twice before accessing another savings withdrawal. While the two-pot system allows for withdrawals, it is strongly recommended that you preserve your savings for retirement. Your Savings component is designed to help build long-term financial security, ensuring you have sufficient funds when you retire. Withdrawing now may provide short-term relief, but it could leave you financially vulnerable in the future. Consider all options carefully before making a decision.

• No repeat of the Seed capital funding
  The once-off seed capital (10% of your fund credit, up to R30,000) was only available when the system launched on 1 September 2024. No further seed capital will be paid into your savings component.

• What if you already made a withdrawal?
  If you made a full or partial withdrawal from your Savings Component, you can only access what remains in your pot (balance after withdrawal, plus one-third of net contributions and interest earned) in the new tax year.
  ✅ The minimum withdrawal amount is R2,000
  ✅ There is no maximum limit (subject to available funds)

• If you did not withdraw in the previous tax year
  Your seed capital, along with any contributions and interest earned, remains available should you need it.

• Funds not withdrawn continue to grow
  Any money you leave in your Savings Component will continue to grow with monthly contributions and interest and can be taken as a lump sum when you leave the Fund (e.g., upon resignation or retirement).

You can submit your application without visiting the Fund. With a hassle-free process right at your fingertips and to avoid queues, you can submit your savings withdrawal application quickly and conveniently online via the Sanlam MyPortfolio.

💡 The Fund already has your banking details on record, as provided by your employer or yourself, so you only need to resubmit this information if your details have changed.

Simply log into Sanlam MyPortfolio to submit your withdrawal application. The processing time remains 5 to 10 working days before payment is made.

📌 Need help? Follow the step-by-step guide to register on the app and submit your savings withdrawal application online.

MEMBERS 55 OR OLDER ON 1 MARCH 2021

💡 If you were 55 years or older on 1 March 2021, you must opt in by 31 August 2025 if you wish to participate in the two-pot system. Consider how opting in will impact your retirement benefits, for example, you may not be able to take your full retirement benefit as a lump sum.

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Sanlam will be hosting an Imali Zam session where they will help you to understand how two-pot will affect your benefit statement and the payment process, including what portion of your withdrawal goes to the tax man.

Date: 6 March 2025
Time: 12h00 to 13h00

Secure your spot by clicking on the link the below.

The NFMW’s excellent short and long-term investment portfolio performances as at 31 January 2025 are provided below.

	3 month	1 year	3 years Ann	5 years Ann	10 years Ann
Shari’ah Portfolio	3,49%	10,14%	4,70%	9,38%	7,32%
Capital Protector	2,26%	10,09%	8,47%	7,05%	7,41%
Stable Growth	2,69%	16,13%	9,70%	8,21%	9,83%
Capital Growth	4,58%	16,72%	9,96%	10,19%	8,87%
Aggressive Growth	4,74%	16,81%	10,09%	10,46%	8,84%
CPI (inflation)	0,17%	3,01%	5,06%	4,80%	4,98%

Download the latest Category C (Main-Fund) and Category A (2%-Fund) brochures below for comprehensive information on the benefits and services available to NFMW members and their families.

ABSA offers NFMW - members financial service solutions, which include exclusive discounts on vehicle finance, home loans and personal loans. Click here for more information. Contact Workplace Banking Direct on 0860 556 556. Remember your NFMW membership card or latest benefit statement when engaging with ABSA and to quote the NFMW group scheme code: 10682. Terms and conditions apply.

Toll free: 080 112 2884