APPEALS FILED AGAINST HIGH COURT JUDGMENT

In March we communicated on the judgment handed down by the High Court of South Africa (Gauteng division) in February 2023, ordering the review and setting aside of the Retirement Fund Collective Agreement (RFCA), with the exception of Clause 8 which states that ‘each new employee in the sector will be required and permitted to become a member ONLY of a defined contribution fund in which his or her employer participates, and which is accredited as contemplated in the agreement’.

The judgment handed down by the court meant that all new employees will be required only to join an accredited retirement fund, such as the NFMW. However, existing members of retirement funds who wanted to move to a fund of their choice will not be able to do so at this stage as the window period also formed part of the Collective Agreement.

There have since been two notices of appeal filed against the High Court judgment by the affected parties. One appellant has filed against the setting aside of the RFCA and the other has filed against Clause 8, which only allows new employees to join accredited Funds.

These appeals automatically suspend the execution of a judgment by the High Court and the appellants will now be submitting their grounds for appeal i.e., the reasons why they believe that the High Court’s decision is incorrect from a legal point of view. The court will also decide whether these appeals will be heard as one or two separate appeal cases. We are currently waiting on confirmation of the date of the hearing/s.

These court cases can be a lengthy process, but as the NFMW, we believe that the final outcome of the justice system/process will ultimately be for the benefit of all employees/members within Local Government as envisioned by the RFCA.

We will continue to keep you abreast of any new developments.

	3 month	1 year	3 years Ann	5 years Ann	10 years Ann
Shari’ah Portfolio	1,56%	-1,65%	17,40%	9,29%	7,48%
Capital Protector	1,95%	6,56%	5,70%	6,29%	6,54%
Stable Growth	3,35%	5,06%	14,29%	7,56%	7,18%
Capital Growth	4,96%	5,44%	15,25%	7,95%	8,83%
Aggressive Growth	5,76%	6,16%	15,53%	8,26%	9,15%
CPI (inflation)	1,59%	6,97%	5,36%	4,96%	5,10%

PIAFRICA 2023 INTERVIEW WITH THE NFMW PEO, MR LESLIE NDAWANA

The Pension Fund and Alternative Investment Conference is held annually and brings together Investment Managers, Pension Fund Managers, and Institutional Investors from across Africa and other parts of the world, to uncover new opportunities for pension funds investing in alternative investments.

This year the conference featured expert key speakers, including our very own Principal Executive Officer, Mr Leslie Ndawana. In the interview that PIAFRICA conducted with him, he spoke about the Fund’s positive impact on the growth and enhancement of the pension fund sector, the need for sustainability and ensuring that we protect the future of the next generation.

As an organisation we are proud to have been represented by our PEO at the event, showcasing the NFMW as a leader in the pension fund industry. Click here for the full interview: PIAFRICA 2023 Video Interview. Mr. Leslie Ndawana - YouTube

As a Fund we are continuously looking at ways of improving our service to you. Going forward we will also be making use of WhatsApp to communicate Fund and industry developments and most importantly to keep you informed along the way to a secure retirement. Please save our number 066 283 7712.

Remember, you can also access your benefit statements and update personal and beneficiary information on the Sanlam online platform. Register or Login via the link below.

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RISK COVER OPTION CHANGES - Applications to decrease risk cover

Members have the option to decrease their risk cover option twice a year effective 1 January or 1 July. The cut-off date for risk cover option changes effective 1 July is 30 June 2023. Please click on the links below for the forms required by the Fund in order to implement the change. The benefit brochures are also provided and include information on the different risk categories available, the benefits payable in the case of death and disability, and the risk cover costs.

Change of risk cover (Category C)
Change of Risk cover form (Category A)