News

Published on 30 May, 2019

The risk cover category elected by a member determines the benefit payable in the event of death and disability*. The fund provides members with the option to elect the extent of death and disability cover, by choosing between the available categories. It is important for members to review their risk cover category from time to time to ensure that it is still best suited to their individual needs. Members can change their risk category twice a year effective 1 January and 1 July and when their personal status changes i.e. marriage, birth of a child.

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Published on 29 April, 2019

Updating beneficiary and financial dependant information is of the utmost importance and will assist the fund with the processing and payment of death benefits. Registering your qualifying family members and a life-partner is as important in ensuring that the funeral benefit is paid when a claim is submitted. The insurer may decline to pay a funeral benefit if the fund has no record of a qualifying dependant and where the required proof of the deceased's relationship to the member cannot be provided.

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Published on 28 March, 2019

Our aim as a fund is to always keep our members informed about what is happening in the fund, educate them so they understand the benefits they enjoy as members; guide and provide them with the necessary tools through ongoing interaction and equip them to make informed decision to ultimately retire financially sound.

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Published on 28 February, 2019

This edition includes the latest information on the new default regulations, the latest investment returns and the voluntary funeral benefits and burial packages available to members.

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Published on 15 February, 2019

The new default regulations are aimed at promoting good fund governance and improving the retirement outcomes of retirement fund members and prescribe the requirements for default investment portfolios, default preservation and annuity strategies.

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Published on 4 February, 2019

We are excited to introduce the new ABSA Workplace benefits which offer NFMW-members exclusive financial service solutions, including discounts on vehicle finance, home loans and personal loans.

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Published on 24 January, 2019

We are proud to announce that the NFMW was awarded, not one, or two, but  FOUR AWARDS at this year’s Institute of Retirement Funds Africa – Best practices industry awards.

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Published on 20 November, 2018

NFMW-greetings

The NFMW had another successful financial year and we are excited to provide you with the 2017/2018 Annual report in this month's edition. The report provides an overview of the fund's activities for the period 1 July 2017 to 30 June 2018 and a hard copy has been posted to all fund members to reach them by the end of November.

You can download the full Annual Report and watch the Principal Executive Officer's overview as well as the NFMW's key highlights video by clicking on the links below.

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Published on 31 October, 2018

We have noticed a concerning increase in the number of members wanting to resign or "end their membership" with the fund, because they have been declined a pension-backed home loan and/or want to access their retirement savings, mainly because of debt. The financial pressures that most South Africans are experiencing with the increased petrol price, the rising day-to-day cost of living and all the other pressing financial obligations are all contributing factors.

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