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The KwaZulu-Natal Joint Municipal Pension/Provident Funds – building a better tomorrow

The KwaZulu-Natal Joint Municipal Pension/ Provident Funds (NJMPF) is one of the oldest - if not the oldest - municipal pension fund in South Africa. Please give us an overview of the Fund, focusing on its historical background The KwaZulu-Natal Joint Municipal Pension/Provident Funds (NJMPF) is a provincial municipal pension fund that provides retirement benefits for municipal employees in the province of KwaZulu-Natal. The NJMPF drives inclusive, transparent and sustainable practices through innovation and financial literacy. NJMPF was founded through an Ordinance of Natal in 1942. It was founded to provide financial security for municipal employees in the province of KwaZulu-Natal as a vehicle for their retirement savings. The NJMPF is a non profit organisation,

it is self-administered and responsible for three retirement funds, namely: the KwaZulu-Natal Joint Municipal Pension Fund (Superannuation) and the KwaZulu-Natal Joint Municipal Pension Fund (Retirement) - that are both Defined Benefit Funds with guaranteed predictable lump-sum and monthly pension benefit at retirement - as well as the KwaZulu-Natal Joint Municipal Provident Fund, which is a Defined Contribution Fund. The fund credit depends on employer and employee contributions, interest on investments and returns by the Fund, where the member bears the investment risk. The NJMPF is leading the pack as a financial institution and offers an example of what is meant by superior service. In the last decade, the NJMPF has received a total of 101 accolades for excellence in different award categories, both locally and internationally, in areas such as

governance, investments, treating customers fairly, financial literacy programmes and best practices in retirement funding industry. For the past decade, the NJMPF has been working on the rationalisation project – the main objective of removing any historic discrimination and the equalisation of benefits in the two defined benefit funds. Is this Fund fully integrated? Are all municipal workers, irrespective of race or job description, allowed to be members? Please elaborate on the criteria to be a member and the projected benefits The NJMPF is fully integrated, it serves a diverse membership that has a fair representation of all racial groups, different income and social groups. Its active membership base is spread across the province of KwaZulu-Natal

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Municipal Focus Magazine - Volume 51  

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