and incorporates members in towns and cities (53%) as well as semi-urban (35%) and rural areas (12%). Active members total more than 22,300 with the gender split of 61% males and 39% females. The ages of our members are grouped into 40 years and younger (39%), 40 to 54 years (45%) while 16% are within 10 years of normal retirement age. The income spread amongst members is 22% semi-skilled workers 28%, 43% have a higher level of skill, or are classified as white collar, with 7% highly skilled and well paid. The total number in our pensioner group is 8 722, of which 42% are pensioners, 50% widow/ers and 8% are children beneficiaries. Municipal workers in all 10 districts of KZN, irrespective of race or job description, are members the NJMPF. The vision of the Fund is to provide superior retirement services and benefits to members, beneficiaries, and pensioners whilst its mission is to serve the best interests of the members by ensuring a high standard of retirement services to provide financial security. In ensuring that the members retire comfortably, the NJMPF has committed to providing its members a series of financial literacy and educational programmes. Communication and education for a quality retirement lifestyle is a priority for Fund management and staff. Engaging on substantial financial literacy and educational programmes is aimed at educating members and pensioners in the sound tenets of financial management to make informed financial decisions. The Fund has built up assets in excess of R20-billion. Please give an overview of these assets and who manages them At the NJMPF we believe that we are more likely to achieve our objectives if our investment portfolios are structured to deliver consistent performance. Our multi-balanced manager fund approach uses some of the world's
“Our multi-balanced manager fund approach uses some of the world’s best managers who excel in their areas of expertise and combine their complementary processes to provide the highest level of diversification and discipline in our investment portfolio” best managers who excel in their areas of expertise and combine their complementary processes to provide the highest level of diversification and discipline in our investment portfolio. The Fund monitors and, when necessary, replaces managers to provide a structure which captures our highest conviction ideas as conditions change. The Fund has adopted a multi-balanced management approach and with the help of our investment consultant, the Fund constructs an investment portfolio by utilising the expertise of various investment managers. The skill of blending various balanced managers into a portfolio is dependent on the Fund completely understanding the strengths and weaknesses of each manager. The Fund together with its investment consultant
spends a lot of time on researching the capabilities and performance records of the asset managers in the industry, trying in an effort to determine which managers are truly skilful, and able to meet the investment objectives of the Fund. The majority of the NJMPF’s assets are invested in various asset classes and proportionally weighted in equity’s, bonds, property and cash. Investing money in the listed companies and the government organisations results in job creation, alleviating poverty, and infrastructural developments. The Fund has an investment policy which adheres to the requirements of Regulation 28 of the Pension Funds Act of 1956 and was established in accordance with PF Circular 130 issued by the Financial Sector Conduct Authority (“FSCA”).