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Mr Leslie Ndawana, who was appointed as the NFMW's Principal Executive and Chief Executive Officer in August 2020 shares his aspirations for the NFMW: "I want the Fund to be a recognised participant in the dialogue on issues of national importance such as sustainable socio-economic development of our nation, transformation, equality, and justice, among others. The retirement assets/savings managed by the NFMW and other retirement funds should also contribute to creating an environment that is conducive to live in, such that our members benefit from the Fund’s assets, not only at retirement, but also during their working life. Positively impacting the lives of our members, their families, and their communities, today and tomorrow. Lastly, I would want the NFMW to develop into the most trusted custodian within local government, growing our members' investments and keeping them informed along the way to a secure retirement.” In terms of the proposed rationalisation/restructuring of local government retirement funds, Mr Ndawana responded by delivering the following message: “The NFMW has previously communicated on the proposed rationalisation/restructuring of Local Government retirement funds which will allow members to move to the

fund of their choice and take up membership at that fund. Retirement funds will be required to undergo an accreditation exercise to ensure that they meet the criteria as set out by the South African Local Government Bargaining Council (SALGBC). The Local Government retirement funds sector restructuring/rationalisation is meant to ensure that members receive value for their contributions and save as much as possible towards their retirement. This process is also meant to ensure that all retirement funds are properly governed and that retirement funds put the interest of members first. The NFMW supports the proposed retirement funds restructuring exercise as we believe that members who are locked into funds due to the current restrictions, should be given the freedom to choose retirement funds that are cost-effectively managed, practise good governance and responsible investing in order to provide members with desirable retirement outcomes. The NFMW supports and will partake in the accreditation process as the criteria pose no threat to well-managed and cost-effective funds, like the NFMW. Rather, this provides funds like the NFMW with an opportunity to grow in membership and assets resulting in a further reduction in costs, improved benefits and even better returns for our members. The earliest anticipated implementation date for the window

Mr Leslie Ndawana Principal Executive and Chief Executive Officer

period during which members will be allowed to move from one fund to another is still to be confirmed. A detailed fund comparison on costs, benefits and investment performance will be made available so that members and potential members can compare accredited funds before deciding on which fund to participate in or transferring between funds. We will, as always, ensure that you are updated on any new developments in this regard. We look forward to continuing to serve our members beyond the rationalisation exercise.”

NFMW has won numerous Institute of Retirement Funds (IRFA}- Best Practices Industry Awards 2018 Overall winner Communication Strategy 2019 Financial management and reporting, Governance, Investment practices, and a Gold standard award 2020 Best in class - Investment practices; Best in class – Governance; Best practices in Transformation; Best practices in Financial management and reporting and Best practices in Stakeholder engagement and education. These awards are a testament to the Fund's compliance with all regulatory and other statutory requirements and above all, recognition for setting the benchmark of excellence in Local Government.

Municipal Focus

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Profile for kwedamedia

Municipal Focus Volume 52  

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