Company: NJMPF, Durban, KwaZulu-Natal, South Africa
Nomination Submitted by: KwaZulu-Natal Joint Municipal Pension/Provident Funds
Company Description: Established during 1942, the Fund administrates 3 Funds namely; the Superannuation and Retirement Fund which are Defined Benefit Funds, and the Provident Fund which is a Defined Contribution Fund. Our Funds provide pension benefits for municipal employees in the province of KwaZulu-Natal. Our vision is to provide superior retirement services and benefits to our stakeholders.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Financial Services - Small
 Nomination Title: NJMPF
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated organization since 1 January 2021, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 190 words used.
A journey to offer exceptional retirement services to South African municipal workers in KwaZulu-Natal started 80 years ago. A tale entwined with strong governance, investments, and customer service standards. The Superannuation Fund was created in 1942 as a defined benefit fund with the intention of offering lump sum and monthly pension benefits upon retirement or in the event of a member's passing. Years later, in 1967, the Retirement Fund was established. At first, it was a defined contribution fund, but eight years later, to suit the lower-income members, it was converted to a defined benefit fund (1975). The Provident fund was first made available by the NJMPF 21 years later (in 1996). This fund was established as a defined contribution fund that only offered lump sum benefits.
Presently, NJMPF provides retirement services to over 55 municipalities in 10 municipal districts of KwaZulu-Natal. The Fund has more than 22,000 active members and more than 9000 pensioners, its assets under administration are worth more than 30 billion Rands. The NJMPF's goal is to protect the best interests of its members by supplying high-quality retirement services that will guarantee their financial stability.
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2021 that you wish to bring to the judges' attention (up to 250 words):
Total 202 words used.
The NJMPF started the year 2021 on a high note, maintaining the momentum for being one of the most awarded retirement fund in South Africa. In the first quarter of 2021, the Fund received a total of 6 accolades from three different international awards programs, by the end of 2021 – the Fund a total of 120 awards in different awards categories from both local and international awards programs. The years that followed the Fund continued to receive accolades both locally and internationally. Winning awards may not be the Fund’s core objective however, the Fund believes that this is equally as important as the service they give their stakeholders. Being awarded for doing your job right and being awarded for best practices affirms that providing superior retirement services is not just the NJMPF’s motto, but a code the Fund lives by to ensure that members retirement outcomes improve and that more and more members improve their financial literacy which in turn will increase the number of people who retire comfortably. In efforts to ensure that Fund members have a voice, the Fund affords its members a democratic right to elect and vote for Board of Trustees in a free and transparent manner.
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 136 words used.
This year is a special year as the NJMPF celebrates 80 years of excellence, that is 8 decades of existence. 80 years of providing superior retirement services for KwaZulu-Natal (South Africa) local government employees. The strong financial performance of the organisation will continue to provide future resiliency.
- Net Profit increased from 2020 to 2021 by 1409% for Provident Fund, Retirement Fund 295% and 296% for Superannuation Fund (audited report attached and spreadsheet of calculation)
- The asset used for investment activities increased by 56% for Provident Fund, Retirement Fund 36% and 36% for Superannuation Fund (report attached and spreadsheet of calculation).
NJMPF has outperformed most retirement fund peers to date, but room to grow further as there is a lot of legislative changes in the pension fund industry in South Africa. (refered to updates - file attached).
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 31 words used.
Annual Information video
80 Years video
camperson of NJMPF's performance compered to industry peers
Financial Highlights
Supperannuation Fund Annual Financial Statements
Retirement Fund Annual Financial Statements
Provident Fund Annual Financial Statements
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