The KwaZulu-Natal Joint Municipal Pension/Provident Funds (NJMPF) drives inclusive, transparent and sustainable practices through innovation and financial literacy.

Lawmakers globally and international regulatory institutions exert stringent authority over financial institutions, particularly retirement funds because of the funds they hold. Whether these laws reduce or add value for stakeholders, the general perception is that as laws change and become more stringent, costs also escalate, and room for innovation and creativity is in some instances reduced. One organisation is leading the pack and offers a global example of what is meant by superior service.

NJMPF is recognised internationally for excellence in governance, investments, treating customers fairly, financial literacy programmes and best practices in retirement funding services.

NJMPF is a non-profit organisation, which provides retirement funding benefits for municipal employees in KwaZulu-Natal. These employees are employed at 55 municipalities in the Province. NJMPF’s vision is to provide superior retirement services and benefits to the over 22 000 active members and 9000+ pensioners and beneficiaries making up its membership.

In a retirement funding perspective, retirement funds should advance the core business objective, while simultaneously developing systems to enhance members and communities through creativity and collaboration without incurring excessive costs. This view that drives plans and projects is motivated by teamwork, passion, strategic oversight, clear and proper communication and education, placing members at the core of decision making.

The competitive edge for NJMPF is providing superior service to stakeholders at low fees and ensuring high investment returns which increases members retirement benefits.

NJMPF has achieved excellent short and long-term investment performance which has enabled the funds to increase and improve benefits to members and pensioners. Pensioners of NJMPF are awarded increases and bonuses which greatly improve their standard of living.

NJMPF has continued the tradition of obtaining clean audits from the Auditor General of its annual financial statements in an environment where clean audits are rare. This is an indication of the good corporate governance practices. NJMPF is complying with all principles applicable in the retirement industry.

STAYING CONNECTED TO MEMBERS
Beneficiaries Living with Disabilities
The corporate social responsibility project undertaken in 2021 was more about connecting with the Fund’s members during a time of social distancing and contactless society. NJMPF wanted to show that its motto of ‘providing superior retirement services’ does not only apply to ‘the Funds’ investments practices and its customer services. Its motto also applies to beneficiaries who are affiliated with the Fund through parents who once worked for the municipality and who are now no more but left behind beneficiaries that were dependent on them for survival. NJMPF wanted to show that, they are not just a number on its system but an actual human being.

Members Living with Disabilities
Staying connected and constantly engaging with stakeholders and delivering the services that they require to make sound financial decisions with their retirement benefits is a priority for NJMPF. However, over the years through roadshows and annual information meetings, the Fund has picked up that members living with disabilities seldom attend these gatherings.

Through research NJMPF has found that members living with disabilities were unable to get to these gatherings because the venues they were held at were not accessible to these members and their municipalities made no provision for the members to get to the venues. As a member-centric Fund NJMPF, under the spirit of Ubuntu campaign, thought best to identify municipalities with a members living with disabilities and visit them to provide an information sharing session they have not been privy to in the past.

NJMPF understands that now more than ever, alongside providing superior retirement services to its stakeholders, it needs to have meaningful social impact campaigns. The practice of corporate social responsibility requires consistent and rigorous assessment and measurement of stakeholder perceptions, attitudes, and service needs thus NJMPF conducted an analysis to investigate who out of its stakeholders was not getting the attention they need and deserve. Members of the Fund living with disabilities who work for the various KZN municipalities were identified as the most vulnerable group (This was based on them being disabled and falling under a marginalised group in South Africa and in the work environment).

This influenced the Fund’s decision to want to do something for this target group. This initiative was a follow up programme to the Fund’s “Celebration of a life well lived for the Fund’s Centenarians” held in 2020. In 2021 NJMPF recognised beneficiaries living with disabilities who receive a monthly pension from the Fund.

Awards
As NJMPF is a leader amongst its peers in the industry, it has notched up a commendable list of Awards in the industry, both locally and internationally.

NJMPF has been acknowledged for excellence by the Institute of Retirement Funds Africa (IRFA), Standard Bank – Top Business Awards, Council for Retirement Funds in South Africa (Batseta) as well as Africa Investor (Ai), CFI, The European, European CEO, Stevie Awards and Innovation Awards by the World Pension Summit.