Page 82 - KZN Top Business Portfolio 2021/22- eBook

KWAZULU-NATAL JOINT
MUNICIPAL PENSION/
PROVIDENT FUNDS

Customer Base: 22 000 Active Members and 9 629
Active Pensioners = 30 629 Total Membership
No. of Employees: 44
B-BBEE Status: We are a retirement fund focused on
transformation in the industry
Auditors / Accountants: Internal Auditors - Deloitte
External Auditors - Auditor General (AG)
Bankers: Standard Bank
CEO/Principal Officer: KEY PERSONNEL
Bongi Mkhize CEO / Principal Officer: Bongi Mkhize
Chief Financial Officer: Zinhle Ndlovu
Full Name of Company: KwaZulu-Natal Joint Municipal Communications Manager: Sizwe Tshabalala
Pension / Provident Funds (NJMPF)
Industry Sector: Financial Services - Retirement CONTACT DETAILS
Physical Address: 5 Derby Place, Derby Downs Office
Funding Industry Park, University Road, Westville, 3630
Services / Products: Retirement Products - Postal Address: P.O. Box 33, Westwood, 3633
Superannuation Fund, Retirement Fund and Tel: +27 (0)31 279 5300 Fax: +27 (0)31 266 6715
Provident Fund E-mail: info@njmpf.co.za
Date Established: 1942 Website: www.njmpf.co.za

INNOVATION AND FINANCIAL LITERACY to over 21 000 active members and 9 629 pensioners
and beneficiaries making up its membership.
The KwaZulu-Natal Joint Municipal Pension/Provi-
dent Funds (NJMPF) drives inclusive, transparent Research Findings
and sustainable practices through innovation and There are several surveys published in South Africa and
financial literacy. worldwide on the state of the population’s attitudes
and readiness for retirement. The results have tended
Lawmakers globally and international regulatory
institutions exert stringent authority over financial to be consistent. For example, a survey conducted of
South African households was performed many years
institutions, particularly retirement funds because of
the funds they hold. Whether these laws reduce or ago on a representative sample of 65-year olds. The
add value for stakeholders, the general perception following facts were uncovered; 47% were dependent
is that as laws change and become more stringent, on relatives, 31% were forced to continue working,
costs also escalate, and room for innovation and 16% were dependent on a state pension, and 6% were
creativity is in some instances reduced. One organi- financially independent. In recent studies, this situation
sation is leading the pack and offers a global has not significantly shifted - perhaps due to inflation
example of what is meant by superior service. The rates, taxation and cost of living increasing - Source:
NJMPF is recognised internationally for excellence in The South African Financial Planning Handbook 2019.
governance, investments, treating customers fairly, Coupled with the above challenge is the issue of
financial literacy programmes and best practices in low financial literacy levels. According to a study by
retirement funding services. the Organisation for Economic Co-operation and
The NJMPF is a non-profit organisation, which provides Development (OECD), South Africa nears the bottom of
retirement funding benefits for municipal employees in the financial literacy class. The OECD/INFE International
KwaZulu-Natal. These employees are employed at 55 Survey of Adult Financial Literacy Competencies
municipalities in the Province. The NJMPF’s vision is questioned 50 000 people aged between 18 and 79
to provide superior retirement services and benefits and found that, on average, only 56% of adults across

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