Dear Pension Fund Member

In the words of Kofi Annan: “Knowledge is power. Information is liberating. Education is the premise of progress in every society, in every family.”

Let us journey with you to your ideal retirement, commencing with the sharing of knowledge.

Investment Update for 2023 – Reminder

As always we start the year by looking at what happened in 2023. The investment markets play a big role in helping us reach

our retirement goals. To assist us in reviewing the 2023 investment markets, we will be hosting investment webinars with the

Fund’s investment consultants from Alex Forbes. Please join us. The sessions will take place on 27 and 29 February via MS Teams:

27 February at 11:30

Click here to join the meeting

Meeting ID: 359 302 060 414
Passcode: GhUBpm

29 February at 12:00

Click here to join the meeting

Meeting ID: 346 291 676 209
Passcode: puq6CC

In summary, attached, please find the Fund’s quarterly investment report. The investment returns for the periods ending 31 December 2023 were as follows:

More information will be provided and discussed during the webinar sessions.

 Two-Pot Retirement System

During the budget speech delivered by Finance Minister Enoch Godongwana on 21 February 2024, it was confirmed that the new two-pot retirement system will be implemented on 1 September 2024. The details regarding the implementation is still being finalized.

We can however confirm that this DOES NOT mean that you can access 1/3rd of your fund value in cash as at 1 September 2024. All fund values built up in the fund before 1 September 2024 will be subject to the current legislation in place today. Future contributions (paid to the fund after 1 September 2024) will be split between your savings pot and your retirement pot.

A seeding amount will be made available for withdrawal only. Should cash be withdrawn from the savings-pot this will be taxed at your average tax rate.

The Funds will be hosting various communication and member education sessions regarding the implementation of Two-Pot once the legislation has been signed off by parliament. You will therefore be receiving invitations to face to face meetings and webinars discussing how the Two-Pot system works – please keep your eyes open for these invitations.

As always, take care!