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About Your Fund

The Vrystaat Munispale Aftreefonds is responsible for managing pensions and related benefits on behalf of the members. 
The main objective is to provide members with the best possible benefits with good returns on investments through excellent management of the financial contributions of municipalities and members.

Overview | History

The Vrystaat Munispale Aftreefonds (the Fund) is registered with the Financial Sector Conduct Authority as a registered pension fund in terms of the Pension Funds Act (No 24 of 1956) with a Registration Number of 12/8/412.

The Fund is a responsible corporate citizen and is committed to the highest levels of corporate governance, compliance, and transparency.

To this end, four dedicated Committees support the Board of Trustees in managing and monitoring the affairs of the Fund. The Fund provides benefits to: 

  1. The Fund provides benefits to Defined Benefit Members (Category A Members),
  2. Defined Contribution Members (Category B Members), and
  3. Hybrid Members whose benefits consist of a combination of Defined Contributions and Defined Benefits (Category C Members).

The Rules of the Fund make provision for Category A, B, and C Members to buy an In-Fund or out of Fund Pension or preserve their benefit and become a Deferred Retiree or a Preserved Member.

  • Dihlabeng Local Municipality
  • Fezile Dabi District Municipality
  • Kopanong Local Municipality
  • Lejweleputswa District Municipality
  • Letsemeng Local Municipality
  • Mafube Local Municipality
  • Maluti-A-Phofung Local Municipality
  • Mangaung Metropolitan Municipality
  • Mantsopa Local Municipality
  • Masilonyana Local Municipality
  • Matjhabeng Local Municipality
  • Metsimaholo Local Municipality
  • Mohokare Local Municipality
  • Moqhaka Local Municipality
  • Nala Local Municipality
  • Ngwathe Local Municipality
  • Nketoana Municipality
  • Phumelela Local Municipality
  • Setsoto Local Municipality
  • Thabo Mofutsayana District Municipality
  • Tswelopele Local Municipality

A Curator was jointly appointed by the FSCA and the Board following allegations of irregularities and mismanagement of the Fund.  Since the date of his appointment in September 2017, the Curator was responsible for the day-to-day management, reported monthly to the FSCA, and consulted with the Board to ensure oversight of the Fund’s performance and to ensure the Fund acted in the best interests of its Members and Beneficiaries.

We are pleased to confirm that following the work performed by the Curator, the FSCA has agreed to lift the Curatorship with effect from 31 March 2022. This means that the Board of Trustees is once again fully responsible for all aspects of the running of the Fund

Meet the Team

The Vrystaat Munisipale Aftreefonds is governed by a Board of Trustees, which provides strategic guidance on the management of the Fund. The various sub-committees provide specialised guidance and report to the Board of Trustees.

The Trustees

Death Claim Sub-Committee

Audit & Risk Management Sub-Committee

Administration & Governance Sub-Committee

Communication Sub-Committee

Advisers

Principal Officer

Board and Sub-Committees

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The Board of Trustees duties is governed  by Section 7D of the Pension Fund Act 24 of 1956.

  1. Ensure due diligence in the execution of their fiduciary responsibilities;
  2. Ensure that the Trustees are sufficiently educated or assisted by investment specialists to carry out their duties and responsibilities, including a selection of investment-related service providers.
  3. Approve and annually review the investment strategy and policies;
  4. Ensure that Fund Rules are adhered to and all applicable legislation followed;
  5. Delegate, within the Rules of the Fund, certain duties to the sub-committees but retain full responsibility for those functions.
  6. Ensure that expert advice is given independently. Advice given must not be compromised by the relationship of the expert or firm to any service provider, employer, or sponsor.
  7. Review default investment choices annually.
  1. The Board has the power in terms of the Fund Rules to set up Sub-Committees and to delegate certain functions to the relevant Sub-Committees (Committee).
  2. The Board retains the right to disband the Committee/s at any time, without notice to the Committee/s or any other party or member of the Fund.
  3. In discharging their duties detailed in this document, both the Board and the Committee shall comply with the Rules of the Fund (as amended from time to time), the Pension Funds Act, the regulations thereto, and any applicable laws.
  4. Certain duties and obligations are delegated in full to the Committee, whereas other duties and obligations are retained by the Board.
  5. The Board retains the right to cancel the delegation of its duties and obligations to the Committee at any time and will upon such cancellation perform such duties and obligations itself.
  6. This authority (including the duties of the Committee) may be amended by the Board from time to time as it sees fit.

The Board shall:

  1. appoint Committee members who have the necessary time and expertise to perform the duties required of them in terms of this document,
  2. monitor and review the functioning of the Committee as necessary from time to time,
  3. ensure that the Committee has access to all relevant Fund information and necessary resources that the Committee reasonably requires to perform its duties in terms of this document.

The Board shall:

  1. appoint Committee members who have the necessary time and expertise to perform the duties required of them in terms of this document,
  2. monitor and review the functioning of the Committee as necessary from time to time,
  3. ensure that the Committee has access to all relevant Fund information and necessary resources that the Committee reasonably requires to perform its duties in terms of this document.
  • The quorum at Committee meetings and the number of meetings is set out below.
  • Committee meetings may be called by the Board, the Committee or the Principal Officer provided that reasonable notice is given to Committee members.
  • Minutes shall be taken of all meetings and be distributed to the Committee members for approval.
  • Minutes will be ratified by the  Board at each subsequent meeting.
  • The Committee may request third parties to attend meetings ad hoc.
  1. Copies of the Committee’s minutes of its meetings shall be presented by the Committee Chairman to the Board at the first Board meeting following each Committee meeting.

The Committee may seek professional advice and, or independent expert opinion when it considers it necessary to carry out its duties.

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The Trustees

The 6 Trustees have been appointed in accordance with Rule 16 of the Amended Rules of the Fund and meet regularly as they have a fiduciary duty towards the Fund and to act in the best interests of the members.

The Trustees are required to possess and maintain the necessary competence and skills to give effect to their oversight role and to make decisions consistent with the best interest of the members.

The current Trustee comprises 3 members elected Trustees, 2 employer elected Trustees, and an independent Trustee.

  • Mr. Roelof Ter Stege (Chairman): Member Elected
  • Mr. Malcolm Campbell: Independent Trustee
  • Mr. Ewan Eloff: Member Elected
  • Mr. Petrus Coenraad Faber: Member Elected
  • Vacancy: Employer Appointed
  • Vacancy: Employer Appointed

Death Claim Sub-Committee

Committee Meetings

  • Number of Committee members forming a quorum: Two

Responsibilities of the Committee

The Committee shall:

  • Have decision-making authority to confirm the payment of benefits and such will be ratified at subsequent Board meetings;
  • Ensure to the best of its ability that the information and documentation that death benefit distribution decisions are based on is accurate and valid;
  • Determine the allocation of death benefits in terms of Section 37C of the Pension Funds Act;
  • Consider and if deemed appropriate recommend claims for ill-health early retirement.

Audit & Risk Management Sub-Committee

Committee Meetings

  • Number of Committee members forming a quorum: Two
  • Minimum number of meetings per annum: One

Responsibilities of the Committee

The Committee shall:

  • Regularly review the Fund’s Risk Management Policy;
  • Make recommendations to the Board on the Fund’s Risk Management Policy;
  • Review and recommend the Fund’s annual financial statements for approval.

Administration & Governance Sub-Committee

Committee Meetings

  • Number of Committee members forming a quorum: Two
  • Minimum number of meetings per annum: Two

Responsibilities of the Committee

The Committee shall:

  • Regularly review the Fund’s Administration Services and Governance Schedule;
  • Make recommendations to the Board on the Administration Services and Governance of the Fund;
  • Review administration services.

Communication Sub-Committee

Committee Meetings

  • Number of Committee members forming a quorum: Two
  • Minimum number of meetings per annum: Two

Responsibilities of the Committee

The Committee shall:

  • Make recommendations to the Board on the Fund's Communication Policy;
  • Prepare and monitor (for appropriateness) the Fund's ongoing member communication strategy;
  • Review and approve all the Fund's communication sent to members and will be ratified by Board at a subsequent meeting;
  • Approve all the Fund's communication sent to members;
  • Set a communication budget, if required.

Advisers

The Fund also makes use of service providers to assist the Board in fulfilling its fiduciary duties. All service providers are appointed through a competitive bidding process.

The current service providers are as follows:

Actuarial Services

Simeka C&A

External Auditor

PwC

Benefit Administration

Robson Savage

Investment Advisor

GraySwan

Investment Managers

ABAX

Alexander Forbes

Allan Gray

Coronation

Colourfield

Ninety-One

Sanlam

Risk Assurer

Sanlam

effective 1 Sept 2023

Principal Officer

The Principal Officer supports the Board in ensuring that the Fund acts in the best interests of its members, pensioners, and beneficiaries. The Principal Officer implements all Board decisions , gives effect to the Board’s strategy, and supports the Board with day-to-day operations.

The current Principal Officer is Hazel Hopkins.

POPIA

Handling Your Personal Information

How does the Fund handle your Personal Information?

By now you will no doubt have received numerous emails from businesses updating you on how they are complying with the Protection of Personal Information Act (POPIA) which came into full effect on 1 July 2021.

Together with our Service Providers to the Fund in providing you with retirement funding benefits, we have security measures in place to safeguard your personal information when communicating with the Employer and you as a Member. This is to comply with POPIA which is a law that enforces a person’s constitutional right to privacy by regulating the collection, use, sharing, storage, and destruction of personal information.

What do you need to know about your Personal Information and the Fund?

Security measures will apply to all recipients of our communications, this means you and the Employers. We will never send emails that have personal, identifiable information in the main text. Instead, we will include the personal information in secure PDFs attached to the email.

This means that the recipient will need a password to open the attachment and view the communication. The password will be a decryption key specific and familiar to the recipient of the document, meaning that all recipients will receive a password in a separate email in order to access the password-protected document.

Object personal information processing

Should you object to the processing of your personal information, please complete the following form:

Delete/correct personal information

Should you wish to delete or correct your personal data, please complete the following form:

PAIA

Promotion Of Access to Information Act (PAIA)

The purpose of PAIA is to give effect to the constitutional right of access to information held by any private or public body that is required for the exercise or protection of your rights.

PAIA provides you with the right of access to information held by public and private bodies when you request such information in accordance with the provisions of PAIA, for the exercise or protection of any of your or another person’s rights.

If you make such a request, a public or private body must release the information unless PAIA or any other relevant law, states that the records containing such information may not be released.

The Funds PAIA Manual is detailed below:

COOKIE POLICY

Welcome to our website.

1. Introduction

This Cookie Policy explains how we use cookies and similar technologies on our website www.vrystaat-munisipale-aftreefonds.co.za. This policy is designed to help you understand what cookies are, how we use them, and the choices you have regarding their use.

2. What Are Cookies

Cookies are small text files that are stored on your device (computer, tablet, or mobile phone) when you visit certain websites. They are widely used to enhance your online experience by remembering your preferences and actions over time. Cookies are not harmful and do not contain personal information like your name or payment details.

3. How We Use Cookies

We use cookies for various purposes, including:

  • Essential Cookies: These cookies are necessary for the basic functioning of our website. They enable you to navigate our site, use its features, and access secure areas.
  • Analytical/Performance Cookies: These cookies help us understand how visitors use our website. They provide information about which pages are visited most frequently, how long visitors stay on each page, and whether they encounter any error messages. This data helps us improve the performance and usability of our website.
  • Functionality Cookies: These cookies allow our website to remember choices you make (such as your username, language, or region) and provide enhanced, personalised features.
  • Targeting/Advertising Cookies: These cookies are used to deliver advertisements that are relevant to your interests. They may also limit the number of times you see an ad and help measure the effectiveness of ad campaigns.

 

4. Your Cookie Choices

You have the option to manage your cookie preferences. You can usually modify your browser settings to accept, reject, or delete cookies. Please note that if you choose to block or delete cookies, some features of our website may not function properly.

5. Third-Party Cookies

We may allow third-party service providers to use cookies on our website for the purposes outlined in Section 3. These providers may also collect information about your online activities over time and across different websites.

6. Updates to This Policy

We may update this Cookie Policy from time to time to reflect changes in technology, law, or our data practices. Any changes will become effective when we post the revised policy on our website.

7. Contact Us

If you have any questions about our Cookie Policy or how we use cookies on our website, please contact us at freepen@e3.co.za

By continuing to use our website, you consent to the use of cookies as described in this Cookie Policy.

Complaints Policy

Introduction

An essential aspect of the governance of the Fund is that complaints are managed properly.  This is also one of the outcomes of the Treating Customers Fairly initiative of the Financial Sector Conduct Authority which is applicable to all retirement funds. In what is set out below the process for managing complaints is set out.
For the purposes of this Policy, a complaint:

  • May be made by a member, former member, beneficiary or potential beneficiary (“a complainant”);
  • Is not an enquiry and must allege that an issue has not been dealt with correctly, either in terms of the Fund’s rules, or according to reasonable standards of practice;
  • May relate to any Fund issue which affects the complainant, including conduct, and whether or not the complainant is or may potentially be prejudiced financially;
  • Must be against the Fund only, even where it relates to what service provider to the Fund has or has not done.

The Fund must deal with a complaint as follows:

  1. A complaint must be directed to the Principal Officer | Email: Hazel@axiomatic.co.za. The Principal Officer may refer the complaint and/or query to the relevant department or service provider.  If the complaint relates to the Principal Officer then the Principal Officer must refer it to the Chairperson of the Board of Trustees to manage, with the process following to apply in the same way to the responsibility of the Chairperson to resolve the complaint.
  2. A complaint may only be made in writing and sent by email to the Principal Officer. The complainant should include all relevant information and attach relevant documentation.
  3. The Principal Officer must acknowledge receipt of the complaint in writing within five working days of receipt, and give the complainant the name(s) and contact details of the person(s) responsible for the resolution of the complaint. The complainant must also be provided with the expected timelines involved in resolving the complaint, as well as the name and contact details of who the complainant can contact if they are dissatisfied in the way the complaint is being handled.
  4. The Principal Officer must ensure that there is a proper investigation of the complaint, if necessary involving the assistance of a service provider to the Fund (including the Fund’s actuary and legal adviser), in order to ascertain:
    4.1 If the complaint can be resolved immediately, to take the necessary action and advise the complainant accordingly in writing.
    4.2 If the complaint cannot be resolved immediately, to send the complainant a written summary of the steps to be taken to resolve the matter and the expected date of resolution.
  5. The Principal Officer may require a service provider to manage the complaint on behalf of the Fund provided that such service provider is given a clear mandate that sets out what it is authorised to do and how regularly it must report to the Principal Officer.
  6. If the Principal Officer is unable to resolve the complaint the he or she must notify the complainant giving full written reasons and notify the complainant that they may seek legal redress by referring the complaint to the office of the Pension Funds Adjudicator (www.pfa.org.za) or in some other way.
  7. The Principal Officer must record the date and details of the complaint in the Complaints Register  with details of how it was managed and whether or not resolved.
  8. The Principal Officer must request, at least on a quarterly basis, Fund reports from the service providers (including the benefit administrator, actuary and legal adviser) regarding details of complaints referred to them and how they have been managed on behalf of the Fund.

Escalation Process

  1. If the complainant is not satisfied with the management of the complaint or how it has bene managed, the complainant may request in writing that the matter be escalated to the Board of Trustees, for review and decision.
  2. If the Board of Trustees may take such steps as it considers appropriate to resolve the complaint, and must provide the complainant with full written reasons for its decision which, if not resolved as the complainant requires, includes informing them that they may seek legal redress by referring the complaint to the office of the Pension Funds Adjudicator.