Saving For Retirement

Membership to the Fund gives you the opportunity to save in a properly structured and regulated environment, where you will reap the following benefits:

• Accumulated growth, which means the “snowball effect” of earning growth not only on contributions but also, on growth already earned,
• Economies of scale, which means that you stand to gain from better investment opportunities and lower costs merely because you are pooling your investment with a large group instead of doing it on your own, and
• Tax incentives through the Exempt – Exempt – Tax principle which applies to a pension fund and wherein your contributions are tax deductible, growth earned in the fund is tax free and benefits are taxable when it becomes payable.

NBWPF has created a solution, through this vehicle, that offers you the opportunity to effectively provide for the day you can no longer work to support yourself and your dependents. The ultimate goal is to save enough during your working career to replace your salary with a pension
at retirement date.

The “recipe for success” lies in a combination of the following:

• A responsible mind-set that will treasure these savings for “one day when I can no longer work”,
• A good understanding of the Fund and all its offerings,
• A long term savings strategy – of at least 35 years,
• Consistent monthly contributions towards retirement
  throughout your working career, and investment returns above inflation over the long term

Governance

The Fund is governed by its Rules that are approved by the Registrar of Pension Funds (NAMFISA) and the Receiver of Revenue (NamRa). To obtain and maintain this approval, the Fund must comply with a multitude of legislative and regulatory prescriptions.

The Fund Rules regulate statutory and over-arching provisions, such as participation, membership, contribution rates, management of the Fund, normal retirement age, risk benefits offered, dispute resolution, etc. The Board of Trustees is ultimately responsible for the setting of the Rules and the management of the Fund.

They uphold this responsibility by providing strategic direction and leadership, ensuring good corporate governance and ethics, determining policy, agreeing on performance criteria and delegating responsibilities to Fund Management.

The Board of Trustees consists of trustees appointed by employers as well as elected by employees.

Dispute Resolution

Every effort is made by the Fund to resolve member queries and complaints. In the unlikely event of you wanting to complain to the Pension Funds Regulator (NAMFISA), the appropriate contact details and dispute resolution process is available on the NBWPF website.