Windfall for municipal pensioners 20 years after fund’s near collapse
One-off hike includes 7.5% inflation adjustment and compensation for lack of rises in its troubled years
17 April 2023 - 21:28
The Joint Municipal Pension Fund (JMPF), a defined benefit pension fund for municipal workers of the old Transvaal province, will pay its remaining pensioners a one-off bumper increase two decades after it almost collapsed.
The fund that is almost 100 years old approved a 7.5% increase for its remaining 1,100 pensioners at its AGM at end-March. That inflationary increase means the fund will effectively pay pensioners a one-off special increase of 22.3%, which includes a 7.5% inflation adjustment and as compensation for the lack of increases during the fund's prior troubled years. ..
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