Here Are a Few Things You May Not Have Known About The Hospitality and General Provident and Retirement Fund
In 1967 pension funds in South Africa took a significant leap forward with the founding of The Hospitality and General Provident Fund, under the Witwatersrand Liquor and Catering Bargaining Council. It would later become a standalone provident and pension fund in the hospitality industry. Over time, the fund evolved into a standalone Umbrella Provident Fund, which continues today.
In 2001, The Hospitality and General Provident Fund transferred its administration to a newly formed administration company, registered under by the Financial Services Board. This was in direct need for a competitive and efficient administration service to members of the fund.
Today, The Hospitality and General Provident Fund provides housing loans to members, which requires that it be registered with the National Credit Regulator. The South African Revenue Services approves the disability and death benefits of the fund, along with the temporary income protection and other funeral benefits.
A Word About the Hospitality and General Provident and Pension Fund’s Vision
The Hospitality and General Provident Fund’s vision has always been to educate its members on the importance of saving for retirement. We also seek to achieve a replacement value of over 50{0eed6e6c753d3bcba73eb53e6229efd99942d479bf142a0b5c34fcde84dd2439}, and to educate our members on the benefit of having disability and funeral benefits, along with opening important discussions on preserving retirement savings amid the challenges of limited resources.
Our focus today remains on achieving upwards of a 75{0eed6e6c753d3bcba73eb53e6229efd99942d479bf142a0b5c34fcde84dd2439} replacement ratio for members of The Hospitality and General Provident Fund, and:
- Maximising members’ savings with minimum risk, and reasonable cost;
- Educating members on retirement savings, and added benefits in the fund;
- Educate members on the dangers of downgrading benefits in retirement funds.
The Hospitality and General Provident Fund’ Objective
The fund’s objective remains developing, growing and protecting our members’ retirement benefits, to the best of our abilities. To this end, we endeavour to do all we can to empower trustees of the fund in the execution of their fiduciary duties.
Contact us to learn more about The Hospitality and General Provident Fund, and for more information on the management of the pension fund. Our team looks forward to hearing from you.
