About HGPF
The HGPF is a member driven retirement fund that operates nationally in South Africa. It is open to workers and employers in any trade or profession. As of the 1st September 2009, the Fund had 22 634 members in 803 workplaces.
It is a "private" fund, which means it is independent of any insurance company and has its own board of trustees, principal officers, auditors and actuary. As a national fund operating in all industries even if you transfer from company to company you remain a member, provided that your new company has joined HGPF.
Investment Policies
Brief History of the Hospitality and General Provident Fund
1966
Defined benefit” pension fund set up by the Industrial Council for the Liquor and Catering Trade Witwatersrand/ Vereeniging; Eligibility: White, Coloured and Indian workers; Administered by the Industrial Council
1985
Non-racial trade union HARWU begins to transform the Industrial Council – Black workers admitted to the pension fund
1989
Fedsure take over as administrators – becomes an “underwritten” fund.
1990
Change to “money purchase” pension fund – termination of the industrial council – fund becomes “private”.
1991
Name changed to Hospitality Industry Pension Fund – becomes national; HARWU merges with CCAWUSA to form SACCAWU
1992
Provident fund set up – fund becomes known as Hospitality Industry Pension and Provident Fund
1993
Administration transferred to Southern Life
1994
Membership elect to transfer from pension to provident fund – pension fund left dormant
1995
SACCAWU withdraws from the fund– trustees elected directly by the membership, no longer appointed by trade unions; Six monthly benefit statements introduced; Live membership of 4,500; Dormant membership of 20,000; Surplus distribution of R45m – each live member and pensioner as at 1 June 1994 receives R8,000; members over age 55 years receive additional R4,000; First housing loans issued directly by the fund; First Member Forum held – member representatives elected at each company; Fedsure sued for maladministration – fund recovers R1, 5m in damages
1996
Establishment of Badiri Housing Association – non-profit worker housing Company; Social investment policy developed; Education loans issued 2
1997
Self administration set up – one year contract with Multisure to assist training; Branch offices set up in Durban and Cape Town
1998
Fund receives administration licence from Financial Services Board – becomes fully independent; Self insurance for all benefits; FSB revokes permission for education loans; Fund assists workers in Cape Town and KZN South Coast to force bonus declarations by liquor and catering funds
1999
Parent Funeral cover introduced
2000
Workers from non-hospitality sectors start to join
2001
Borwa Financial Services set up with fund as majority shareholder – new admin license issued to Borwa; new software systems introduced; Savings and Credit Cooperative (SACCO) set up; Branch office opened in Nelspruit; Live membership of 9,000
2002
Name changed to Hospitality and General Provident Fund
2003
Bochabela (non- profit company providing loans for small business and cooperatives) set up; HG SACCO disbanded
2004
Extended Family Funeral cover introduced; Branch office opened in Port Elizabeth; Trusts transferred from outside companies and self-administered – trust investigations performed by the fund
2005
HIV/AIDS officer appointed; Bochabela made dormant;New minimum contribution rate of 7% adopted
2006
Bochabela made dormant; Bohlale ba Basebetsi (non-profit company) set up with Khanya College to provide worker education and manage building purchased in Johannesburg; Trade union forum set up.
2007
National forum held with 120 regional delegations; retirement bonus introduced; Funeral benefits improved; Retirement bonus introduced; New minimum contribution rate of 7,5% agreed as from 1 July; Personal finance officer appointed; Health education broadened; Membership reaches 19,000 members with 660 participating companies.
2008
Extended Family Funeral cover improved; attemps made to set up Badiri Housing Association projects outside of Gauteng; agreed to relaunch the SACCO (Savings and Credit Cooperative); provided strict membership targets are achieved; agreed to assist trade unions in Mocambique to set up a funeral scheme as a first step to launching a fully fledged provident fund.
