RECENT NEWS

Good Governance for Retirements Funds

19th of March 2010

Good Governance for Retirements Funds Read More...

Interest rate increase on Housing Loans

8th of June 2010

  Interest rate increase on Housing Loans Dear Sir /Madam Kindly note that the current interest rate of 14% charged to the members for housing loans is not in accordance wiRead More...

Death Benefits Distribution

29th of June 2010

  Death Benefits Distribution   There are new challenges facing trustees. A more appropriate and sound way of ensuring that lump sum benefits owed to the minor children ofRead More...

Taxing early withdrawals

29th of July 2010

  Taxing early withdrawals   In this article, Michael Summerton and Carla Rossouw provide an overview of how withdrawal and retirement benefits are taxed. They use practical eRead More...

IMPORTANT NOTICE TO EMPLOYERS AND EMPLOYEES

19th of November 2010

  IMPORTANT NOTICE TO EMPLOYERS AND EMPLOYEES                        Read More...

LOCAL NEWS

2nd of February 2011

LOCAL NEWS   Directives are NOT final!   Why when you withdraw your pension, you pay – and then pay again.   PIETERMARITZBURG - When pension or providenRead More...

Tax Information

11th of February 2011

DIRECT HOUSING LOANS   LEGAL REQUIREMENTS In terms of the Pensions Fund Act, Retirement Funds are allowed to lend money (up to a maximum of 25% of their Assets) to their members foRead More...

Proposed Interim Retirement Reforms

2nd of March 2011

Proposed Interim Retirement Reforms  Read More...

Where has the retirement law gone?

24th of June 2011

Where has the retirement law gone?   Rumours have been floating around the industry that if employer contributions became taxable benefits in employees' hands, as proposed in the FRead More...

Sanlam calls for sea change in retirement industry

11th of August 2011

Benchmark research shows South Africans worse off now than 30 years ago Sanlam Employee Benefits (SEB) today released the results of its 2011 Benchmark survey, a comprehensive annual review ofRead More...


EVENTS


CURRENT RETURN

6% Fund 6% Trust

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 31st August 2010, the Fund had 25 290 members in 982 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

As at 30 June 2010 the fund has Assets of R508 million (unaudited). The main investments are in housing loans to members, Badiri Housing Association, Coronation Asset Management, various products offered by Old Mutual and Cadiz Asset Management, insurance policies offered by various institutions.
 

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

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

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

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

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

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.