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
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.
