The Municipal Employees Union (MEU) Retirement Fund
The Municipal Employees Union (MEU) Retirement Fund was established, after successful negotiations at the Industrial Council for Local Authorities on terms and conditions of employment. The agreement was published in the Government Gazette in July 1996 and the Municipal Employees Union (MEU) Retirement Fund came into effect as a negotiated retirement fund. The Fund registered with the Financial Services Board in July 2005. Membership of the Fund is open to union as well as non-union members employed in the Local Authority and Water Sector environment.
The Fund’s mission is to ensure security of investments for members; a good real rate of investment returns and effective and timeous administration of retirement and other benefits. Ultimately, the Fund aims to provide for a peaceful and secure retirement and peace of mind for surviving beneficiaries in the event of untimely deaths.
A historical decision was taken to establish one national retirement fund for members to participate in, benefit from, and structure/manage to their best advantage. This has enabled the Fund members to achieve the following:
EXERCISE more direct control over their retirement fund benefit arrangements;
ENSURE that their benefits meet their specific needs;
USE their collective and numerical strength when bargaining both with employers and service providers, and
RETAIN the benefit of resulting savings.
Momentum Multi-Manager Smooth Growth Fund Global Portfolio
The major features are as follows :
- Assets are allocated to different asset managers appointed as specialists in their particular asset class. This reduces the risk of exposure to a single asset manager while providing access to specialist skills within different asset management houses.
- Monthly Bonuses are determined by a formula approach. This method is regarded as less subjective and more secure in the longer term.
- The Performance benchmark is CPI (headline inflation) plus 4% per annum, net of charges, over a five to ten year period. The product has comfortably outperformed its benchmark.
- There is an underlying underwritten guarantee that a member may never receive less than their contributions plus bonuses at the date of leaving.