A message from

THE PRINCIPAL OFFICER

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Welcome!

Dear Member

Your Trustees are committed to good governance, transparency and ensuring that your rights, as members, are protected. Continual efforts are underway to ensure that the Fund’s investment managers deliver the best returns, that the Fund’s benefits are both affordable and competitive and that your Fund is accessible to you at all times.

As a member of the Cape Municipal Pension Fund, you are part of the collective retirement fund savings pools of employed South Africans. The retirement fund industry has seen so many changes and industry developments over the years, and through our continued communication initiatives such as the Website, Fund Talk magazines, workshops, etc we will continue to keep you informed.

More recently, with economic and political developments, members have shown greater interest in their retirement savings. Largely, this stemmed from concerns about how members’ growth on their retirement savings were affected by events such as the cabinet reshuffling earlier in the year, the resultant weakened Rand, the downgrade of South Africa by rating agencies, the talk of recession. This interest is welcomed but members are cautioned not to panic and are reminded that retirement investing is a long term investment. Investment markets are unpredictable and the Fund adopts a long term (at least 5 to 7 years) investment strategy. Knee-jerk reactions such as switching out of portfolios and potentially locking in possible losses are dissuaded. As you are continuously reminded, do not be deflected by noise during short measurement periods. While there will inevitably be times when you will be exposed to negative returns in the market, the Year to Date returns across all the Fund’s portfolios are positive, though modest, despite recent events.

Through good times as well as bad times, be part of the dialogue. Pay attention to the Industry, to your Fund, to your investment, your benefits. Be an informed, interested, and active member!