Financial Statements for 28 February 2014

The Trustees of the Road Freight and Logistics Industry Provident Fund (RFLIPF) have pleasure in presenting their report for the financial year ended 28 February 2014. The financial statements show that the Road Freight and Logistics Industry Fund is in a sound financial position.
During the period under review the Road Freight and Logistics Industry Provident Fund (RFLIPF) has made great strides in improving benefits and services to members of the Fund.

The Fund has assets of R3.4 billion and bonuses of 23% were allocated to members over the last two years. Funeral benefits for members were improved from R10 000 to R20 000 without an increase in premiums and pension-backed home loans were introduced to members in 2014.

A data reconstruction project was completed by the administrator, SALT Employee Benefits. The objective of the project was to restore and maintain the integrity of the member database. This process was signed off by the Board of Trustees and the administrator has recorded all respective amounts on member records accordingly.
Since taking over the administration from the previous administrator, SALT Employee Benefits has paid more than 40 000 claims to members and more than 5000 beneficiaries.

The Board implemented a communication strategy in 2013 that was further enhanced in 2014. Various communication channels exist including the Fund website and Facebook pages; benefit flyers; Fund induction video; member and employer newsletters and face to face member presentations.
The Fund’s communication efforts were rewarded at the 2014 annual IRFA Conference where the Fund was awarded with a Gold Standard Certificate for excellence in communication. Annual General meetings are planned in all provinces in 2015.
Corporate governance and integrity is very important to the Fund and its various service providers. The administration of your Fund is done in accordance with the Rules of the Fund and in compliance with the provisions of the Pension Funds Act.
For more information you can access the Fund’s full Trustee Report on the website.

[starkicon icon=’icon-doc-text’ size=’15px’ class=”]Brochure: RFLIPF Trustee Report 2014 | download