DECEMBER 2021 PAGE ONE
KEYNOTES
FUND HIGHLIGHTS
FINANCIAL YEAR ENDING
28 FEBRUARY 2021
MARCH 2020
Rule Amendment 6.1.1 was registered
to provide an increase in the death and
disability benefit.
APRIL 2020
Rule Amendment 4.2.5 to be added to
the rules with reference to the Covid-19
pandemic in SA and globally.
FEBRUARY 2021
Total active membership of 268 277
An increase in investment performance was
noted from 8.81% growth @ 29/02/2020 to
9.98% @ 28/02/2021
APRIL 2021
Rule Amendment 9 with regards to the Rules
of the Fund was registered with the FSCA on
21 April 2021, effective as from 1 June 2020.
JUNE 2021
Rule Amendment 10 was effective as from
1 June 2021 that removed the capping of
salaries for Group Life benefits.
SEPTEMBER 2021
Rule Amendment 11 was registered to
enable a reduction in the contribution
percentage paid by the member and the
employer, for a 12-month period.
TRUSTEE NEWS
PRIVATE SECURITY SECTOR PROVIDENT FUND
A WORD FROM THE
CHAIRMAN
Dear members of the Private Security
Sector Provident Fund (“PSSPF”)
At the start of a New Year (2022), we would
like to take this opportunity to thank you
for your continued support throughout
the past 12 months. Amidst the ongoing
global pandemic, 2021 has been a year
filled with a multitude of challenges and
obstacles. No matter what the economic
climate and hardships have been, we
persevered and overcame together.
Governments around the globe have
had to take action not only to fight the
pandemic, but also to bolster economic
activity and prevent the collapse of
financial markets and economies in
general.
South Africa was not spared! The
pandemic together with various
lockdown restrictions have had
everlasting effect on our daily lives. Some
have been infected and have recovered
and some have succumbed to the virus.
On behalf of the PSSPF Board, I extend
my condolences to the families and
colleagues of those members we lost in
2021.
Many more have endured hardship and
have sacrificed much during this time.
Our already fragile economy has taken
a beating with many small businesses
bearing the brunt of these unprecedented
circumstances, be it in the form of reduced
business opportunities or challenges
when it comes to payments by clients.
In order to ease the burden on the
members and employers, in 2021 the
Fund granted 12-month financial relief
to the members and employers in terms
of which contribution rates on both the
employer side and the member side were
reduced from 7.5 % to 5 %.
The Board has even in these difficult
times managed to ensure that the Fund
remains in a sound financial position. We
will keep working hard to ensure that the
Fund remains the best vehicle for you to
save for your retirement.
The two major challenges facing the Fund
are (i) non-payment of contributions
by certain employers and (ii) benefits
that are sitting in the Fund that remain
unclaimed or unpaid.
I would like to encourage the members
to regularly check their payslips to ensure
that their employers deduct provident
fund contributions and pay them to the
Fund. Should a member suspect that his
or her employer has not deducted or has
an
not paid provident fund contributions to
the Fund, the member should contact the
Fund and SALT immediately.
I also encourage members to make sure
to immediately contact the Fund when
their employment is terminated or when
they change jobs. This will ensure that
their benefits are processed and paid to
them without delay.
I conclude by wishing all members and
their families a safe and prosperous New
Year. Remember, we have not yet won the
battle against COVID-19. So, please stay
safe and obey the rules!
Chairperson
S Khumalo
PAGE TWO

KEYNOTES
TRUSTEE NEWS
PRIVATE SECURITY SECTOR PROVIDENT FUND

THE FUND STRUCTURE

TRUSTEES
Principal
ON BOARD OF
Of ficer
MANAGEMENT

SUB COMMITTEES Legal, Risk and Risk Legal

Administration Claims Communications Investments Secretariat
AND THEIR FOCUS Compliance Of ficer Of ficer

CLAIMS SUB-COMMITTEE
260 096 claims were received from members during March 2020 to January 2021 with the following breakdown:

Number of outstanding claims @28 February 2021

• 545 Withdrawal Death Claims
• 1 100 Disability Claims
• 1 898 Retirement Claims
• 5 445 Death Claims
• 251 108 Withdrawal Claims

The pie-chart, shown right, indicates the total number of

outstanding claims @ 28 February 2021:

The Fund has obtained the service of Medical professionals

in the assessment of disability claims for better service
delivery to members.

The Fund has acquired the services of 2 more tracers in

our 37C investigations to ensure speedy resolutions and
payments of beneficiaries.
17,206 Withdrawal
1,501 Death
The Fund places monies for minor beneficiaries in 39 Retirement
beneficiary trust accounts for their financial needs until 107 Disability
reaching majority age. 545 Withdrawal Deaths

COMMUNICATION
SUB-COMMITTEE
Member communication remains a priority for the Fund. As the
Communication sub-committee it is our duty to ensure that our
members are well informed about the issues that can impact
them as well as the procedures they need to follow when lodging
a complaint.
On 12 February 2021, A3 posters were printed and distributed
to all the Walk-in centres throughout South Africa explaining
the Member Complaints Procedure in detail. A Power Point
presentation was also created with the same information that
employers could use. This was also uploaded on the Fund website.
The Annuitisation changes affecting all members of Provident
Funds were communicated via printed A3 posters and sent to
all Walk-in centres on 22 February 2021. The poster was also
uploaded on the Fund website.
A newsflash was distributed in May 2021 to all members informing
them of the removal of capping of salaries for Group Life (Death)
and Disability benefits.
The annual Member Newsletter was printed and distributed
during August 2021 to all Walk-in centres for members to take a
copy. The newsletter was also sent via sms to all members’ cell
phones with a direct link to the website.
The Fund in conjunction with African Unity introduced a ‘’Win a
House’’ competition for all registered members of the Fund. On
17 January 2021 the winner was announced. Congratulations
to Flora Maluleke who was selected as the lucky winner. She is
employed at GDL Security.
The benefit counsellor tool was introduced to assist members
with their Fund related enquiries. This will enable members
to be able to see their Fund balance, benefits and educational
information in real time. Members can register to use the benefit
counselling platform at https://psspf.benefitcounsellor.com or
use the WhatsApp line on 087 240 7006 by sending any message
to engage with us.
ADMINISTRATION
SUB-COMMITTEE
The active membership is 268 277 members, as the end of
the financial year
The new paid-up category encourages members to save
their Fund credit in the Fund until they reach retirement.
Rule Amendment 11 was approved on 10 September 2021
by the FSCA and allows for a reduction in contributions
made to the Fund for a 12-month period. The members’ and
the employer’s contributions to the Fund is reduced from
7.5% to 5% each.
PAGE THREE
From 1 September 2021 to 31 August 2022 the member and the
employer will each pay 5% per month (10% combined) of the
member’s salary to the Fund as a contribution instead of the 15%.
There are two implications of this reduction in contribution:
• Less money is allocated to a member’s savings account in
the Fund; and
• Members will have more money in their pockets as 2.5% less
is deducted from their salaries as a contribution to the Fund,
for a 12-month period.
This rule amendment was requested by the labour and employer
organisations in the bargaining council and was approved by the
Board in order to alleviate the financial pressures in the security
industry as a result of the Covid-19 pandemic.
LEGAL SUB-COMMITTEE
Rule Amendment 9 was registered with the FSCA on
21 April 2021, effective as from 1 June 2020.
Most Pension Fund Adjudicator complaints received are
members complaining about employers not registering
them with the Fund, not paying their contributions and
payment of benefits when they become due.
In terms of section 30A of the Act, before lodging a
complaint with the PFA Office, the member may first lodge
the complaint in writing with the Fund/SALT EB to allow
the Fund an opportunity to resolve the complaint directly
with you. The complainant must allow SALT EB 30 days in
which to resolve the complaint.
The email address to lodge the direct member complaint is
psspf.pfa@salteb.co.za
At the end of the financial year the Fund had 599 compliant
employers with a membership of 131,914 and 2,799 non-
compliant employers covering a membership of 114,325.
This is an increase in the number of compliant employers.
The Fund is now actively taking legal action against
employers that are non-compliant to ensure that members
get the benefits they deserve.
The National Bargaining Council for Private Security
Sector (NBCPSS) was established on 20 February 2021-
to regulate the terms and conditions of employment,
obligations of the employer and compliance within the
Sector. Through clause 30 of the Main Collective Agreement
(MCA), the NBCPSS is empowered to ensure employer
compliance with the Private Security Sector Provident
Fund (PSSPF) through information sharing sessions with
employers and inspections to enforce compliance.
 PAGE FOUR

KEYNOTES
TRUSTEE NEWS
“PLEASE STAY SAFE - AND OBEY THE RULES”

INVESTMENT SUB-COMMITTEE about R500 million from total Fund assets in March 2020 alone.
From the low of R7 billion in March 2020 until early September
PSSPF assets grew from R7.5 billion as at end-February 2020 to
2020, the market had recovered by 42% and Fund assets had
R9.8 billion as at financial year-end February 2021, despite the
gained back their losses already to R8.4 billion.
weak SA economy and the COVID pandemic.

In early 2020 Covid struck an already weak SA economy and The Fund’s assets have navigated two COVID years of difficult

slowing global economy and brought them close to a standstill. markets well, utilising good risk management practices such as

Vaccines took nearly the whole of 2020 to become viable, and no
one knew when they might be ready for distribution or whether
they would be effective. Lockdowns worldwide were still in
operation on a rolling basis, with devastating consequences
on the global economy and resulting in very volatile financial
markets. Between 24 February 2020 and the lowest point of the
market, 23 March 2020, the market declined by 36.7%, wiping out
regional and asset class diversification as well as tactical asset
allocation. The Fund’s investment performance on a relative and
absolute basis over the longer-term period to December 2021
has been very positive, with Fund returns outstripping the cost of
long-term inflation-linked liabilities. By end-December 2021 the
Fund reached the R11 billion mark beating inflation by more than
15% during the year.

BENEFICIARY FUND CONTACT DETAILS

PRIVATE SECURITY SECTOR UMBRELLA BENEFICIARY FUND
• Administered by Sanlam

• Email: PSSPF@Futurasa.co.za

• Phone: 087 702 5059

CONTACT THE FUND SALT EB OFFICES

Operating hours: Monday till Friday from 08h00 -17h00
Private Security Sector Provident Fund Johannesburg: 108 Fox Street, OPH Building, 1st Floor.
Tel (011) 492 2208.
www.psspfund.co.za Midrand: Central Park Office, Block Q, Nr 400, 16th Road,
Randjespark, Midrand.
@PSSPFund
Tel: (011) 544 8300
Bloemfontein: No.6 Elizabeth Street,Finbond Building, 2nd Floor.
Call Centre: 0861 177 775
Tel: (051) 430 5397.

WhatsApp or sms line: 082 053 0245
Fax number: 086 644 4328
Email: psspf.exits@salteb.co.za
Durban: Commercial City Building, 40 Dr. AB (Xuma Street),
Commercial Rd, Suite 2137. Tel: (031) 301 4401.
Cape Town: 36 Long Street, 1st Floor. Tel: (021) 423 3093/426 1457.
Port Elizabeth: Pier 14 Shopping Mall, 2nd Floor, Govan Mbeki Avenue,
North End. Tel: (041) 484 1136.