Promoting positive retirement industry transformation
The IRFA’s focus has always been to promote the active involvement of members of pension and provident funds by way of workshops, conferences and seminars, according to IRFA board member Professor Voet du Plessis, who is also a past president of the organisation and has been involved with the institute for most of its 30 years of existence.
“We have always campaigned for the members of funds to have more input into the affairs of their own funds. After we made representations to the Mouton Committee, the Pensions Fund Act was changed to make it possible for members of a pension or provident fund to elect from their own numbers at least 50% of the board of the fund,” says Du Plessis.
“Another area in which the IRFA has made a big contribution is to encourage its members to change their behaviour in line with new regulations and legislation through education, training and rewarding best practice through our awards.
“Our Best Practices Industry Awards (BPIA) have, since their initiation, motivated a culture of rewarding excellence in fund performance.
“We encourage the retirement industry to evaluate, review and upgrade all their funds’ processes, which in turn creates a greater understanding and awareness of the value of the retirement funds in South Africa.
“The intention of the awards has always been to recognise the professionalism of industry players across a broad range of activities, which is reflected in the award categories: Stakeholder Communications, Financial Reporting (annual reports), Legal and Technical Compliance, Trustee Development, and Investment Performance.
“The promotion of boards communicating with their members has made a big difference in transforming the industry,” says Du Plessis. “The IRFA’s aim is to ensure the retirement industry is at the centre of development and transformation of the country.”
Du Plessis says IRFA’s legal and technical committee has also made a big impact on transformation in the industry.
“The committee examines the impact that changes in legislation or regulations will have on the industry and what we can do better as an industry.
“The committee, which benefits from the expertise of a broad spectrum of industry stakeholders including legal, financial, tax, and actuarial, communicates closely with the Financial Services Board (FSB), National Treasury and the South African Revenue Services.
“While the IRFA’s representation of the retirement industry in negotiations with government authorities and the FSB is one of the most important benefits for the institute’s members and the industry as a whole, its promotion of skills development and training and its focus on improving communication within the sector cannot be underestimated,” concludes Du Plessis.