Call to join quest for financial freedom and security
Retirement industry stakeholders can improve both the country’s retirement and socioeconomic conditions
The 2018 Institute of Retirement Funds Africa (IRFA) Annual Conference, which is the biggest pensions’ conference on the continent, is the culmination of a three-year project, according to Wayne Hiller van Rensburg, IRFA president and chairperson.
He says the three-year undertaking started with the 2016 conference theme of “Navigating the Future Through Changing Times”, which was about examining policies and scanning the world’s retirement landscape to see what it is that we could do to improve pensions outcomes in South Africa.
“The 2017 conference theme of ‘Social Development, Partnering for Change’ was an important progression, because it emphasised the value of all the stakeholders partnering to achieve better outcomes, which led to 2018 and what we need to do to achieve the theme of ‘Reaching out for Financial Security and Freedom’,” explains Hiller van Rensburg.
He contends that one of the most important attributes of the IRFA conference is that it assists in making all the retirement industry stakeholders aware of the issues in the pension environment, and informs them of some of the strategies and actions they can implement to transform and improve both the country’s retirement and socioeconomic conditions.
Hiller van Rensburg says the IRFA is working towards a Pan-African footprint and co-operation.
“We already have a strong southern African footprint that includes delegates from most Southern African Development Community (SADC) countries attending our conference. However, the development of a panAfrican pension solution would make more sense than a regional solution.
“This year we have a master-class session at the conference that will look at pension fund investments and opportunities within Africa, entitled ‘Retirement Fund Investments – Working for Africa.’”
Geraldine Fowler, IRFA vice president, confirms the importance of the development of a pan-African retirement fund sector perspective.
She says the IRFA 2018 conference will embrace the policies of inclusiveness and co-operation in reaching out to the people of Africa as partners in “Reaching out for Financial Security and Freedom”.
“By extending the institute’s 2016 and 2017 conference themes to this year’s theme we are focussing on the need for upliftment and empowerment through the creation of financial security for all who live on the African continent, with some key goals being financial inclusion, financial literacy and retirement readiness.
“This year’s conference comes at a time when there is a greater sense of urgency in both the retirement and broader financial services sectors, recognising the dire need for us to change the mind-set of people to one of saving for their retirement more extensively, and at a greater pace.
“There is an industry-wide appreciation for the need to encourage financial literacy, which will promote the importance of saving for retirement to achieve financial freedom, rather than being a prisoner to dependency on the family or the state.”
Fowler says that through recognising the members of retirement funds as a crucial part of the collaborative process, the IRFA will undertake a survey, run by a PhD student, which will deal with whether the industry really listens to its members.
“For example, we need to ask ourselves what a retirement fund would look like if it was designed by the fund’s members. The IRFA recognises that member feedback and input is crucial to the retirement fund system.”
Fowler says the IRFA is committed to collaboration as an effective means to contribute purposely and significantly to achieving the financial upliftment and empowerment of the people of Africa. “We invite all interested parties to join us on this quest,” she adds.