Does your fund send the right message?
Hear ye, all trustees of retirement funds! Do you think your communication with your members is up to scratch?
If you think it is, the Institute of Retirement Funds (IRF) would like you to enter your fund in the annual IRF/Personal Finance Communication Challenge, where you will find out if your fund really is better than its peers in communicating with your members.
Carla Latchman, the IRF’s legal and technical officer, says communication between trustees and members is of paramount importance. It is not only a good thing to do but is a legal requirement.
The Financial Services Board’s circulars to pension funds place minimum disclosure obligations on trustees. The Communication Challenge seeks to encourage communication beyond these minimum requirements.
“It is important for members to be knowledgeable about their retirement savings so that they will be able to make informed decisions. A trustee also has a fiduciary duty towards a member, and one of the most fundamental ways of displaying trustee accountability would be to communicate to members on a regular basis,” Latchman says.
Communication is not just about telling a member what is happening; it is ensuring that a member can understand what is being conveyed, she says.
Funds that enter the Communication Challenge are judged on how successful they are at providing information that members will find of real value.
There are categories for retirement funds of different types and sizes.
For more information or to enter, contact firstname.lastname@example.org or 011 781 4320. Entries close at the end of July.