Issue: September/October 2006

First Word

The face of the retirement-fund industry is about to change, for the better, thanks to four significant developments that high-light consumer primacy; Read full article...

Opportunity for trustees to be updated on the impact of changes in pension law that they must know. Read full article...

Pension Law update for trustees of retirement funds seminar – 7 November 2006 Read more...

Caught? Or caught out?

Smoothed-bonus policies, which are popular with investors and big business for major life offices, will fly out of the window if the market-value adjuster cannot be applied. Investors would be able to arbitrage against these policies, and the life offices would have to pay. It doesn’t sound right. But, at the least, the life offices had better revisit the ways they keep investors informed. Read full article...


Travails of being a trustee; Adjudicator’s big stick comes in for stick; Communications that can’t be understood.

Personal Liabilities

The Adjudicator has taken a strong line by ruling that a trustee must pay from his own pocket for losses his negligence had caused. It has wide ramifications. But a consequence could be to discourage people from accepting trusteeship appointments.


Meet Audrey Mothupi, the lady from Liberty who’s determined to make a real difference. Improvement in financial literacy is her priority.

This & That

A possible way to help trustees gain experience, and at the same time to overcome an impasse that can make aspirants reluctant to step forward.

Fidelity Insurance

Funds must have it, by law, for member protection when things go awry. The whys and hows, the dos and don’ts. Read full article...

Scrip Lending 1

The practice that isn’t wholeheartedly blessed because the assets of retirement funds can be used without the funds even knowing about it, let alone benefiting from it.

Scrip Lending 2

It can help improve the investment performance of retirement funds whose assets lie “idle” for long periods, notes attorney Nic Louw. But he also points out that legally it’s not a “lending” transaction. Transfer of voting rights to the “borrower” can be abused.

Interrogation Toolkit

Should funds engage one-stop shops for all their services? By all means, provided trustees are satisfied by answers to pointed questions. Here’s what they should ask of consultants.

Fund Reform

National Treasury’s discussion document is on its way. Dion George anticipates key recommendations and makes some suggestions of his own.

Alternative Investments

Unlike their counterparts abroad, South African retirement funds aren’t getting into newer asset classes to the extent that they should. Frank Magwegwe believes trustees’ poor understanding of them has a lot to do with it.


When transparency becomes obscurity.