Members should expect their retirement fund trustees to make informed decisions on their behalf.
By December 15 this year, all existing funds need to have a board of trustees. Fund members will be given the opportunity to elect at least half the members on the board of trustees.
The Institute of Pension and Provident Fund Trustees of Southern Africa (IPPTSA) has been launched to get trustees, unfamiliar with their responsibilities, up to speed. Its chief aim is to educate the trustees of retirement funds in Southern Africa. The institute is not a mouthpiece or representative of the industry as this function is performed by the Institute of Retirement Funds (IRF).
Chris Newell, IPPTSA president, says the institute will "supplement the IRF in the broader role that it plays as a leader in drawing all those funds, service providers, associations of specific interest groups and professional bodies together in promoting and developing the retirement industry".
Membership is open to all trustees of retirement funds, whether this is your full time or part time task and whether or not you are paid for it.
Anyone who has an interest in retirement fund management, or works in this industry, or any former trustee of a fund, is invited to join as an associate member. Full and associate membership costs R650 a year, including VAT.
These members can take part in a trustee training programme through Technikon SA at reduced prices. They will receive the Institute's quarterly journal, Pensions World SA, and the publication, The Essentials of Retirement Fund Management in Southern Africa, and a quarterly newsletter which covers the full spectrum of employee benefits.
Annual update seminars are included in the price and will be held in Johannesburg, Cape Town and Durban.
For further information call Sarah Tuttle at telephone (031) 268-3112 or 268-3288.