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Clarity needed on retirement reforms - expert

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Durban - Insight is needed on how South Africa will be moving towards comprehensive social security when retirement reforms are implemented next year, according to Zamani Letjane, President of The Institute of Retirement Funds (Irfa).

"Our economy is faced with a unique challenge that requires far-reaching strategies for a sustainable social security and retirement infrastructure," said Letjane.

"We must take account of economic cycles, position ourselves for the long-term and ensure that there is a system that balances opportunities, savings and protection."

These issues will be in the spotlight at Irfa's annual conference taking place from August 17 to 19 at the Durban International Convention Centre (ICC).

It is now in its 26th year and will be attended by about 1 600 delegates, including government leaders, trustees, asset managers, fund administrators, retirement fund members and pension lawyers.

Under the headline "lighting the future towards a comprehensive social security" the conference will deal with pressing issues pertaining to the implementation of National Treasury retirement reform policies that come into effect on March 1 2015.

Speakers will include Rosemary Hunter from the Financial Services Board (FSB) and the Pension Funds Adjudicator (PFA) Muvhango Lukhaimane.

The organisers hope to provide insight on how South Africa will be moving towards creating tomorrow’s legacy in comprehensive social security.

A successful retirement reform should take into account income inequality, poverty and policies related to the labour market, pension, insurance schemes and social assistance in order to ensure sustainable retirement incomes, according to Letjane.

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