The Chairman, ladies and gentlemen good morning. On behalf of the Institute of Retirement Funds I thank you for recognising us as a role player in this industry and further for the opportunity that you have afforded us to present our views on ‘Retirement Fund Reform’.

The time has come for the various interest groups to work together for the upliftment of this industry, as the financial sector is a major stabilizer in most if not all economies.

We appreciate the fact that discussions on this topic are ongoing and will continue in this manner for some into the future. Our presentation today is formulated out of comment we have received from our membership to date, coupled with crystallised outcomes from consultative forums we have hosted in the past and engagements with the Financial Services Board.

When proposing reform we must ensure that the changes to the Act are reflective of the needs and expectations of retirement fund members.

Generally, the responses that we have received to date from retirement funds, when considering the objectives and principles of the Reform Paper can be summarised simply as ‘praiseworthy and comprehensive’. It not only addresses many of the current problems experienced by retirement fund trustees, administrators, members and beneficiaries, but also tries to ensure that the drafters of the new legislation use this as an opportunity to enforce measures to provide post-retirement poverty relief.

As IRF we welcome the check on costs levied by the service providers as well as the Regulator. At yesterday’s session we noted the questions and concerns raised, not only are these valid but they are also necessary especially at the inception stages in a process of this scale.

In order for us, as an industry, to grow from strength to strength and to flourish with our country and the leading economies, the advancement of this industry has to be on an inclusive basis, encompassing all stakeholders.

Therefore, the IRF will be embarking on a workshopping process, with participation from National Treasury and the FSB, which is intended to unpack the principles of the Reform Document, canvassing the views of stakeholders, especially fund trustees and then consolidating and conveying this back to National Treasury.

We hope to obtain significant participation in this process ensuring that what emerges will assist Government in rolling out retirement reform sooner than later.

I hand you over to Desiree Partridge, a member of the IRF Board, who discuss and comment on the technical issues arising from the Retirement Fund Reform Document.