Sanlam’s 2008 retirement fund industry symposium announced
David McCarthy, SA-born international pension economics expert to present keynote
Kicking off in Johannesburg on June 18, the 2008 Sanlam Employee Benefits (SEB) Symposium - the most anticipated event in South Africa’s retirement fund industry calendar - promises to be filled with topical as well as inherently contentious discussions and enlightening results from SEB’s annual survey of the sector. The symposium will feature critical and insightful analysis from various experts, including Dr David McCarthy, the symposium’s keynote speaker.
The focus for this year’s symposium is “guiding the way in uncertain times” as various stakeholders in, and affiliated with, South Africa’s retirement fund industry meet to scrutinise, envision and plan the rollout of the government’s proposed National Social Security Scheme (NSSS), given their unique circumstances. In addition, results from SEB’s annual survey, South Africa’s retirement fund industry’s trusted measure for more than 27 years, will be presented and analysed in terms of investment choices, death and disability benefits, communication to members and numerous factors that will directly impact retirement funding decisions and whether people have sufficient confidence that they will retire comfortably.
Originally hailing from Johannesburg and with two degrees from Witwatersrand University, Dr David McCarthy is an internationally sought-after speaker and authority on pension economics and the financial implications of actuarial practices. McCarthy most recently designed and ran a world-leading MSc degree that harmonises economics, finance and actuarial studies at the Tanaka School of Business in London. As a consultant to the UK’s Department for Work and Pensions, he has also prepared research papers on the economics of risk-sharing arrangements in pensions between employers and employees and whether guarantees should be offered as part of defined contribution retirement accounts.
“Issues such as governance, demographic change and costs need to be considered by the government, industry and other stakeholders as the proposed social security system is examined, designed and eventually implemented within South Africa’s socioeconomic context,” said David McCarthy. “For example, while much of the rest of the world is currently experiencing falling interest rates, rising life expectancy and an ageing population, South Africa has different challenges: low and falling life expectancy, very high levels of inequality and a large percentage of informal employment. In some ways, the South African context is unique.”
As the authoritative, industry-shaping event for those in and affiliated with the retirement fund industry in South Africa, attendees will include intermediaries, principal officers, trustees, service providers, asset managers, select government departments and union representatives. With 13,390 pension funds and over nine million accounts, South Africa’s retirement fund sector has approximately R1.3 trillion total assets under management and more than 37,000 people are employed by the top five retirement funds
According to Robert Roux, CEO of Sanlam Employee Benefits, “As we consider the ramifications of the proposed NSSS, South Africa’s retirement fund industry is in a state of flux. Many changes and new challenges are on the horizon as the sector undergoes a radical transformation and continues to collaborate with government and other stakeholders to determine the best way forward. Sanlam looks forward to candidly deliberating and debating the issues relevant to the sector and South African workers.
