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Category Retirement
SUB CATEGORIES General |  Savings & Investments |  Annuties | 

The Retirement Sector’s role in shaping the future

07 December 2020 Institute of Retirement Funds Africa

According to Enos Ngutshane, the President of the Institute of Retirement Funds Africa (IRFA) the sector will play a major role in defining the future through change, resilience and in rethinking traditional boundaries.

Opening the plenary session at IRFA’s virtual conference held in November 2020, Ngutshane noted that leaders and expert speakers at the foremost industry conference would build the case for change and transformation in the financial sector as well as for the benefits of leveraging technology for the greater good.

Ngutshane is adamant that the retirement sector has a vital role to play as the economy gears up for recovery in the wake of the Covid-19 pandemic and systemic lockdowns around the world. He is emphatic that events such as IRFA’s annual conference are crucial to the “harnessing of a multiplicity of ideas” crucial to change, growth and transformation.

The conference, held for the first time on a virtual platform provided ample opportunity for this exchange of ideas in terms of the provision of platforms for networking and interaction in addition to the substantial line-up of speakers.

Topics covered included the impact of Covid-19 on the investment market, the importance of resilience and innovation to the sector, a look at the alternative investment approach as well as its importance to socio-economic development, and key pointers for sustainability of the sector.

Also built in to the programme were a line-up of Master Classes featuring pointers from the Acting Commissioner of the Financial Services Conduct Authority as well as expert presenters covering subjects such as “Investment Fundamentals and Data Science” and “Innovative solutions for the retirement industry and the South African Economy.”

Ngutshane says that the November 2020 conference certainly delivered on its member and industry mandate. Based on its success the Institute is planning a high-level Thought Leadership Session for the 16th March 2021. The session will be a hybrid initiative with both face to face and a virtual sessions.

 

Quick Polls

QUESTION

How to give affordable and appropriate financial advice to the low income market segment. There is little room on a R50 pm policy for advisers to be remunerated for the time it would it would take to educate & fulfil admin function. What is the solution?

ANSWER

[a] Eliminate non-advice sales / telesales
[b] Implement industry standards for non-advice information
[c] Introduce an insurer-funded pro-bono advice network to low income earners
[d] Reinforce the Policyholder Protection Rules
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