The Institute of Retirement Funds Africa (IRFA) has accomplished a great deal over its years of service to the retirement sector, through extensive strategy and operational development fully aligned with the South African (and to some extent the continental) retirement ecosystem. This statement is borne out by member and industry research where satisfaction levels with the Institute’s service offering remain high.
Particularly noteworthy, says Wayne Hiller van Rensburg, Executive Officer of IRFA, has been knowledge transfer and member education through well attended conferences, webinars and awards programmes aligned with macro and micro-environmental, legislative and research driven sectorial needs.
He continues, “we are consulted extensively in both the legislative and sectorial spaces and have built strong relationships where it matters. We have also been well represented at conferences and symposia held within the continent and on the global stage, showcasing our thought leadership.”
Hiller van Rensburg is confident that IRFA is positioned at the forefront of industry bodies and in the public eye. In addition he notes, “we are in a good financial position and our membership base has grown.”
So what is next for the industry body?
Hiller van Rensburg says that “building on this strong foundation it is now time for IRFA to evolve and expand its sphere of operations.”
Some of the options to consider he says are:
Adding to the benefits obtained through serving on the IRFA board by volunteer leaders and the executive through sound and structured induction processes and developmental opportunities aligned with sectorial needs and world class practices. For example, providing additional portable skills and knowledge in addition to the current benefits obtained in terms of profiling, networking, learning and peer group interaction.
Encouraging volunteer service on the board and the various committees by additional industry specialists and thought leaders.
Policy review and enhancement in terms of legislative requirements and global best practices.
Building IRFAs ecosystem into a universe by looking at including different categories of membership, notably employers and the human resource practitioners responsible for member liaison in terms of legislation, best practices and member education but also expand the membership base considerably. Most importantly it could ensure the education and financial literacy of retirement fund members (and broader society) in the workplace.
Expanded continental and global outreach through increased engagement, knowledge sharing and joint information sharing platforms. Affiliation with global industry bodies could also be considered.
Hiller van Rensburg concludes, “the time for evolution is now. In addition to building on our strong legacy, we are in a strong position to raise the bar in terms of our contribution not just to our members and the sector, but to society as a whole”.
