As the Institute of Retirement Funds Africa (IRFA) readies itself for the upcoming year, the emphasis is clear: consolidate and ensure an enduring legacy. According to IRFA President Geraldine Fowler, the year ahead will be guided by both core strategy, and member and industry input to ensure not only consolidation but also the continuation of a lasting legacy through engaging with and responding to the needs of the African retirement sector.
Fowler mentions, “As the current Management Board will end its term at the end of 2025, it is envisioned that energy and resources be directed towards enhancing and supporting the projects currently underway while introducing those which underscore the strategic direction of the Institute.”
She further emphasises, “We remain steadfastly committed to our “Beyond 2021” Strategic Plan. With a vision extending to the end of 2025, the plan is anchored by five crucial focus areas: membership growth, industry representation, community impact, inclusion, and stakeholder engagement.”
In support of these focus areas, the IRFA leadership team has developed several key objectives for 2025:
Industry development: Enhancing the sector’s capabilities through knowledge sharing, professional development, and best practices.
Stakeholder empowerment: Providing practical resources, knowledge access, and implementation support to stakeholders to enhance retirement outcomes.
Operational excellence: Promoting governance frameworks, process optimization, and innovation to drive industry efficiency.
Member impact: Improving retirement outcomes through better fund practices, member communication, and benefit delivery.
To achieve these objectives, the Institute currently undertakes several core programs:
Information sharing: Regular features in industry and national media on core issues facing the retirement sector.
Annual conference: An opportunity for exclusive knowledge-sharing where industry leaders address current issues in retirement.
Webinars & outreach: From webinars addressing relevant legislation to regional outreach initiatives, IRFA maintains a proactive stance.
Recognising best practices: The Lwela Ukwenza Kahle Awards Programme celebrates exemplary practices within the retirement sector.
Communication channels: Through social media, quarterly journals like IRFA Talk, and newsletters such as IRFA Dispatch, IRFA keeps its members informed and engaged.
Advocacy: IRFA’s Executive Officers actively represent the Institute with legislators and the government as well as at local and international conferences, advocating for the retirement sector’s interests.
These initiatives are in addition to the ongoing work undertaken by the various sub-committees, staffed by subject matter experts and volunteers:
The Legal and Technical Committee: Composed of experts in the retirement fund industry, this committee aligns with the IRFA Board’s objective of being the voice for all stakeholders and progressing the retirement fund sector. They engage in negotiations with regulators, comment on legislation and tax matters, and aim to identify and solve industry problems while raising awareness.
The Transformation and Sustainability Committee: Focused on increasing the inclusion of all stakeholders to match the country’s demographics, this committee aims to drive and support diverse solutions that enhance the industry’s value proposition and promote sustainability practices and outcomes.
The Retirement Funds Audit Committee: Collaborates on retirement fund audits and provides input on legislative changes, striving to be thought leaders, policy drivers, and champions of best practices.
The Investment Practices Committee: Drives matters related to investment practices, advocating for policy changes to improve outcomes and providing decision-makers with tools for informed decisions.
The African Membership and Collaboration Committee: Aimed at leading expansion efforts across Africa, enhancing pension outcomes, and fostering collaboration among stakeholders.
Fowler notes that the year will see a significant focus on membership growth, engagement, best practices and research. She concludes “With a clear vision and ambitious strategic plan, IRFA is poised to lead the transformation of the retirement sector in Africa. Through strategic goals, impactful initiatives, and unwavering dedication, IRFA is not just a representative body but a catalyst for change, fostering a prosperous future for all.”