When I joined the Board of the Institute of Retirement Funds Africa (IRFA) in 2013, I could not have imagined the extent of change that our retirement industry would experience over the next decade. When I was elected President and Chairperson in 2021, we were emerging from one of the most disruptive periods in modern history, and the retirement sector stood on the threshold of profound transformation.
Looking back over the period from 2013 to 2026, I have had the privilege of witnessing, and in some cases participating in, some of the most significant developments in the history of South Africa’s retirement industry. It has been a period characterised by reform, resilience, innovation, collaboration and, above all, an increasing focus on improving outcomes for retirement fund members.
A decade of evolution
The retirement industry of 2026 is very different from the industry I encountered in 2013.
Over this period, we have seen a growing emphasis on governance, member protection and professionalisation. Trustees today operate in a far more sophisticated and demanding environment, requiring higher levels of accountability, technical competence and oversight. Regulatory frameworks have continued to evolve in support of these objectives, driving greater transparency and promoting improved member outcomes.
We have also witnessed significant growth in the integration of environmental, social and governance (ESG) considerations into investment decision making. Sustainability has shifted from being a peripheral discussion to becoming a mainstream consideration for funds and institutional investors.
Technology has fundamentally changed the way retirement funds engage with members, administer benefits and manage risk. Digital platforms, data analytics and, more recently, artificial intelligence are transforming service delivery and creating opportunities for greater efficiency and member engagement.
At the same time, the industry has increasingly recognised that retirement savings exist within a broader social and economic context. Issues such as inequality, unemployment, financial literacy, preservation, adequacy of retirement savings and economic inclusion remain central to the discussions shaping our future.
The defining reform era
The retirement industry of 2026 is very different from the industry I encountered in 2013.
Perhaps no development better illustrates the pace of change than the recent implementation of the two-pot retirement system.
The preparation for and implementation of this reform required an extraordinary level of collaboration across the retirement ecosystem. Regulators, administrators, consultants, service providers, employers and retirement funds worked together to prepare for one of the most significant operational and policy changes our industry has ever experienced, demonstrating what our industry can achieve when stakeholders work towards a common purpose.
The lessons from the two-pot implementation have reinforced an important reality: legislation alone cannot improve retirement outcomes. Better outcomes require effective governance, sound administration, financial literacy, member education and ongoing collaboration among all stakeholders.
The evolution of IRFA
As the industry evolved, so too did the IRFA.
During COVID, the Board undertook a deliberate strategic realignment focused on membership growth, stakeholder engagement, giving back, inclusion through impact and strengthening IRFA’s position as the foremost representative body for the retirement industry in South Africa and Africa.
Membership growth accelerated. Stakeholder relationships deepened. Engagement with National Treasury, the Financial Sector Conduct Authority (FSCA), SARS, the Office of the Pension Funds Adjudicator and other industry bodies expanded.
Our committee structures continued to mature and strengthen. The Legal and Technical Committee, Retirement Funds Audit Committee, Transformation and Sustainability Committee, Investment Practices Committee and other specialist committees contributed thousands of voluntary hours to improving industry outcomes.
One of the developments of which I am particularly proud is the growth of IRFA’s role beyond South Africa’s borders. Through the establishment of the African Membership and Collaboration Committee and growing participation in pension forums and conferences across the continent, IRFA has increasingly become part of broader conversations about strengthening retirement systems throughout Africa.
The launch of the “Better Together” brand further reflected our belief that meaningful progress can only be achieved through collaboration, shared purpose and collective leadership.
What remains to be done
While much progress has been made, we should not lose sight of the significant work that remains.
As we look ahead, the industry must continue to focus on creating retirement systems that are inclusive, sustainable and member-centric. We must continue strengthening governance standards, trustee education and professional capability. We must embrace technology responsibly while recognising that human judgement, ethics and empathy remain indispensable. We must also continue building retirement systems that contribute positively to broader society, supporting long-term economic growth while delivering sustainable returns for members.
Across Africa, there is enormous opportunity to strengthen retirement provision, expand coverage and leverage pension savings to support development.
A personal reflection
As my tenure as President and Chairperson draws to a close, I find myself reflecting not only on the achievements of the organisation but also on the extraordinary people who have contributed to its journey.
It has been one of the greatest honours of my professional career to serve the IRFA, its members and the broader retirement industry. I remain deeply grateful for the trust placed in me over these years and immensely proud of what we have achieved together.