Editor’s Thoughts.

I had some really great conversations with the EBnet community yesterday: training trustees on King V, discussing a commercial umbrella fund’s IPS with a team of consultants, chatting to a pensions advisor in the US about SA’s pension system in a global context and interviewing a local business founder who Loves Change. And it really all boils down to one key theme underlying everything we do – governance only matters if it shows up in real people’s lives. (COFI anyone?)

And today’s news and events reflect that.

Lebogang Mogashoa (Pension Funds Adjudicator) doesn’t mince words when he called out a fund whose “passiveness, reactivity and lethargy” left a widow and children waiting years for a death benefit. His ruling – benefit plus 15.5% interest – is a loud reminder that S37C is a duty to act!

Adv. Sankie Morata (Sanlam Trust) says that trustees can proactively avoid delays by making sure that records, nominations and governance are in place before a member dies. I’m looking forward to hearing Sankie’s learnings over the past year, at their annual feedback webinar for trustees and advisors. Please join me online at 10am by registering here.

On retirement, Murray Anderson (Prescient) argues most plans fail on the cost side, not the income side. Frail care, retirement village levies, reverse dependency and estate “closing costs” all rise faster than CPI, demanding more growth assets in retirement, not fewer.

And speaking of fees, Karabo Nkoana (Ke Nako Capital) makes the case that in private equity, trustees should interrogate not just “how much are we paying?” but “what expertise and access are we getting for it?” (Stern mom voice): Why have you still not watched EBnet.Stream’s podcast series: Inside Private Markets? This is where the investment conversation is going.

Take a moment to reflect on the valuable work that you do in our industry and how it impacts real South Africans.

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