Geraldine Fowler, Chairperson of the Institute of Retirement Funds Africa
The Institute of Retirement Funds Africa (IRFA) today released the Chairperson’s Report for the financial year ending 29 February 2024, underscoring a year defined by transformative changes and an unwavering commitment to delivering better outcomes for retirement fund members and society across Africa.
The report, delivered by IRFA Chairperson Geraldine Fowler, reflects on a year of significant developments, driven largely by preparations for the Two Pot system—a major regulatory shift implemented on 1 September 2024. This landmark change will redefine how pension funds are managed, requiring intensive collaboration and investment across the retirement ecosystem.
“A Year of Unity and Adaptation”
“This past year has been one of the most extreme and transformative periods our industry has ever experienced,” said Geraldine. “The Two Pot system has required an unprecedented degree of preparation and cooperation, as industry leaders work closely with regulators, financial service providers, and fund administrators. The industry’s united approach ensures that the shift is beneficial and practical for all stakeholders.”
Throughout the year, IRFA has facilitated collaboration between industry stakeholders and regulatory bodies to address implementation challenges and refine policies for effective transition. The organization has focused on equipping members with critical resources—workshops, online support, and more—to navigate the change effectively.
Embracing Global Trends and Technological Advancement
Geraldine emphasized that in an evolving world marked by technological advances, geopolitical shifts, and an increasingly interconnected global economy, the retirement industry must adopt a global perspective and remain adaptable. Artificial intelligence, automation, and digital platforms are becoming integral to streamlining processes and enhancing engagement within the industry.
“Continuous change requires us to innovate and to understand the human impact of our decisions. Empathy, adaptability, and effective communication are essential as we guide our members and employees through this period of transformation,” she noted.
Building Stronger Foundations Across Africa
IRFA’s mission to drive positive outcomes for retirement fund members extends beyond South Africa, supporting efforts to bolster retirement security across the African continent. This year, IRFA representatives took part in prominent global and African conferences, such as the IPEBLA conference in Milan and the Africa Pensions and Retirement Funds Summit in Zanzibar. These engagements allowed IRFA to expand its influence and learn from diverse perspectives in retirement fund management.
IRFA also hosted its Annual Conference in Cape Town, which drew over 1,200 delegates and focused on themes of governance and leadership. This year’s conference, was held from 6-8 October 2024, with a theme of “Better Together – Building a Socially Secure Future” and the unveiling of a rebrand aligned with the theme of fostering unity in building a secure future.
Financial Performance and Sustainability
While revenue grew during the 2024 fiscal period, the Chairperson’s Report highlights a strategic decision to maintain affordable conference and membership fees, resulting in a modest decline in net profit. This approach is aligned with IRFA’s mission to prioritize members’ needs while continuing to support the organization’s growth and impact.
Acknowledgment of Contributions
Geraldine expressed her gratitude to the IRFA board, committee members, staff, and industry stakeholders whose dedication has been instrumental to IRFA’s accomplishments. She thanked the committees, including the Legal and Technical, Transformation and Sustainability, Retirement Funds’ Audit, Investment Practices, Governance and Compliance (internal) and African Membership and Collaboration Committees, for their invaluable contributions.
“Our journey is marked by resilience, collaboration, and innovation. Together, we are building a retirement landscape that not only secures the futures of our members but also strengthens the social and economic fabric of Africa,” she concluded.
ENDS
About the Institute of Retirement Funds Africa (IRFA)
The Institute of Retirement Funds Africa (IRFA) is a leading non-profit organization dedicated to advocating for the retirement industry and fostering the well-being of retirement fund members across Africa. Through collaboration, thought leadership, and industry support, IRFA plays a vital role in advancing effective retirement fund management.
