Download Bringing the Changes - Institute of Retirement Funds

Bringing the Changes
Broadening the vision and
knowledge base within the
industry
Bringing the Changes
•Purpose of the Session
•Introduction of Panel
•Brief review of findings from IRF
2012 Raising the Barre study
•Panel input on these findings
•Over to you to “bring those changes”
.
Bringing the changes
• So together we can
•Fine tune the member mandate for the
IRF Research Arm
•Be guided in our discussions by our
panel of subject matter experts
Bringing the changes
• Introducing ourselves
•Mmapula Ikaneng
•Faith Letlala
•Vusi Mashile
•Enos Ngutshane
•De Wet van de Spuy
•Facilitator, Stephanie Griffiths
Bringing the changes
• We are working with two
concepts here
•Vision
•Knowledge
Bringing the changes
• Let’s examine that vision
•In 2011, 83.61% of IRF members endorsed research, benchmarking and
measurement as an essential IRF industry service (Member Survey)
•2012 Strategy incorporated the planning and development of an IRF Research
Platform to build industry and member knowledge resources
•The development of the platform was launched by the President, Mr Zamani
Letjane, at the 2012 Annual Conference
•Anticipated focus to researching standards, practices and education needs
amongst all stakeholders.
•Three phased survey research process
Bringing the changes
• In a phased approach
•Phase One
•Determining the research and benchmarking needs of IRF members and
the Top 100 Funds in the region
•Phase Two
•Identifying benchmarks and perceived best practices amongst a
demographically representative sample of regional retirement funds across
variables identified in Phase 1
•Phase Three:
•Aligning these benchmarks to the needs of members of retirement funds
by researching these needs amongst a representative sample of members
of regional retirement funds. (Information/communication,
administrative/service, knowledge/educational, financial literacy levels)
2012 Findings
• What the IRF found out in Phase 1
87,24%
Desired frequency
• text or bullet points
Industry research needs
• text or bullet points
Industry Support
• text or bullet points
To guide our thinking
• Governance trends (Enos)
•Legal and Compliance mandate (Mmapula)
•Investment practices and benchmarks (De Wet)
•Stakeholder education and financial literacy (Faith)
•Stakeholder perceptions and Industry influencers
(Vusi)
•Communication with all stakeholders (Stephanie)
• Key trends and burning research
needs
Bringing the Changes
Broadening the vision and
knowledge base within the
industry
To guide our thinking
Investment practices and
benchmarks
To guide our thinking
Objectives of investment research
• Industry compliance check
• Benchmarking (funds and industry)
• Guiding & educating
Potential stakeholders
• Retirement funds
• Asset managers
• Insurers & banks
• Investment consultants
• Other (eg platform providers, administrators)
To guide our thinking
Verify standards
• Investment Policy Statements (IPS)
• Investment sub committee
• Independent investment advise – fee structure, review
• Regulatory implementation (eg Reg 28)
Benchmark practices
• Default solution – structure, preservation, annuitisation
• Lifestage approach – stages, takeup
• Platform services – costs, rebates
• Member choice – impact on fees
• Utilise performance fees
To guide our thinking
Monitor trends
• Changes over last 12 months
• Alternative asset allocation
• Passive investments
• SRI
General information
• AUM
• Overall Fund performance
• Average asset management fee
Now it your turn to steer the ship
• We will now facilitate round table discussions around
each member defined research need
•Please select your area of expertise
•Move to the demarcated table
•Elect a spokesperson/recordkeeper
• Start planning
We need to know
• What should be researched (unpack the broader
research topic.)
•How will it help our industry
•Where we should research it
•Who should be involved- advocacy, practical help
•When/how often should it be done
• Who will benefit by the results
•Whatever else YOU think we need to know
•Rank 1 of 3
Be both strategic and tactical
• Your hard thinking will guide the IRF Research
Strategy
•It will provide a research roadmap for the next three
years
•It will assist the IRF in delivering vision, benchmarking
and knowledge to the retirement industry
•It will boost industry reputation, practices, service
levels and member engagement
•It will be yours to use and own
Table topics
• Industry Governance
•Fund Governance
•Legal and compliance practices and trends
•Investment practices and trends
•Stakeholder education
•Stakeholder perceptions, attitudes and behaviour
•Communication practices and trends
•Financial reporting standards
•Sustainability
•Financial acumen and literacy
•Industry influencers
•The mystery box – what else?
Thank you for your contribution
?? ??
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