1. Kobus Hanekom Freddy Mwabi benefit structure... from day one

2. 21 000 6 000 R.I.P.

3. awareness

4. visibility

6. alyserbreath

7. retirement drink driving

8. driving under APATHY the influence of employees

9. funding under ABDICATION the influence of employers

10. Benchmark 2013 Do members revisit the decisions they made on joining? Q. 90% do not 50% happy with decisions 14% not interested in detail

11. 50 % Benchmark 2013 Do members revisit the decisions they made on joining? Q. claim no feedback since joining the fund

12. Benchmark 2013 How do members make decisions? Q. 60 % stick to the default 50 % trust Trustee decisions 41% not interested!

13. 68 % want a letter (they can file!) Benchmark 2013 How do you want to receive member communication? Q. 57 % would prefer email

14. Benchmark 2013 How do members get advice? Q. 43 % have not made use of financial adviser

15. Benchmark 2013 How do members get advice? Q. 63 % not prepared to pay for financial advice

16. Benchmark 2013 How do you feel about member communication? Q. 47 % ticked ‘I understand most of the benefit statement’ 54% have access to internet never visit online communication 25 %

17. Benchmark 2013 what is all of this telling us? Q. members are oblivious?employers / trustees do not consider themselves responsible for a good outcome? how can we nudge them in the right direction?

19. Benchmark 2012 BEGIN with the end in mind FOCUS on the outcome GOVERNANCE not just compliance with rules the pension payable during retirement

21. 2013 2008 2009 2010 2011 2012 2007 2006 Benchmark survey member surveys... apatheticlack understanding suffer from inertia short-term thinking their decisions often destroy value... behavioural finance

22. accept member apathy as a reality of life adapt communication and benefit structure architecture of choice odds stacked heavily in the favour of members

24. speak to your financial adviser ‘ ’ abdication of responsibility by trustees?does this serve best interests of members? remember... 63% not prepared to pay!

26. new legislative framework... implement defaults guide members through annuitisation process... nudge trustees to take responsibility trustees required to:-

27. MINDSET OF ALL STAKEHOLDERS OBJECTIVES OF RETIREMENT FUNDS change

28. to‘SAFE’EFFICIENT

29. approach... PLAN fund governance and risk management MEMBERS guided support CHOICE default strategies TARGETED retirement benefits

30. the UK experience principles 6

31. the UK experience principles 6 designed to deliver good outcomes governance framework fit and proper management effective monitoring administration, processes and records member communication

32. the UK experience designed to deliver good outcomes targeted benefits horsepower consumption default strategies contribution rate preservation investment portfolio annuitisation SANLAM approach schemes are designed to be durable, fair and deliver good outcomes for members 1.

33. the UK experience governance framework a comprehensive scheme governance framework is established at set-up, with clear accountabilities and responsibilities agreed and made transparent fund governance and risk management plan (FGRMP) duties and accountabilities when and by whom SANLAM approach 2.

34. the UK experience fit and proper management those who are accountable for scheme decisions and activity understand their duties and are fit and proper to carry them out enhanced PF130 documentation minimum training done FGRMP actively managed by principal officer (PO) enhanced PO duties SANLAM approach 3.

35. the UK experience effective monitoring schemes benefit from effective governance and monitoring through their full lifecycle governance assurance FGRMP risk schedule assessments of all officers, subcommittees and service providers King III (TCF) assessment of complaints and general fund activities SANLAM approach 4.

36. the UK experience administration, processes and records schemes are well administered with timely, accurate and comprehensive processes and records comply with SLA fees competitive SANLAM approach 5.

37. the UK experience member communication communication to members is designed and delivered to encourage member engagement so that they are able to make informed decisions about their retirement savings. guidance member information sessions and tools support financial advice to members on joining, termination and 5- years before retirement facilitated / offered by fund SANLAM approach 6.

38. a head?

39. EMPLOYERSTRUSTEES are required to run the fund in accordance with the rules and the law are the ones who establish funds in the first place and will live with its shortcomings for longer than any stakeholder

40. RECLAIM LEADERSHIP POSITION UMBRELLA FUND AND STAND-ALONE EMPLOYER E

42. ONE DAY planning for

43. DAY ONE planning from

44. funding under ABDICATION the influence of employers

45. driving under APATHY the influence of employees