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The Institute of Retirement Funds Africa (IRFA) announced its Best Practice Awards on Monday night at the KZN ICC. The IRFA awarded Gold Standard Certificates to a number of entries who achieved the required level of excellence, with a Best In Class trophy awarded in five categories.

The Best Practices Industry Awards Trophy Winners were:
Communication Strategy: Debswana Pension Fund
Communication Project: The Foschini Group Retirement Fund
Legal and Technical Compliance: Sanlam Umbrella Fund
Financial Reporting: Sanlam Umbrella Fund
Investment Performance: Natal Joint Municipal Fund

The Gold Standards Certificate Winners were:
Communication Strategy: Road Freight and Logistics Industry Provident Fund, Independent Schools Association of South Africa, Natal Joint Municipal Pension Fund, The Mineworkers Provident Fund, Sanlam Umbrella Fund
Communication Project: Vodacom Group Pension Fund, National Fund for Municipal Workers, Fairheads Beneficiary Fund
Legal and Technical Compliance: Natal Joint Municipal Fund

Announcing the winners, Kobus Hanekom from Simeka Consultants & Actuaries, spoke of the judging criteria, “The judges had to be convinced that the fund’s strategy is working, and see the evidence that it is well run - assessments and surveys, as an example. Finally, we needed to be convinced that the operation is sustainable - so next year we will require entries to disclose the cost of the operation. The funds that did well are not necessarily the ones with the biggest budgets. We were looking for the funds that developed the most effective strategies given all of these considerations and spent members money in the most purposeful, creative and cost effective way.”

Claiming three IRFA Awards, Sam Camilleri, CEO of Natal Joint Municipal Pension Funds said, “This award puts us at a standard - a benchmark that we’ve achieved - it recognises us as one of the better funds in South Africa, and that’s critical for us, given our membership, being municipal workers in Kwa-Zulu Natal.”

Derek Smorenburg, Chairman of the Board of Trustees for the Sanlam Umbrella Fund, who picked up two IRFA Trophies and one Gold Award, added “It’s been a long journey. I started the first umbrella fund in 1987 in the world, the first umbrella funds rules registered in 1989, and over the years to get to this point is a partnership with Sanlam, and today we have probably one of the finest umbrella funds in the country.”

With Retirement Funds consistently under the microscope, stringent evaluation of awards and the acknowledgement of best practice is critical to maintaining the industry’s reputation. 

IRFA appointed 11 judges, acknowledged as subject matter specialists, who judged the entries during a two-day session held in Johannesburg last month.  All entrants were provided with detailed feedback on their entries, and then during a workshop at the IRFA Annual Conference witnessed the best practices that were evident in the judging process. 

Stephanie Griffiths co-moderator presented the awards alongside Kobus Hanekom added, "We were seeking to encourage a culture of excellence, by encouraging and motivating all our members to evaluate, review and upgrade their fund's processes. The end result of this process will drive a greater understanding of the value of a retirement fund in South Africa."

Derek Smorenburg, of the Sanlam Umbrella Fund concludes, “Without IRFA there’s no way for the industry to be labeled, awarded and thanked for all the efforts that they put in. Ours is only one of many umbrella funds that needs to be thanked and rewarded. Without the Institute of Retirement Funds Africa, there are no awards, no rewards and no industry.”