Issue: March 2012 / May 2012
Expert Opinion

Effective trustee training is available

As a specific and urgent priority for skills development, the magnitude and importance of training for retirement-fund trustees was highlighed as far back as 2003 at the government-sponsored Growth & Development Summit. In the following year it was enshrined as a specific commitment of the Financial Sector Charter. at hand at hand

Mary Hutchinson, manager for trustee training at Liberty Corporate, believes that the pension-fund industry is therefore fully cognisant of its responsibilities. Amongst other things, these are to help trustees ensure that their funds’ administrators and managers fulfil their obligations and deliverables in terms of agreed mandates.

Most recently, she emphasises, the revised Regulation 28 – which regulates the investment of retirement funds’ assets -- has made it “essential for trustees to fully understand their obligations and to develop strategies and systems that will ensure compliance”.

To assist trustees overcome these challenges, Liberty Corporate has partnered with independent trainer InvestmentWise and launched a series of trustee-training workshops.

These workshops have been developed to cover:

  • The structure of a retirement fund;
  • Different types of funds;
  • Industry role-players;
  • Benefits payable;
  • Trustees’ duties and responsibilities
  • Fund documents, particularly fund rules;
  • Aspects of death benefits.

In addition to the workshops, Liberty Corporate regularly convenes Investment Day sessions for trustees who want to understand the challenges arising from the changes to Regulation 28.

During and after the training, trustees are required to undergo formal assessments including a

  • Portfolio of evidence;
  • Research assignment, and
  • Knowledge test.

Those who meet the requirements then receive a Certificate of Competence from the Insurance Sector Education & Training Authority (INSETA), established under the Skills Development Act. These certificates are nationally-recognised credits towards the relevant unit standards.

Target audience:

  • Incumbent and aspirant trustees;
  • Trustees wanting a refresher;
  • Pension-fund professionals;
  • Newly-appointed fund investment managers;
  • People reporting to, or dealing with, a fund’s board of trustees

For further information please contact:
Mary Hutchison
Manager: Training and Development, Liberty Corporate
Tel: 011 408 3082