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www.cosatu.org.za • AUG/SEPT 2014

Cadres who attended the workshop

retirement system, to facilitate public consultation before fi nalizing the policy framework. Each paper analyzed a particular fea ture of the retirement system, identi fi ed shortcomings, suggested goals, and proposed various options for improving outcomes. Interested stakeholders and members of the public were invited to provide written commentary. Four of the fi ve technical discussion pa pers were released during 2012 and the fi fth in 2013. And all papers dealt with; • Enabling a better income in

retirement • Preservation, portability and gover nance for retirement funds • Improving tax incentives for retirement savings • Incentivizing non-retirement savings, and also • Charges in South African retirements funds Some of these proposals were imple mented during 2013 after consultation with industry stakeholders such as Unions, Employers and product and service providers. These proposals, included amendments to the Pension Funds Act, to strengthen the gover

nance of retirement funds by allowing the Registrar to impose fi t and proper requirements on fund trustees, to re quire trustee training, and by clarifying the fi duciary duty owed by trustees of a fund to its members and the fund itself. The non-payment of contributions to pension funds by employers has been criminalized, delinquent employers have been made personally liable for their non-payment of contributions and whistle blowers are better protected. The Registrar of Pension Funds has been empowered to impose new stan dards for the governance of retirement funds.