Retirement Funds

Overview

The retirement funds industry continues to be impacted by regulatory changes – these not only include enhanced financial reporting requirements and actuarial guidelines, but an increased focus on governance, risk management and compliance requirements.

Our Retirement Funds industry group has extensive experience in providing services to both retirement funds and administrators. We have a considerable skills base, both in South Africa and globally, and in-depth knowledge of the functions and operations of the industry.

How we can add value

Sustainability issue
External audit
Internal audit
Actuarial
ISAE 3402

Sustainability issue

Sustainability risks are top of the World Economic Forum’s identified global risks. Building trust through better communications is one approach and in the South African context, sustainability of investments and assets in the context of a retirement fund's investment policy is a key topic, as evidenced by recent communication and guidance from the FSCA. Demonstrating the ability and appetite to focus on sustainable investment opportunities is critical to the future success of retirement funds and their credibility in the eyes of multiple stakeholders. Refer Sustainability page for our range of services.

External audit

We have the largest market-share in auditing large private, umbrella, retirement annuity and preservation funds in the retirement fund industry in South Africa.

Through performing these audits we have established a considerable skills base, with deep experience in the functioning and operations of retirement funds. We are therefore familiar with all local regulatory requirements and are fully attuned to the risks and challenges faced by the retirement funds industry and administrators. Our locally-based actuarial support practice provides support if required.

Internal audit

Risk, governance and internal control have never been higher on the boardroom agenda as the board faces growing pressure from stakeholders. The internal audit function should play a critical role in the corporate governance framework by providing independent assurance that protects the business against risk, informs strategic decision-making and improves overall performance.

Our pension fund internal audit specialists help fund boards to benefit from an enhanced internal audit function that provides better value for money and increased assurance.

Actuarial

Actuarial, Risk and Quants (ARQ) consists of a team of professional staff working in the Southern Africa financial services arena. Our experience is concentrated in the insurance, banking, valuations, and analytics industries, with additional expertise in the health, employee benefits and asset management markets. PwC's Actuarial services assists retirement funds throughout the world with critical business issues including:

Retirement fund strategy and consulting.
Financial reporting in respect of retirement funds (IAS 19).
Retirement fund valuation services.
Audit experts.

ISAE 3402

ISAE 3402 - strong industry credentials
Our ISAE 3402 Service Centre of Excellence is highly regarded in the financial services industry. As part of our ISAE 3402 service:

We make sure the right controls are identified - Together with the client, we identify the right controls on which to focus, to avoid unnecessary testing.
We make optimal use of technology - We use our innovative technologies to enhance coverage and achieve efficiencies.
We understand the needs of the users - We engage with key stakeholders throughout the process, to ensure that any questions are dealt with.