Few in SA are prepared for retirement. And even fewer pension fund trustees are equipped to manage retirement funds.
Enrol in the online Responsible Retirement Fund Trustees course now!
It is expected that by end 2006 all pension fund trustees will be required by law to sign off their funds' financial reports. Fewer than a fifth of all funds are currently audited. By the end of next year that will change. Other major pension fund legislative changes are expected to come into effect from end 2006 to bring SA up to international standards.
As a pension fund trustee, do you have the financial and legal knowledge to manage in the face of these changes?
Financial Mail and its partners, Ernst & Young and eDegree, as part of the Business Media in Education initiative, are taking a proactive approach to the changes with a hands-on "how to" course to bring you up to speed.
Do the eight-part course online, in your own time!
The course covers:
LEGAL ASPECTS - all the pertinent legislation summarised, plus links to the full acts
Who is bound by the Pension Funds Act
The effect of registering a pension fund
Constitution of the board and its duties
Power outside the board
Pension fund regulations
Other legislation applicable to pension funds
Pension fund rules and amendments
Surplus legislation
Roles and responsibilities
What to do when appointing an expert
Delegation
Protecting benefits
BENEFITS AND MEMBERSHIP
How to differentiate between types of funds, what they offer and how they work
Who carries the risk in different types of funds
Benefit structures
Benefit before retirement, on retirement and at death
Health care benefits
How to consider members' needs
The effect of HIV and AIDS on funds and their members
SERVICE PROVIDERS
The duties of a board of trustees
The different types of service providers available
What service providers do
How to choose a suitable service provider
Other important things you need to know relating to service providers
INVESTMENT MANAGEMENT
Assets and asset classes
Setting investment objectives
Constraints
Appointing the investment manager
Regulatory considerations
Reporting and monitoring
Performance standards
Regulation 28
FINANCIAL ASPECTS OF THE FUND
Understanding the business processes
How contribution rates are determined for different types of funds
Who is responsible for paying contributions
What funds have bank accounts
When contributions must be paid
Data required
Transfers
Dealing with benefit administration and consulting fees
Reinsurance
Fidelity cover
Retirement fund taxation
Investments instruments and how they work
Financial controls
READING AND INTERPRETING FINANCIAL STATEMENTS - a virtual "field trip" through financial statements
The elements of financial statements
Definitions of accounts on the balance sheet and revenue account of a pension fund
What to look for in the statements
RISK
Types of risk and how to deal with them
GOVERNANCE
Why corporate governance matters
How good corporate governance benefits your pension fund board of trustees
The Myners' Report principles
The King 2 Report principles
The elements of an effective governance model
Course participants will, while being walked through the tricky aspects of the legislation, their roles and responsibilities, be able to follow the trials and tribulations of the trustees of the ABC Engineering Works Pension Fund.
The exercises in each module are based on this central hypothetical case study, and are designed to make you think about what you would have to do in the situations you might be likely to face as a trustee.
The course is geared not only to get you up to speed on the legal aspects of trusteeship but - more importantly - to become conversant with the accounting aspects for which you will be personally liable under the new legislation.
Your lecturers:
Ernst & Young retirement funds division lead partner Karin Biggs, a chartered accountant who chairs the SA Institute of Chartered Accountants Pension and Provident Fund Interest Group and is helping the Financial Services Board and Saica redraft requirements for retirement funds' financial statements.
Jowell, Glynn & Marais insurance partner Cindy Button, who holds a BProc and specialises in employee benefits, commercial litigation and insurance law.
Ernst & Young senior manager Jayne Mammat, who specialises in governance and sustainability advisory services.
Ernst & Young chartered accountant and asset management expert Lesley Harvey.
Ernst & Young business development senior manager Amanda Colman.
Ernst & Young auditor Morne Nell, who is responsible for the audit of a number of pension funds administered by Alexander Forbes Financial Services.
Ernst & Young pension funds industry audit and regulation expert Anton van Graan.
Ernst & Young chartered accountant Samantha Bustin, a corporate governance tool development specialist.
Jowell, Glynn & Marais associate Carmen Hollaway, a specialist in the legal aspects of employee benefits, corporate governance and insurance law.
The online course fee of R1 535,10 + VAT (R1 750,00) includes:
- A unique password for online course access, including interactive self-testing
- Links to the relevant legislation
- A 16-week subscription to Financial Mail, delivered to your home or office
- Supplementary print material
Discounts:
Organisations signing up six delegates or more will be entitled to a 10% discount for the online course.
Certification and tests:
Participants who complete the eight weekly online tests will be issued certificates of participation. They will be able to do the tests as many times as they like until they are satisfied that they are familiar with the course work.
|
|
|
|
|
|
Ranking the Analysts 2009
