“For smaller funds, the economically viable option is often to appoint a ‘one-stop-shop’ service provider to provide administration, consulting and actuarial services. “In reality, the decision is often dictated by simple economics and practical considerations,” says Heymans, who has acted as both an in-house and independent actuary at different points in his career. Heymans explains that there has been much debate whether the interests of members are best served by appointing an in-house actuary, who is employed by one of the fund’s service providers such as the administrator or investment consultant, or by contracting an independent third party actuary or actuarial firm. “Given this, along with the weighty responsibility of influencing how large sums of fund members’ life savings will be managed, it is not surprising that the independence and transparency of actuarial decisions are increasingly subject to scrutiny, as stakeholders seek reassurance that these decisions are based on only one consideration: the best interests of fund members.” “Actuaries operate in a market characterised by increasing uncertainty, volatility and risk, in a world too often rocked by corporate scandals and financial scams,” comments Corné Heymans of ARGEN Actuarial Solutions, one of the largest independent actuarial firms in Africa. Utilising complex financial calculations and forward-looking statistical projections, actuaries provide funds with greater clarity in an increasingly uncertain world, to ensure adequate funding of retirement plans.
ARGEN ACTUARIAL SOLUTIONS PROFESSIONAL
Pension fund actuaries face a substantial moral and professional responsibility to fund members in advising on, designing and maintaining sustainable retirement funds. A two-pronged strategy for absolute transparency, proactive and intelligent risk management and exemplary corporate governance in retirement funds.
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