Pension funds industry can lower fees, says Alexander Forbes CEO
The CEO of SA's biggest pension funds administrator believes industry can do more to help South Africans
The new CEO of SA’s biggest pension funds administrator says the industry can do more to lower fees and improve the lives of many struggling South Africans. Alexander Forbes CEO Dawie De Villiers, who was appointed in November, said there are many things the industry needed to “get right” to provide security to more people. “We must get more people in the net. Get more people educated about what it means to save appropriately. At the moment, it’s only the wealthy part of the population that earns an income in retirement. The rest takes cash to cover debt every time they switch jobs.
“I’m not saying ‘fees must fall’ is the only thing. If you look at the type of solutions we can do on holistic institutional basis for individuals, it will mean low fees, it will mean more value for money and more benefits for members,” he said. De Villiers, who spent 25 years at Sanlam and headed the insurer’s employee benefits unit for five years, said the industry has not been transparent in the...