The retirement industry has seen a number of important shifts over the past few decades, with the one from defined benefit pension funds to defined contribution provident funds probably having the biggest impact. The current shift is to commercial umbrella funds.

The Financial Sector Conduct Authority (FSCA) is committed to the consolidation of retirement funds and most small, medium and increasingly large employers have transferred to, or are in the process of transferring to, commercial umbrella funds, for all the right reasons. However, there is no clear supportive umbrella fund legislation, nor is there industry consensus on the most appropriate and desirable management structures for umbrella funds.

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