Trustees

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  Bertie van Wyk

  Chairperson

  I am the Chairperson of the Board of Trustees. My vision is to have the Old Mutual SuperFund established as the Number One Umbrella Fund in South Africa from a good governance, compliance and value for money perspective. We will know that we have achieved this when members of other umbrella funds put pressure on their employers to become members of Old Mutual SuperFund! More Info

  What are some of the biggest mistakes that retirement fund members make?

  When they change jobs but fail to invest their retirement capital in a preservation fund or transfer it to the retirement fund of their new employer.

  What would you say is the most important tip for retirement fund members?

  Regard your retirement fund capital as “untouchable” and save as much additional money as possible. It is also very important to ensure that you are invested in a portfolio that includes a significant portion of growth assets, i.e. shares and property that will generate long-term investment returns in excess of inflation!/

  What was one or your best (or worst) retirement savings decisions?

  To make additional provision to accumulate retirement fund capital by investing in retirement annuities over and above my normal contributions to the retirement that I have belonged to.

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  Wahida Parker

  Vice Chairperson

  In my role as the Chairperson of the Communication, Death Benefits and Governance Sub-Committee, it is my wish that we communicate in simple language to a broad group of responsible individuals who are already members of SuperFund. It is our goal to enable them to make wise and informed decisions. More Info

  What are some of the biggest mistakes that retirement fund members make?

  I believe society has lost sight of the fact that families are smaller and thus it is no longer easy for children to support their parents. If we fail to save for our retirement, therefore, we place a huge burden on our children and the State. My fervent wish is that we forego some of life’s pleasures today so that we will be able to support ourselves in our old age. I also think that the younger workforce should become adept at saving. Overall we should all assess our financial wellbeing much in the same way that we take care of our health.

  What would you say is the most important tip for retirement fund members?

  Simply put, what you sow today you shall reap tomorrow.

  What was one or your best (or worst) retirement savings decisions?

  To place all my investment eggs in one basket. One has to learn to diversify and it is crucial to work yourself into a debt-free situation before you retire. Otherwise your nest egg is used simply to settle debts, forcing you to continue working or even become dependent on others.

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  Jeremy Andrew

  I chair the Investment Committee. We provide a range of products, some of which offer investment into a portfolio selected by the trustees or a member committee, and others that offer a wide range of portfolios to financially sophisticated members who want to select their own managers. In reviewing the portfolios every year, we look for above-average, risk-adjusted performance over the long term. More Info

  What are some of the biggest mistakes that retirement fund members make?

  Not taking a long-enough view. We can’t always get our timing of the market right, and switching out of investments at the wrong time may lock in losses.

  What would you say is the most important tip for retirement fund members?

  Ride through market turbulence with a long-term perspective and don’t try to time the market unless you’re an investment professional.

  What was one or your best (or worst) retirement savings decisions?

  I put too much offshore into developed markets and have had negligible returns for much of the past 10 years on those investments. Having said this, developed markets are currently cheap and this strategy may still prove itself.

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  Karabo Morule

  I am a sponsor-elected member of the SuperFund Management Board of Trustees. My fellow Trustees and I serve the Fund and its members to the best of our ability. People save in order to enjoy financial independence in their retirement years, and looking after these savings carries a lot of responsibility. I take my role seriously and am continuously looking for ways to better serve the Fund and its members by implementing services that enhance our relationship with members. More Info

  What are some of the biggest mistakes that retirement fund members make?

  Most people only start checking how much they have accumulated or saved towards their retirement with 10 or 5 years to go before they retire. Prior to that, many retirement fund members cash in on retirement savings prematurely, leaving them unable to retire with enough income (after buying an annuity). If you start to save early, you would be able to take advantage of compound interest and the length of time you make contributions to your retirement fund. Compound interest means you earn interest on interest already earned, which has a snowball effect in accumulating more capital and reaching your long-term savings goals. Markets are volatile and one’s financial situation changes continuously, which is why it is a good idea to meet with your financial adviser on an annual basis. That way you can ensure that you stay on track in achieving your financial goals for your retirement. Study the member benefit statement to assess how your underlying investments are doing, and increase contributions to keep up with inflation so that your capital does not erode over time.

  What would you say is the most important tip for retirement fund members?

  Start saving for your retirement as early as possible and preserve your retirement savings if you ever change jobs along the way. Also make sure you’re preserving enough. Even increasing your savings by 1% of your salary (provided this is done long enough before your retirement date) can make a significant difference to your retirement savings. Speak to an accredited financial adviser for advice, and also access the Financial Wellbeing Programme (made up of On The Money and FIN360 courses and available to all SuperFund members), which offers invaluable financial education. SuperFund members can also speak to the Member Support Services teams for assistance or also ask to put them in touch with experts who will explain their options to them in respect of issues such as changing jobs, retrenchment, or retiring.

  What was one or your best (or worst) retirement savings decisions?

  My best retirement savings decision was not to cash out any benefits when I changed jobs – I therefore didn't have to start from scratch to build up assets for my retirement by having to invest huge contributions and top-up contributions to play catch-up. I also know how I am doing relative to the lifestyle and income I want when I retire, and I speak to my financial adviser annually to review my progress. When I’m able to, I make additional contributions towards my retirement savings through a Retirement Annuity. One decision I would change if I could go back in time would be to make contributions to my retirement fund when I was working overseas on secondment. Fortunately my employer was still making contributions on my behalf, so at least my fund was growing; but it could have grown much more had I also been making contributions.

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  Chris Liddle

  My role is to represent the members on the Management Board and act in their best interests at all times. Amongst other things, I monitor the quality of administrative services, for example, I monitor if contributions are paid promptly, and exit forms are accurately completed and submitted in a timely fashion. Administrators’ service levels are agreed on and monitored on a quarterly basis and we ensure accurate preparation of management accounts and financial statements. More Info

  What are some of the biggest mistakes that retirement fund members make?

  Spending their accumulated savings when they change jobs. This results in inadequate savings for retirement.

  What would you say is the most important tip for retirement fund members?

  Contributions are too low. The ideal combined employee and employer contribution rate to ensure an adequate retirement income is 15%. Very few members achieve this level of saving.

  What was one or your best (or worst) retirement savings decisions?

  I started saving as soon as I started earning a salary. I have never had an accumulated debt on my credit card.

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  Shirley Mabusela

  My role in the SuperFund is that of Trustee. In this portfolio, I focus on the Deaths and Disability Claims and the Communications Sub-Committees. As a member of a team of very experienced colleagues, we ensure that there is good corporate governance, effective communication with members, and appropriate investment of member contributions. More Info

  What are some of the biggest mistakes that retirement fund members make?

  Retirement fund members make a mistake by cashing in their fund when they change jobs. As a result, come retirement time, the benefits are insufficient to meet the needs of a pensioner. A large number of pensioners in South Africa have to care for their grandchildren, and this adds to their burden. How many retirement-fund members are going to end up poorer at retirement, while faced with the added responsibility of raising their grandchildren? The preservation option must therefore be considered seriously.

  What would you say is the most important tip for retirement fund members?

  The most important tip I can give to members is: start early, and do not withdraw your retirement savings when you change jobs.

  What was one or your best (or worst) retirement savings decisions?

  To get one of my retirement annuities paid up. When I went back to have it revived, I learnt that this could not be done since more than six months had elapsed since I had requested it be paid up. I did, however, make a wise decision to continue contributing to another retirement annuity. Had I not decided to stop contributing to one of the two RAs, I would have been in a much stronger position at retirement.

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  Pierre Pretorius

  I am a Trustee of the Old Mutual SuperFund. I am honoured to contribute my expertise to ensuring that the Fund is managed at the highest standard of good governance and in the best interests of the Fund and its members. More Info

  What are some of the biggest mistakes that retirement fund members make?

  I believe that the biggest mistake a member can make is not to have and implement a comprehensive retirement plan from an early age onwards.

  What would you say is the most important tip for retirement fund members?

  It is of vital importance that members review their retirement plans regularly with the assistance of appropriate experts. You need to know what you can expect on retirement, and what measures you can take to ensure that your retirement is comfortable.

  What was one or your best (or worst) retirement savings decisions?

  Not to preserve my retirement savings when moving from one employer to another.

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  Krishna Patel

  As a member of the Board of Trustees, our goal is to see that members’ assets and interests are safeguarded at all times; members receive financial expertise and insight; the financial health of the fund is safeguarded by directing the appropriate drivers and operations of the fund; the recent improvement in the internal control environment continues into the future; and relevant and appropriate information is communicated to trustees, members, and participating employers. More Info

  What are some of the biggest mistakes that retirement fund members make?

  Members start saving too late, save too little, invest in the wrong investment products and access their funds well before their retirement.

  What would you say is the most important tip for retirement fund members?

  Firstly to save, save and save some more. Secondly, to manage debt aggressively and lastly a a retirement fund is only one of the vehicles needed to save. It isn’t the only one.

  What was one or your best (or worst) retirement savings decisions?

  I have been saving ever since I started working and I have been lucky to not need my retirement savings.

Principal Officer

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  Cheryl Mestern

  Cheryl Mestern has been elected as Principal Officer by the Trustees of the new Management Board. Cheryl set up her own practice as an independent Principal Officer and trustee in 2005. More Info

  Prior to that, she spent 3 years at BP as Principal Officer of their Medical Aid and Pension Funds. Cheryl has been in the financial services industry for more than 24 years, 15 years of which were with Old Mutual and four with the Rennies Group where amongst other duties, she fulfilled the role of Principal Officer of the Medical Aid. She has held office as Trustee of a number of other retirement funds and medical aids and is currently a Trustee of the Ruth Prowse School of Art.

  Cheryl holds a Bachelor of Commerce degree and is an Associate Financial Planner with the Financial Planning Institute.