ABOUT

The Project Team has been working through a preparatory phase during the past four months – getting resources together, commissioning research, and developing documents and frameworks to help guide conversations and decisions over the coming months.

The project team is excited to announce the Rhodes University Pension Fund restructuring website and information portal launch. It is user-friendly and accessible to all audiences and serves as one of the official communication channels for all Rhodes University Pension Fund members and pensioners.

The website features detailed explanations and core information related to the Rhodes University Pension Fund.

The website has an Event Page – where all events, meetings, and information sessions for members and pensioners will be listed. The Event Page also includes links to book for the various events.

The website has a Resource and Information section where all communication to members and pensioners will be posted. This section will have articles and research that may be of interest to members and pensioners and a FAQ page to clarify any questions you may have.

The website also has all the contact information members may require to reach the project team or the financial planners to assist members with queries and accurate information about future pension planning.

The website also has all the contact information members may require to reach the project team or the financial planners to assist members with queries and accurate information about future pension planning.

Rules & Regulations

Planning for your retirement is an important part of ensuring that you are financially secure when you stop working.

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Event Information

Keep up to date with all the events surrounding our Pension Fund Restructuring Programs. Plan your month ahead with our new calendar.

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Educational Information

Have a look at our informational articles and educational videos for more information about our project and what we aim to do.

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FAQ's

Do you have questions regarding the project? Have a look at our frequently asked questions and answers for more information

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Resources

Do you need to get in touch with us? No problem write us an email or send us an inquiry we will gladly assist within 72 hours.

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BACKGROUND TO THE PROJECT

In recent decades there has been a global shift away from defined benefit pension funds to defined contribution (or provident) funds. South Africa experienced a similar movement. As a result, the Rhodes University Pension Fund (now closed to new entrants) is one of only two funds still in existence at South African Higher Education Institutions.

Changes also drove the shift to defined contribution funds to accounting regulations. These now require employers to reveal any actuarial shortfall on a defined benefit fund in their annual financial statements. They must do this even if they believe the current shortfall is due to unusual stock market volatility and is likely to be short-lived.

Worldwide, many pension funds have found during their regular statutory actuarial valuation that their accumulated funds are inadequate to meet their projected future obligations. There could be several reasons for this, including sustained poor stock market performance or the increasing longevity of pensioners. It may also be that the contributions of employers and employees are inadequate to meet promised benefits.

In terms of the way forward and the future of the Fund, the University advised the Fund Trustees that it wishes to remove the ongoing financial risk the defined benefit Fund places on its financial position. The University undertook a comprehensive due diligence exercise to explore all options to achieve an outcome that balances the interests of the three stakeholder groups involved, viz, the University as the employer, the active members of the Fund, and the pensioners.

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