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Your trustees


Large funds like the Corporate Selection Suite of Umbrella Funds benefit from professional Independent trustees. They are professional trustees with a vast amount of experience and knowledge of retirement funds. They also serve on the boards of other retirement funds and add value through the experience they have gained when dealing with similar issues faced by other boards.

 

Meet your trustees
 

Erika Nieuwoudt

erika.jpg 

Chairperson - Independent trustee

 

Erika was appointed in September 2013 and re-appointed in September 2016. She has served as the Chairperson since 1 December 2015.

Erika's experience comprises of:

  • 10 years' experience as Independent Trustee
  • 23 years' experience in the pensions industry
  • Independent legal consultant to retirement funds and fiduciary services

Erika's qualifications include:

  • BProc, Adv Dip Labour Law
  • Adv Dip Pension Law

Michael Clifford

michael-clifford.jpg 

Sponsor trustee

 

Michael was appointed in March 2016.                   

Michael's experience comprises:

  • 26 years' experience in employee benefits.
  • Deep understanding of the business having filled management roles in administration, training, marketing, customer relationship management and customer experience.
  • He sits on a number of retirement funds.
  • He has more than 9 years of experience as a Trustee.

Michael's qualifications include:

  • Dip ETDP (UJ)

Graham Thomas

graham.jpg 

Sponsor trustee

 

Graham was appointed in May 2014 and re-appointed in May 2017.

Graham's experience comprises:

  • Sponsor Trustee.
  • 25 years' in the employee benefits industry.
  • Divisional Director of Product Solutions for Liberty Corporate.

Graham's qualifications include:

  • BSc in Actuarial science
  • Associate Member of the Actuarial Society of South Africa

Chris Roelofse

chris.png 

Sponsor trustee

 

Chris was appointed in June 2014 and re-appointed in June 2017.

Chris's experience comprises:

  • Developed and manages STANLIB Multi-Manager’s R8.5bn alternatives portfolio - an open ended fund aimed at offering investors simpler access to non-traditional assets including private markets and relative value strategies.
  • Over the past 13 years he has fulfilled a variety of roles in investment strategy, solutions development and portfolio management in South Africa and the UK.
  • Chris serves on various boards and investment committees including Liberty’s R30bn unlisted property portfolio and R30bn umbrella pension fund. 

Chris's qualifications include:

  • BSc Fin Math
  • CFA
  • CFP
  • MBA (cum laude)

Michael Norris

mike.jpg 

Sponsor trustee

 

Michael was appointed on May 2017.

His experience comprises of:

  • 16 years' in the life insurance industry.
  • Being on the boards of other retirement and medical aid funds.
  • Being a Chief Financial Officer for Liberty Corporate.
  • Chartered Accountant (South Africa).

 

Martin Kuscus

Martin Kuskus  

Independent Trustee

 

Martin was appointed in February 2016.

Martin's experience comprises of:

  • Over the last 25 years he distinguished himself in quite a few high profile positions he occupied in government as well as the corporate world at both local and international level.
  • Has experience on the boards of other retirement funds.
  • Former CEO of the South African Bureau of Standards.

Qualifications:

  • Bachelor of Arts
  • Diploma in Nursing

 

David Morris

david-morris 

Independent Trustee

 

David was appointed in July 2018.

David's experience comprises of:

  • 18 years’ experience in structured investment products
  • 4 years’ experience in retirement fund trustee education
  • Independent trustee and chairperson of a beneficiary fund

Qualifications:

  •  CA (SA)
 

 

Roger Spence

roger-spence 

Principal Executive Officer

 

Roger has over 30 years' experience spanning across employee benefits, remuneration practices and the retirement fund industry. He is a member of the following organisations:

Roger's experience comprises of:

  • Batseta Council of Retirement Funds for South Africa
  • Associate Principal Executive Officer (APEO)
  • Member of the Insurance Institute of South Africa (IISA)

Qualifications:

BTHRM IISA Programme in Retirement Fund Management Global Remuneration Professional (GRP ®) Certificate in Pension Funds Law

 

 

Role of the trustees

The funds are managed by a Board of Management. The Board appoints a Principal executive officer who, together with his support staff, is responsible for the day-to-day running of the funds. The trustees are responsible for all the decisions made in the funds and have to ensure that members' and beneficiaries' interests are protected at all times. They are all suitably qualified individuals, and they have access to retirement industry experts and specialists where necessary.

The Board of Management consists of eight trustees. Four of them are fully independent of the funds' sponsor, Liberty Group, while the other four are sponsor-appointed from senior management. They meet regularly to discuss investments, benefits and administrative matters regarding the fund, in addition to the many meetings of the sub-committees.

There are numerous duties imposed by law on trustees. Some of the duties include the following:

  • Take all reasonable steps to ensure that the interest of members in terms of the rules and provisions of the Pension Funds Act are protected at all times.

  • Act with due diligence and good faith

  • Avoid conflict of interest

  • Act with impartiality in respect of all members and beneficiaries

  • Trustees must ensure that proper registers, books and records of the operation of the fund are kept, which include proper minutes of resolutions passed by the board.

  • Trustees must ensure the fund employs proper control systems

  • Trustees must ensure that adequate and proper information is communicated to members of the fund informing them of their rights, benefits and duties in terms of the rules of the fund.

  • The trustees must obtain expert advice on matters where they lack sufficient knowledge

  • The trustees must ensure that the rules, operation and administration of the fund comply with current legislation, including Pension Funds and the Financial Institutions (Investment of Funds) Acts.

 

Board sub-committees

The board has six sub-committees that provide advice and guidance to the full board. The work of these sub-committees provides direct input to the quarterly board meetings.

 

Investment sub-committee

The Board of Management appointed an Investment sub-committee to direct and oversee the investments of the funds. The Investment sub-committee makes recommendations to the board regarding the appointment of the funds' investment consultant and managers, as well as investment strategy.

 

Chris Roelofse

chris.png

Chairperson

Sponsor Trustee

Martin Kuscus

Martin Kuskus

 

Independent Trustee

 

Administration sub-committee

Efficient administration is key to the successful operation of the funds. This sub-committee is tasked with reviewing the administration agreement with Liberty Corporate annually and reporting back to the board on all issues relating to the administration of the funds.

 

Michael Clifford

Chairperson

Sponsor Trustee

Erika Nieuwoudt

 

Independent Trustee

 

Audit and risk sub-committee

This sub-committee advises the board on the funds' finances as well as the risk policy of the funds. It is a requirement of the board that the funds' auditors, PriceWaterhouseCoopers, attend all Audit and risk sub-committee meetings.

 

Graham Thomas

 

Sponsor Trustee  

Michael Norris

 

Sponsor Trustee   

 

 

Communication sub-committee

This sub-committee reviews all communications between the funds, members and employers. The sub-committee works closely with the fund sponsor in developing and implementing the funds' communication strategy.

 

Martin Kuscus

Martin Kuskus

Chairperson

Independent Trustee

Michael Clifford

 

Sponsor Trustee

Chris Roelofse

chris.png

 

Sponsor Trustee 

 

 

Legal sub-committee

The Legal sub-committee acts as an advisory body to the board on legal matters affecting the fund and regularly reviews the documents and policies of the funds. This sub-committee also ensures that all practices adopted by the fund sponsor are in line with the rules of the funds and complies with FAIS requirements.

 

Erika Nieuwoudt 

Chairperson

Independent Trustee

Graham Thomas

 

 Sponsor Trustee

 

 

Death claims sub-committee

This sub-committee considers all death claims, and provides advice to the board on the distribution of death benefits (based on Section 37(C) of the Pension Funds Act).

Michael Clifford

Chairperson 

Sponsor Trustee

Erika Nieuwoudt

 

Independent Trustee



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Liberty Group Limited (Reg. no 1957/002788/06) is a registered Long Term Insurer and an Authorised Financial Services Provider (FAIS no 2409).

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