KZNCIPF
Fund Management
The Fund is under the management of the Board of Fund (Trustees). The allocation
is 50% of the Board are member elected and 50% are employer elected. This is as
per the rules of the Fund. The Fund falls under the legislative framework of the
Pension Funds Act the trustees have the overall responsibility of ensuring
compliance, and they are assisted by experts such as administrators, consultants,
auditors, and actuaries.
The Pension Funds Act states that trustees have a responsibility to:
- Ensure that proper control systems are employed by or on behalf of the trustees
- Obtain expert advice on matters where the trustees may lack sufficient expertise
- Take all reasonable steps to ensure that contributions are paid timeously to the fund
- Ensure that proper registers, books and records of the operations of the fund are kept, inclusive of proper minutes of all resolutions passed by the trustees
- Keeping close watch over the administration of the fund to ensure that members & assets are managed properly according to the law
Fund Service Providers
The fund relies on service providers that employ skilled individuals to ensure the smooth operation of the fund.
Some of the service providers are:
- Actuaries: Keystone Actuarial Solutions (Pty) Ltd.
- Auditors: Nolands South Africa
- Administrators: National Bargaining Council for the Clothing Manufacturing Industry
- Consultants: Alexander Forbes Group Holdings Limited
- Investment Consulting: Alexander Forbes Group Holdings Limited