Allan Gray’s fifth annual Through the noise retirement benefits conference brought together local and global experts to explore the future of retirement in South Africa. Tshimologo Maputla shares some takeaways from the event’s panel discussions and keynote speakers.
In the face of technological disruption, regulatory reforms and shifting retirement fund member expectations, the retirement benefits space is changing. With this in mind, under the theme “Your retirement future in focus”, Through the noise explored how advisers, consultants and employers can help members plan, invest and navigate complexity with confidence in a rapidly changing world. From artificial intelligence (AI) and cybersecurity to regulation and psychology, the conversations revealed an industry in flux and a shared commitment to inclusive, resilient and human-centred improvements.
Designing for inclusion and access
There are countless barriers to entry and benefit retention when it comes to retirement saving in Africa. As such, once employed individuals commit, the industry should be doing all it can to structure group savings in ways that ensure simplicity, support and smooth member journeys.
In her keynote, Uche Enemchukwu, benefits attorney and chief executive officer of Nelu Diversified Solutions, emphasised that pension scheme design can either reinforce or reduce inequality. She encouraged stakeholders to rethink employer contribution structures to better reflect diverse work patterns and avoid creating barriers to retirement security. Enemchukwu also explored the potential of AI to expand pension access in developing countries, while cautioning that its adoption must be deliberate and empathetic to avoid bias and misuse.
She suggested that retirement schemes should be intentionally designed to promote equity and inclusion, with AI serving as a fit-for-purpose and member-focused tool. This would translate to training AI to prioritise the needs, experiences and outcomes of retirement fund members, rather than just operational efficiency or cost savings – improving access and tailoring solutions in the interest of members.
Reform in motion: Regulation and cybersecurity
Regulatory transformation
Ongoing regulatory reforms, including the two-pot retirement system and Conduct of Financial Institutions (COFI) Bill, present opportunities and operational challenges for retirement fund administrators.
Felicia Hlophe, senior legal adviser at Allan Gray, guided the regulatory panel through recent developments, including tax harmonisation and default regulations. The panellists also discussed the two-pot retirement system, which was implemented in September 2024, noting that while the system aims to balance preservation and accessibility, it introduces complexity around component splits and fee structures.
The panel also covered the COFI Bill, which seeks to consolidate conduct laws into a single framework and the potential introduction of a National Social Security Fund to provide retirement, disability and death benefits.
Participants concluded that, in order to be effective, regulatory reform needs to translate policy ambition into operationally feasible and member-centric implementation.
Cybersecurity as a business imperative
Given the escalation in scams and fraud attempts, cybersecurity was also on the agenda. It is very clear that cybersecurity is no longer just an IT concern, it is a core business responsibility.
This was the premise for the cybersecurity panel, moderated by Craig Sales, head of Information Technology at Allan Gray. The panel focused on Joint Standard 2 of 2024, which was published by the Financial Sector Conduct Authority (FSCA) in conjunction with the Prudential Authority (PA). Effective since June 2025, the Standard calls for a cultural shift across the financial services ecosystem, making all stakeholders, including third-party providers, accountable for protecting client data with the same diligence as financial assets.
The panel’s conclusion was that cybersecurity is no longer optional. It is a strategic imperative that demands industry-wide change.
The perfection trap: Psychology and financial wellbeing
While regulation, transformation, system design and cybersecurity are critical aspects to a well-functioning retirement system, it would be disingenuous to forget the habits and behaviour of individuals, which can make or break financial health.
In his keynote, psychology professor and author of The Perfection Trap Thomas Curran homed in on perfectionism, which he explained can lead to decision paralysis and hinder financial wellbeing. He described perfectionism as a “double-edged sword” made from a combination of high standards and insecurities. He warned that Gen Z’s perfectionist tendencies may lead to unsustainable expectations, decision fatigue and risk avoidance. He recommended that individuals should ask themselves why they do what they do (purpose) as a starting point for overcoming perfectionism.
In conclusion, Curran argued that financial wellbeing, much like personal wellness, is built through consistent, informed action – not flawless execution. And that learning from imperfection is key to building financial confidence.
Finding signal in the static
If one message rang clear through the noise, it is that clarity is possible, even in complexity. Whether through empathetic design, regulatory reform or behavioural insight, the retirement industry has the tools to build systems that serve people better. The challenge now is to listen more closely, use the tools more boldly and build systems that reflect real lives.