Background Research
	Background It has been estimated that at least six people rely on an individual pension in South Africa, sometimes the only means of saving for many. The assets of retirement funds within South Africa are in excess of R1.5 trillion with approximately 40,000 trustees serving on the governing boards of retirement funds today. Retirement fund trustees play a significant role in decision-making on retirement fund savings. The Growth and Development Summit has named this a national imperative in 2003 and the Financial Stability Study conducted by the World Bank and IMF during June of 2007 has commended the FSB for issuing Circular PF 130 on good governance for retirement fund trustees). There is therefore a great need to put good governance into practice through providing professional development for trustees through a trustee knowledge and understanding program to address the issues which have been plaguing the industry for the past decade: from non-payment of contributions to secret profits taken by third parties at the detriment of retirement fund members from the proceeds of bulking practices (pooling of assets).
	Research The need for professional development and support for retirement fund trustees is well-documented e.g. National Treasury's Discussion Paper on Retirement Reform and various other industry publications and by various academics of the Law Faculties at Tertiary Institutions in South Africa. There is a strong sense that trustees can benefit from an independent e-learning tool issued by and revised by the FSB in its supervisory role as facilitator of consumer education in the financial services sector.