Business Eswatini Ropes In International Actuary for ENPF Conversion Matter

Ntokozo Nkambule

This year’s Labour Law Seminar hosted by Business Eswatini (BE) will be graced by highly experienced and competent speakers from the African continent.

One of this year’s speakers is Wayne van Jaarsveld Senior Actuary at Alexforbes (Nigeria) currently working as part of a team that provides consultancy services to multinational companies across Africa.

As a team, they are responsible for the implementation and servicing of employee benefits across the continent through partner networks. Wayne also assists Mercer in various M&A due diligence reports in the region.

Prior to this, he was Managing Director of Alexforbes, Nigeria as well as Head of the Actuarial division in South Africa. Wayne is currently a Director at Alexforbes, Nigeria.

Before joining Alexforbes in 2011, he worked for Price Waterhouse Coopers and AON Hewitt in London. Wayne has a BSc in Actuarial Science and is a Fellow of the Actuarial Society of South Africa.

In a conversation with this publication BE revealed that the seasoned Actuary will be addressing the Eswatini National Provident Fund (ENPF) conversion during the seminar.

The Minister of Labour & Social Security Phila Buthelezi noted during the 5th Stakeholder Forum hosted by ENPF that the conversion is currently being delayed by due diligence.

“The conversion of ENPF to a Pensions Fund is currently being delayed by due diligence as there are concerns over the sustainability of the Fund once it is converted. We must appreciate that this is not something that can be implemented overnight, in actual fact, a number of stakeholders have expressed concerns and resistance. We have received feedback from some of the ENPF members saying they are opposed to the conversion because of a number of implications.”

He said as tedious as the process is, it is important that due diligence is followed to ensure that everything goes right.

Buthelezi further mentioned that as it stands there are two Bills before Cabinet regarding the conversion.

He said one Bill is comprised of civil servants and the other without civil servants, and a decision will be made on which Bill is chosen.

The Minister noted that a decision can be taken anytime and after the decision is made the Bill will then be presented to parliament. 

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