From Insight To Impact – driving progress through collaboration
More than a decade after the alarm was first raised, South Africa’s retirement system continues to deliver inadequate outcomes for the majority of formal-sector workers.
According to Old Mutual Corporate’s 2025 OnTrack Survey, just 6% of fund members are on track for a financially secure retirement – a figure that has remained unchanged since it was first cited by National Treasury over ten years ago.
But while the number remains stagnant, new data offers something more valuable: clarity on where change is possible, and how employers can lead.
According to 2025 Old Mutual Corporate OnTrack data, the two of the most powerful levers available to employers for this change – raising the normal retirement age and enabling automatic contribution escalation.
Both, according to Humphrey Mkwebu, Acting MD of Old Mutual Corporate, fall within the scope of employer retirement fund design.
“These two elements interact in a way that amplifies their influence,” Mkwebu explains.
Data shows that even modest increases in savings rates and tenure can greatly improve projected retirement outcomes/replacement ratios.
Still, he cautions: “Without sufficient contributions, more time alone won’t bridge the gap; and without sustained participation, even high saving rates may fall short. Both factors must work in tandem to meaningfully improve results.”
From insights to impact
These insights form part of the agenda for the 2025 Old Mutual Thought Leaders Forum that took place on 12 August 2025 in Johannesburg.
Following on from the inaugural event last year, the event brings together policymakers, and business leaders to explore the links between retirement reform, workplace wellbeing, and inclusive economic growth.
Starting off the day is keynote speaker Prof Adrian Saville, Professor: Economics, Finance and Strategy at the Gordan Institute of Business Science who will speak to reimagining South Africa’s economic future.
Policy reform showing early promise
Encouragingly, signs of momentum are emerging at a policy level. “The Two-Pot Retirement system is mathematically certain to have a significant impact on member outcomes over time – at the very least, improving savings by up to 2-3 times,” says Mkwebu. “Preservation is already showing small but positively measurable movement within the first year of implementation.”
However, he also notes that vested benefits remain accessible – meaning preservation outcomes will still depend heavily on fund design, communication, and system defaults.
This reinforces the importance of learning from global approaches to system architecture and behavioural design.
International perspectives on retirement in action
Forum delegates will also hear global case studies on auto-enrolment, fund portability, and default strategies.
Paul Watson, advisory Board Member: Alianz Retire+ from Australia will share lessons from Australia using behavioural nudges and system automation to curb leakage and grow long-term savings balances.
Mkwebu will be hosting a panel with senior leaders from National Treasury, the FSCA, labour, and academia to explore how South Africa’s retirement system could be expanded to support greater equity and adequacy over time.
Navigating the future of work
At the same time, work as we know it is changing.
Remote and hybrid models, digital transformation, generational shifts, and evolving employee expectations are redefining how South Africans engage with work – and, by extension, with benefits and long-term financial planning.
Guest speaker Valter Adao – CE, Cadena Growth Partners will speak to disruption in the workplace.
In keeping with the theme, Chief Customer Officer at Old Mutual Corporate Michelle Acton will facilitate a panel of experts from business SA on topics such as workplace design, culture, and strategy to locking both productivity and long-term wellbeing.
Recognising employers making measurable impact
This year also marks the launch of the Old Mutual SuperFund Employer Excellence Award – a new initiative that recognises funds who have demonstrated measurable progress in improving member retirement outcomes.
“Default settings, portability, communication, and contribution frameworks all influence whether members stay on track or fall behind,” concludes Mkwebu. “Employers hold both the power and a responsibility to influence long-term financial wellbeing. They are system builders – shaping the frameworks that either enable or erode retirement security.”
Visit www.oldmutual.co.za/thoughtleadersforum to find more about the Forum, our speakers and more research and insights.
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