The Funds are managed by a Board of Trustees, who appoints a Principal Executive Officer. Together with the support staff, the Principal Executive Officer is responsible for ensuring that the Funds run smoothly on a daily basis.

The Trustees are responsible for all the decisions made on the Funds. Their obligations include ensuring that members' and beneficiaries' interests are prioritised at all times.

All board members are suitably qualified individuals. They also have access to retirement industry experts and specialists whenever additional guidance is required. The Trustees meet regularly to discuss investments, benefits and administrative matters.

The Board comprises eight Trustees:

The Board Members (Trustees) of the Funds are:


David Morris


David Morris - Independent Trustee


David was appointed in July 2018.

David's experience comprises of:

  • 18 years’ experience in structured investment products
  • 4 years’ experience in retirement fund trustee education
  • Independent trustee and chairperson of a beneficiary fund


  • CA (SA)
Martin Kuscus


Martin Kuscus - Independent Trustee


Martin was appointed in February 2016.

Martin's experience comprises of:

  • Over the last 25 years he distinguished himself in quite a few high profile positions he occupied in government as well as the corporate world at both local and international level.
  • Has experience on the boards of other retirement funds.
  • Former CEO of the South African Bureau of Standards.


  • Bachelor of Arts
  • Diploma in Nursing
Leon Bhima


Leon Bhima - Sponsor Trustee


Leon was appointed 01 July 2020.

Leon's experience comprises:

  • Head Operational Risk: Client and Adviser Experience (CAE) & Liberty Corporate
  • Head of Risk, BCM, AML and Compliance (Liberty Corporate)
  • 15 years' in the Financial Services Industry
  • 15 years' in Risk Management
  • 5 years' experience as board member of NGO
  • Leon has worked in various risk, control, compliance and governance roles across financial services, reporting and general management.
Nalen Naidoo


Nalen Naidoo - Sponsor Trustee


Nalen was appointed in February 2019.

Nalen's experience comprises of:

  • Divisional Executive in the Retail Solutions area
  • Nalen has worked in various Life Insurance and General Insurance roles across financial management and reporting, capital and reinsurance management, enterprise risk management, actuarial job family development, product management and general management in South Africa, the United Kingdom, the United States and Singapore.


  • Fellow of the Faculty and Institute of Actuaries and Fellow of the Actuarial Society of South Africa – admitted in 2007 (exams completed by December 2006)
  • Post-Graduate Diploma in Actuarial Science - University of Cape Town (2005 - 2006)
  • Bachelor of Business Science (Actuarial Science) with Distinction in Statistics - University of Cape Town (2001 - 2004)
Michael Clifford


Michael Clifford - Sponsor Trustee


Michael was appointed in March 2016.

Michael's experience comprises:

  • 26 years' experience in employee benefits
  • Deep understanding of the business having filled management roles in administration, training, marketing, customer relationship management and customer experience
  • He sits on a number of retirement funds
  • He has more than 9 year experience as a Trustee


  • Dip ETDP (UJ)
Farhaad Godfrey


Farhaad Godfrey - Sponsor Trustee


Farhaad is a seasoned and highly skilled retirement funds specialist with more than 30 years of experience in the retirement fund and long-term insurance industry.He has extensive experience in different disciplines within the industry including managing fund administration and governance of umbrella, stand-alone and privately administered funds, complaints management, learning and development, sales, servicing and consulting, financial crime compliance and human resource employee benefits.


  • Professional Qualification in Corporate Governance and Administration (Chartered Governance Institute of Southern Africa)
  • Certificate in Basic Adjudication and Trial Advocacy Skills (UCT)
  • Member of Pension Lawyers Association
  • FAIS RE 5 Level 1 Exams
  • Qualified SAQA/INSETA Assessor and Qualified Moderator
Roger Spence


Roger Spence - Principal Executive Officer


Roger has over 30 years' experience spanning across employee benefits, remuneration practices and the retirement fund industry.


  • Professional Principal Executive Officer
  • IISA Programme in Retirement Fund Management
  • Global Remuneration Professional (GRP ®)
  • Certificate in Pension Funds Law
  • Certified Pension Specialist (CPS™)