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


Krishen Sukdev - Independent Trustee


Krishen was appointed in October 2021. He is currently an Independent Trustee of numerous funds and the Principal Officer of the Impala Platinum Beneficiary Fund

Krishen's Experience Comprises of:

  • Over 29 years of experience in the Retirement Fund Industry
  • Chief Executive Officer of the Government Pensions Admin Agency (GPAA)
  • Retirement Fund Valuator and Liquidator of several funds in Africa
  • Executive Director of Independent Actuaries and Consultants
  • Director of the Association of South African Black Actuarial Professionals (ASABA)


  • Business Science degree from the University of Cape Town
  • Actuary through the Faculty of Actuaries in Edinburgh
  • Certified Financial Planner and MBA through the Heriot Watt University
Martin Kuscus


Nosisa Mokoka - Independent Trustee


Nosisa was appointed in September 2021.

Nosisa's Experience Comprises of:

  • Currently holds Trusteeship and Non-Executive Director positions in the Pension Fund Industry and in a non-profit organisation, as well as in the Tertiary Education Sector for the last 8 years.
  • An engaged member of the Institute of Directors in SA (IODSA), and having received full Directorship training, she remains up to date with developments and knowledge in the often-challenging governance environment in South Africa today.
  • Nosisa is a former public service senior executive, manager and supervisor in various sectors in a career spanning over 40 years in health, community health, human resources, corporate administration, finance and economic development as well as in community development.


  • Certificate Programme in Finance and Accounting
  • Master of Management (Public and Development Management)
  • Post-Graduate Diploma in Human Resources Management
  • Certificate in Nursing Education
  • B.A. (Cur) (Majors: Community Health Nursing Science and Nursing Administration)
  • Diploma in Midwifery and Diploma in General Nursing
Makhubalo Ndaba


Makhubalo Ndaba - Independent Trustee


Makhubalo was appointed in May 2022. He has served in the pension funds industry in various capacities, including the governance, policy making and regulation of pension funds.

Makhubalo's Experience Comprises Of:

  • Senior Assistant Pension Funds Adjudicator
  • Chairman of the Governance and Legal Committee of the GEPF
  • Chairman of the Human Resources and Remuneration Committee of the PIC
  • Over 26 years of experience in Corporate Governance and Legal Services
  • Committee Member of the International Pension and Employee Benefits Lawyers Association (IPEBLA), Canada
  • Advisory Board Member Predistritibution Initiative, USA
  • Member of the Essential Services Committee of the CCMA


  • B.Juris degree from the University of Transkei
  • LLB degree from the University of Transkei
  • LLM degree from the University of Central Lancashire
  • Diploma in Legislation Drafting, University of Johannesburg
  • Admitted Advocate of the High Court of South Africa
  • Certificate in Pension Management form the University of Toronto
  • Trustee Leadership Programme from Harvard Kennedy School (TLF)
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.
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
Linda Mateza


Linda Mateza - Sponsor Trustee


Linda was appointed in May 2023.

Linda's Experience Comprises of:

  • Chief Executive and Principal Officer of the Eskom Pension and Provident Fund
  • Head of Investments and Actuarial Services at the Government Employees Pension Fund
  • 20 years' experience in the investments industry


  • Masters in Finance and Investments (Wits University)
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™)