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Two FundsAtwork trustees, a lady and a man having a discussion in a boardroom.

FundsAtWork Governance

Acting with care, diligence and good faith.

The trustees of the FundsAtWork Umbrella Pension and Provident Fund work to ensure that all reasonable steps are taken to protect the interests of members at all times. The Fund is guided by good governance, legislation and the Fund’s rules. The trustees act impartially in respect of members and beneficiaries.

The trustees have extensive knowledge and experience, and at least half of the members are independent and have no relationship with Momentum.

FundsAtWork Trustees

The duties and responsibilities of the trustees are governed by legislation and the FundsAtWork Umbrella Pension and Provident Fund rules.

Trustee newsletters

A sponsor trustee is someone who is appointed by the sponsor of the umbrella fund. Their duty is the same as for an independent trustee. In terms of the Pension Funds Act, a trustee owes a fiduciary duty to act in the best interest of members, beneficiaries and to the fund itself. If a trustee fails in their duties, they can be held personally liable for breach of this duty.


Regard Budler

Regard is a qualified actuary and Certified Financial Planner® with over 10 years’ employee benefits industry experience. He has held many roles including, Head of Product and CFO at Momentum Corporate until February 2022. His experience ranges from product structuring, pricing, profitability and strategy across life insurance, retirement funding, including umbrella funds, investments and healthcare.



Werner van der Veen

Werner joined Momentum in October 2000. He is a member of the capital management team of the Balance Sheet Management division, where he is responsible for the capital management of the shareholders’ assets, the risk management of all shareholders market exposures as well as mergers and acquisitions. He is a member of the Financial Planning Institute of South Africa.



Sandile Maphalala

Sandile obtained his LLB degree from the University of Natal in 2004. He has more than 18 years’ legal experience, most of which were in the financial services industry. Currently, he is the Senior Legal Adviser at Momentum Metropolitan Holdings Limited. Sandile is a member of a number of industry bodies, including the Institute of Retirement Funds Africa. He has also written various articles for the publication, Pensions World, and is a regular panel member and speaker at industry-related seminars.


An independent trustee is someone who is not employed by or doesn’t have a material interest in the administrator, the participating employers in the umbrella fund and the sponsor. The independent trustee must also not have any interest in a service provider of the fund. In terms of the Pension Funds Act, a trustee owes a fiduciary duty to act in the best interest of members, beneficiaries and to the fund itself. If a trustee fails in their duties, they can be held personally liable for breach of this duty.


Wanjiru Kirima

Wanjiru is an experienced board member for with-profit and non-profit companies with expertise on retirement funds, medical schemes and consulting. She is an expert in sustainability, B-BBEE transformation and private equity. Wanjiru has gained 25 years’ global finance and pension experience when she held executive management positions at Shell, Mercer and FirstRand Bank. She is the founder of an initiative providing guidance to pension funds to integrate sustainability into the investment process.

BA (Computer Science)


Etienne de Waal

Etienne was admitted as a Fellow of the Actuarial Society of South Africa in 1994. His career in the financial industry spans more than 25 years and he has mostly worked in the employee benefits environment. His employee benefits experience includes serving in various management positions. He is also a retirement funds trustee and director for various companies.



Sandile Mbili

Sandile started his career as an actuarial assistant in 1980. He has held various positions, such as MD and consulting actuary, at Anchor Life, Wits Centre for Developing Business, Munich Reinsurance Company, Safrican Insurance Company, Optimum Assurance, Old Mutual and Momentum. He has been self-employed since 2014 and is the director at African Origins Actuarial Solutions and the adviser to the Member Services Pillar of the National Union of Mineworkers.

BBusSc (Actuarial Science), BCom (Hon. Financial Management)


Dr Olebogeng Selebi

Dr Selebi is a strategic government communications expert at the University of Pretoria, where she completed a PhD in Communication Management. She is also the Associate Co-ordinator for the South African SDG Hub. She has extensive teaching experience, having lectured approximately 2 000 undergraduate and postgraduate students every year. She was also a visiting lecturer at HAN University of Applied Sciences in The Netherlands.

PhD (Communication Management)

An alternate trustee has the same duties as that of a sponsor or independent trustee and can act as a member of the board during the absence of any other trustee.


Shaeera Garbutt

Shaeera joined the industry in 2004 as a retirement funds consultant at Alexander Forbes. She moved to Absa Consultants and Actuaries as strategic consultant and operations manager. She took part in the Absa Development Initiative, offering young people with potential a series of growth opportunities to help them deal with complexity, both emotionally and intellectually. In 2013 she joined Momentum Corporate and is head of Strategic Client Services: Public Sector.



Elsa Taylor

Elsa is a chartered accountant and registered auditor. After she obtained her BComm Honours degree, she did her articles at KPMG. She joined the employee benefits industry in 1996 and gained experience at Alexander Forbes and NMG. She joined Momentum in 2008 as head of the retirement fund accounting department and became the chief financial officer of FundsAtWork and Corporate Insurance. She is currently the chief financial officer of Momentum Health Solutions.

BComm (Hon), CA (SA)


Hilda Martins

Hilda is a certified financial planner with more than 30 years’ experience in employee benefits. She worked at Sanlam for 16 years before joining Momentum in 1999. Hilda worked in various roles, such as accounts executive, regional manager and head of operations. Her overall responsibilities included strategic and operational management and consulting to a national portfolio of clients. Hilda is currently the Head of Client Service for FundsAtWork and Group Insurance.



Ncumisa Madinda

Ncumisa joined Momentum Corporate as the Executive: Member Solutions in 2021. She has extensive experience in financial sales and distribution across a number of companies in the insurance and banking industries. During the past 15 years she turned businesses around and successfully led high performing teams using her strong leadership capabilities and passion for delivering results. Her strength lies in strategy conceptualisation and execution. In 2019, she attended the IMD business school in Switzerland, sharpening her skills and gaining an in-depth understanding on matters that are crucial in transitioning into business leadership.

BCom (Economics and Business Management), MBA

FundsAtWork Independent
Principal Officer

Tasked with ensuring that the decisions of the board are executed and that the funds are legally compliant.


Tania Bakker

Tania is a certified financial planner. She began working in 1995 in the employee benefits industry before moving to Absa Consultants and Actuaries in administration, consulting and trustee training for 7 years. Tania consulted for 4 years at Lekana Employee Benefits, which was incorporated into Momentum, and has been an independent principal officer for a number of funds since 2007.

Post Graduate Diploma in Financial Planning (CFP)

Regulatory bodies

We adhere to the guidelines of several institutions and bodies that exist to oversee all aspects of the employee benefits industry in South Africa. The main ones are:

Financial Sector Conduct Authority (FSCA)

Financial Sector Conduct Authority (FSCA)

The FSCA is the market conduct regulator of financial institutions that provide financial products and financial services, financial institutions that are licensed in terms of a financial sector law, including banks, insurers, retirement funds and administrators, and market infrastructures.

The Pension Funds Adjudicator

The Pension Funds Adjudicator

The Pension Funds Adjudicator resolves complaints in terms of the Pension Funds Act; to uphold the integrity of the pension fund industry and to protect the interests of pension fund members.

Contact FundsAtWork

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