How data protection law applies to retirement funds

Humans become vulnerable in their old age and as a poet once said, it is like a second childhood. In the same way that we recognise that we need to protect the personal data of children because if it falls into the wrong hands they will suffer harm, we need to protect the personal data of our older population against unauthorised use, misuse and other forms of abuse. Arguably, no source of personal data is more important to their wellbeing than their retirement fund. After a life of hard work and saving, it is the nest egg that is supposed to sustain them through their golden years. If a cybercriminal or other bad actor gets hold of their personal data related to their pension, they can potentially steal their money or otherwise compromise their retirement. It is for this reason, amongst others, that data protection matters when it comes to pension funds.

Do you know what you need to know as a principal executive officer, administrator or other executive responsible for managing a pension fund so that you can protect the personal data of your members and beneficiaries as data subjects in terms of relevant data protection laws?

This programme tackles data protection from the perspective (or through the lens) of a retirement fund.

Types of retirement funds

  • Pension funds: These are employer-sponsored funds that provide regular retirement income through annuities. They form independent legal entities, with trustees managing personal data on contributions and payouts.
  • Provident funds: Similar to pension funds, these are sponsored by an employer and provide a lump sum at retirement.
  • Retirement Annuity Funds (RAs): These are savings plans where individuals contribute independently.
  • Pension preservation funds: Designed to keep retirement savings intact when individuals leave an employer.

Who should join the data protection for retirement funds lens?

What are the outcomes?

About the facilitator

David Luyt
David Luyt

David believes that less is more when it comes to the law. He works as an information lawyer because he enjoys simplifying complex ideas into practical insights. He is uniquely positioned for any organisation acting as a processor seeking a privacy specialist to ensure compliance peace of mind. He has formalised his experience by obtaining his CIPP/E from the IAPP. David has been an associate at Michalsons for the past seven years.

Why Michalsons?

How long does it take to work through the lens?

Price

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