Climbing the modernisation mountain
South African pension fund legislation has been badly in need of an update for a number of years, but draft proposals have caused concern and confusion for industry participants. By Michael Watt
When regulators dust off and update antiquated legislation, there is always a danger it will prove more complicated than expected – as the South African pension fund industry is now discovering. Regulation 28 of the South African Pension Funds Act, which is almost 50 years old and was last amended in 1998, certainly qualifies as antiquated. It lays down the investment limits for the nation’s retirement funds, but doesn’t mention derivatives instruments that are now an integral part of pension
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