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The South African Pension Funding sector
Members of the Association for Savings and Investment South Africa (ASISA) managed total assets worth R8.6-trillion in 2015, according to the Association’s latest Annual Review published in 2015. The South African retirement industry today manages assets of around R1.8-trillion. This excludes the Government Employees Pension Fund (GEPF) with assets under management of more than R1.6-trillion.
A Well-Regulated Sector
A key stakeholder in the pension funding sector is Government which, through National Treasury, the South African Revenue Service (SARS) and the South African Reserve Bank (SARB), seeks to promote a stable macroeconomic environment through the implementation of sound fiscal and monetary policies. The Financial Services Board (FSB) is another important stakeholder with the Registrar of Pension Funds who oversees compliance with legislation that regulates non-banking financial institutions.
A Challenging Environment
Despite the sound regulatory environment and the active promotion of good governance, analysts believe that only 6% of the population will have enough money to retire comfortably, without having to change their standard of living. Financial illiteracy remains a challenge that prevents citizens from preparing adequately for retirement and the worsening economic climate seems set to make saving even more difficult. The issue of transformation, which has been hampered by a shortage of skilled professionals, and of effective corporate governance to ensure the implementation of sustainable and responsible investment, are also important developments in the pension funding sector.
The detailed Pension Funding report focuses on currents conditions as well as developments in the industry, including National Treasury’s pension reforms that could stimulate the development of innovative retirement products. Included are profiles for 27 companies ranging from well-known companies such as Coronation Fund Managers Ltd and Allan Gray (Pty) Ltd, to relative newcomer Truffle Asset Management (Pty) Ltd which was recently nominated for the 2017 Morningstar Fund Awards as one of South Africa’s top three fund houses with a smaller fund range.