The new Institute of Retirement Funds, representing trustees exclusively, faces an early test. It’s to take up the invitation of Trade & Industry
Minister Mandisi Mpahlwa on whether, and how, black members of retirement funds can be recognised for
purposes of BEE ownership.
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Given all their compliance and administration costs, it has to be asked
whether retirement funds really offer the best benefits when compared with
savings alternatives. On straight returns, the answer must be no. But there are other considerations.
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The Big Issue
In the coming year, changes galore confront the retirement-fund industry and the financial sector that provides it with services. The changes are inevitable, and will be fundamental.
This & That
Seifsa wins High Court ruling on R9bn surplus apportionment. Registrar of Pension Funds will appeal, as he must.
Broad Based BEE
The cat’s among the pigeons on how “indirect ownership”
of companies, by pension funds and others, is to be recognised. The supposedly “final” codes
don’t say that pension funds are excluded, which implies
that funds able to meet the criteria will qualify.
Clarity is essential, and urgent. Read full article...
A move is afoot that will force members of remaining defined
benefit funds into defined-contribution funds. Dion George explains why it should be resisted.
The Pension Funds Adjudicator has suggested that a complaint on retirement annuities be
referred to the Competition Commission. Robert Appelbaum believes there’s no case to be met.
Economics for Beginners
What does six percent growth in gross domestic product mean for ordinary people?
Cees Bruggemans works through the mystique.
Internationally, the business case for sound corporate governance and social responsibility is becoming all the
more evident. William Oulton shows where the trends are leading and how they can be optimised.
Social responsibility is good for business, contends Zoe Lees.
A fund manager pooh-poohs the ownership rights of fund members.