south africa pension fund size
We have more than 1.2 million active members, in excess of 450 000 pensioners and beneficiaries, and assets worth more than R1.61 trillion. Prescribed assets were first introduced in South Africa in 1956, when pension funds were required to invest more than half of their assets into government and state-controlled firms’ bonds. The government’s main hurdle in implementing this policy is Regulation 28 under the Pension Funds Act No. At the time of the transfer, the GBP/ZAR was 15:00 and Gordon paid 45% tax in the UK. Categories: Pension Funds The index series was designed after extensive market consultation to meet the needs of African market participants, and it is suitable for benchmarking purposes and as tool to be used in the creation of index-linked funds and other investment products. Projects worth 2.7 trillion rand are being considered over the next decade. GEPF has also backed 646 housing projects and unlisted investments include ZAR3.9bn ($290m) into the Pan African Infrastructure Development Fund run by Harith General Partners, ZAR2.4bn into South Africa’s airports and ZAR996m in telco MTN Nigeria, with a total of 1.2% of assets in infrastructure including roads and power in South Africa and across Africa. With PIAfrica being the biggest networking and information sharing platform for the pension funds and alternative investment community for 4 years, we have used our expertise to create a report providing insights into five key pension markets chosen for their status as the most advanced and promising in sub-Saharan Africa. A watershed ruling by the Supreme Court of Appeal (SCA) in Bloemfontein on November 2 represents a positive upshot for pension funds in South Africa … mpu1. Use the search function to search for the pension fund by name, or the fund administrator by name. Currently South African pension funds invest +/- 1% into unlisted infrastructure. GEPF has also backed 646 housing projects and unlisted investments include ZAR3.9bn ($290m) into the Pan African Infrastructure Development Fund run by Harith General Partners, ZAR2.4bn into South Africa’s airports and ZAR996m in telco MTN Nigeria, with a total of 1.2% of assets in infrastructure including roads and power in South Africa and across Africa. Pensions are increasingly important as many countries set up and grow pension schemes. The National Social Security Fund invested for 60% of the $140m Kigamboni toll bridge (Government has 40%). Subscribe. News and developments on African capital markets: African securities, African stock exchanges, African equities, African bonds, African private equity/venture capital, and African social impact investment. Twitter @africancapital, LinkedIn African Securities Exchanges group. ASEA aims at positioning Capital Markets as a key enabler of inclusive economic growth of the Continent. You can get a grant to see you through your old age. South African Government www.gov.za Let's grow South Africa together The list of pension funds is a very long list so needed to be broken down by administrator. The impact of retirement reform in South Africa. How big are the funds and are do they invest in infrastructure? ASEA Publishes a quarterly online magazine dubbed African Exchanges Magazine which covers market highlights of the African financial sector and statistics from Member Exchanges. Its unlisted portfolio includes residential, tourism and commercial developments, solar power and an infrastructure fund run by Old Mutual. He pans to put forward an amendment the Pension Funds Act that would allow funds to guarantee loans for their members. Social Security and National Investment Trust (SSNIT) in Ghana, has assets GHS8.8bn ($2.0bn) and is invested in power projects, housing, health and other infrastructure in support of Government initiatives. The Pension Funds Adjudicator does not deal with government pension funds. An older person's grant is paid to people who are 60 years or older. The giant African pension fund is South Africa’s Government Employees Pension Fund (GEPF), which had an investment portfolio of ZAR1.67trn ($124bn) at 31 March 2017 while accumulated funds and reserves grew at 10.2% a year for the last decade, according to the latest annual report. Earlier the industry had been growing by 30% a year from 2008-2015. You can follow any responses to this entry through RSS 2.0 . JOHANNESBURG — South Africa’s National Treasury is proposing changing rules governing pension funds to encourage investment in infrastructure projects. Once that is done, you will begin to receive updates. According to the 2007 annual report of the Financial Services Board, total pension fund assets amounted to ZAR 1,284 billion (EUR 172 billion) in 2005, up from ZAR 1,098 billion (EUR 143 billion) in 2004. Here are selected findings from a recent hunt through the Internet: According to a recent report by PricewaterhouseCoopers, “Africa Asset Management 2020” (get your copy here) total assets under management in 12 selected Africa countries were $293 billion in 2008, more than doubling to $634bn by 2014. They are forecast at $1.1 trillion in 2020. South Africa's National Treasury is proposing changing rules governing pension funds to encourage investment in infrastructure projects. The fund has 14 direct investments in 904MW of renewable energy including Bokpoort (50MW concentrating solar power CSP), wind and the 175MW photovoltaic (PV) Solar Capital Plant. How do you know if you qualify? To learn more about the tax on your pension fund withdrawals in South Africa, read this. The guarantee could be for up to 75% of your pension savings. The Executive Committee brings a wealth of experience and expertise to the Association’s leadership. The plan offers death disability and retirement services to the employees of ArcelorMittal South Africa. This entry is filed under Asset management, Fund manager, Ghana, Infrastructure, Investment Institution, Kenya, Mauritius, Morocco, Namibia, Research, South Africa, Tanzania . Once the Adjudicator has received the pension fund's reply, they will look at the facts and decide who is right. Both comments and pings are currently closed. See full address and map. Social Security and National Investment Trust (SSNIT) in Ghana, has assets GHS8.8bn ($2.0bn) and is invested in power projects, housing, health and other infrastructure in support of Government initiatives. This grant used to be called the old age pension. Latest Posts. When you retire, you may take up to a maximum of one third of your savings in a cash lump sum. Dr. Edoh Kossi Amenounve is the Chief Executive Officer of Bourse Regionale des Valeurs Mobilieres SA; He was elected as the president of ASEA in April 2020 after succeeding Mr. Karim Hajji. (The 12 countries are: South Africa, Morocco, Mauritius, Namibia; Egypt, Kenya, Botswana, Ghana, Nigeria; Angola, Algeria, Tunisia). GEPF is a defined benefit pension fund that was established in May 1996 when various public sector funds were consolidated. Address: 734 Jacqueline Dve, Garsfontein, Gauteng, 0081, South Africa, Pretoria. Scientia Actuaries and Consultants Telephone: 011 789 4007. Johannesburg - South Africa's National Treasury is proposing changing rules governing pension funds to encourage investment in infrastructure … PENSION FUNDS REPORT . Patel was speaking at a conference hosted by Batseta - the Council of Retirement Funds for South Africa - in Johannesburg. There are 2015 regulations governing investment into infrastructure, and fund managers Asset and Resource Management Company and Harith General Partners, based in South Africa, have teamed up to create a $250m infrastructure fund for West Africa that meets the requirements. Mauritius and Ghana are examples of countries with 3-pillar pension systems and some countries are starting to revise their regulations to allow pension funds to invest more widely than just into domestic bonds, money market and equities. Terms And Conditions | Privacy Policy. (Figures from author’s Internet research of annual reports of regulators and funds or recent news updates). With a pension fund, your money is managed by the trustees of your pension fund, and they decide which assets to include in the fund. Currently the Association is represented by 27 Exchanges serving 32 African countries. View Article. The regulator is investigating structures for pensions and other funds to invest in road Government-led infrastructure such as Nairobi-Nakuru-Mau Summit superhighway (report in Nation newspaper). The FTSE ASEA Pan Africa Index Series represents the performance of eligible securities listed on ASEA (African Securities Exchanges Association) member exchanges. Medical Home & Nursing Supplies Cc. The giant African pension fund is South Africa’s Government Employees Pension Fund (GEPF), which had an investment portfolio of ZAR1.67trn ($124bn) at 31 March 2017 while accumulated funds and reserves grew at 10.2% a year for the last decade, according to the latest annual report. They are forecast at $1.1 trillion in 2020. After you have made a complaint to the Pension Funds Adjudicator, the Adjudicator gives the pension fund 30 days to reply. Mauritius and Ghana are examples of countries with 3-pillar pension systems and some countries are starting to revise their regulations to allow pension funds to invest more widely than just into domestic bonds, money market and equities. How big are the funds and are do they invest in infrastructure? The governance of ASEA represents the rich diversity of the membership and the African regions. A smart route for South African expats living in the UK is to invest the proceeds of their payout into a new (or existing) UK pension fund. 24 of 1956. Its unlisted portfolio includes residential, tourism and commercial developments, solar power and an infrastructure fund run by Old Mutual. Next-door Namibia has 2.5m people and David Nuyoma, CEO of the Government Institutions Pension Fund (GIPF) told a workshop in October 2017 its total assets were N$105bn ($7.9bn), 64% of the nation’s gross domestic product. View Article. The regulator is investigating structures for pensions and other funds to invest in road Government-led infrastructure such as Nairobi-Nakuru-Mau Summit superhighway (report in Nation newspaper). The fund has 14 direct investments in 904MW of renewable energy including Bokpoort (50MW concentrating solar power CSP), wind and the 175MW photovoltaic (PV) Solar Capital Plant. ArcelorMittal South Africa Pension Fund General Information Description. ★ PENSION FUNDS ★ South Africa ★ Fairsure Employee Benefits ★ Metal Industries Provident Fund ★ Sage Life ★ Inertia Group - Financial Services Durban ★ Johnson & Associates ★ PENSION FUNDS, Healthy yuppies likely to outlive their pensions. In December 2016, Kenya’s Retirement Benefits Authority then CEO Edward Odundo said the industry would be KES1trn ($9.8bn) by the end of that month. Why transferring your South African pension savings and investing in a UK pension makes sense: Protect your retirement capital: your savings will be in a stable, well-traded currency. "In 2019, well over 16 million South Africans belong to a pension fund. According to the National Treasury, the ratio of total pension fund assets to GDP in South Africa was about 63%, which compares favourably internationally. Other markets are growing fast. By Opinion Nov 20, ... pension fund members must use at least two-thirds of their retirement benefit to buy a pension… This cash lump sum is taxable. In September 2017, Nigeria’s Pencom put pension fund assets at NGN7.16trn (down to $20.1bn after currency falls) of which NGN5.2bn was in infrastructure funds and NGN221.5bn in real estate including real-estate investment trusts (REITS). Investments of social security schemes in Tanzania were TZS7.8trn ($3.6bn) in June 2015 and had grown 17% in the year, according to the Social Security Regulatory Authority (SSRA). Investments of social security schemes in Tanzania were TZS7.8trn ($3.6bn) in June 2015 and had grown 17% in the year, according to the Social Security Regulatory Authority (SSRA). 2021-03-02. Actuaries are underestimating the longevity of South Africans when creating retirement plans. The giant African pension fund is South Africa’s Government Employees Pension Fund (GEPF), which had an investment portfolio of ZAR1.67trn ($124bn) at 31 March 2017 while accumulated funds and reserves grew at 10.2% a year for the last decade, according to the latest annual report. Tags: compensation department of employment and labour pension fund South Africa. Pension Funds Amendment Bill (B30-2020) Business of Parliament » Legislation » Bills Currently in Parliament » Bill To amend the Pension Funds Act, 1956, so as to enable pension fund members to access a percentage of their pension fund before retirement as guarantee for a loan; and to provide for matters connected therewith. There are 2015 regulations governing investment into infrastructure, and fund managers Asset and Resource Management Company and Harith General Partners, based in South Africa, have teamed up to create a $250m infrastructure fund for West Africa that meets the requirements. How big are the funds and are do they invest in infrastructure? Using a combination of public and private sources, Institutional Investor estimates that sub-Saharan Africa’s ten largest pension fund markets held approximately … Other markets are growing fast. The giant African pension fund is South Africa ’s Government Employees Pension Fund (GEPF), which had an investment portfolio of ZAR1.67trn ($124bn) at 31 March 2017 while accumulated funds and reserves grew at 10.2% a year for the last decade, according to the latest annual report. African Capital Markets News is powered by WordPress 5.6.2 and Unnamed Lite 1.0 by Xu Yiyang
The National Social Security Fund invested for 60% of the $140m Kigamboni toll bridge (Government has 40%). All Rights Reserved. At face value South African pension funds and asset managers are significantly under invested in infrastructure. FIN 24: My retirement savings story. Pensions are increasingly important as many countries set up and grow pension schemes. South Africa’s government is encouraging pension funds and other private investors to back an infrastructure drive. Next-door Namibia has 2.5m people and David Nuyoma, CEO of the Government Institutions Pension Fund (GIPF) told a workshop in October 2017 its total assets were N$105bn ($7.9bn), 64% of the nation’s gross domestic product. South Africans need to be able to leverage their pension savings to get through Covid-19, says Democratic Alliance MP Dion George. WATCH: The latest on Uzalo, Tuesday 2 March 2021 – E256 S6. Our core business, which is governed by the Government Employees Pension Law (or GEP Law), as amended, is to manage and administer … Returning to South Africa You can only join a pension fund through a company that employs you. The balance must be used to purchase an i… Botswana Public Officers Pension Fund has assets under management of BWP54.6bn ($2.6bn), including BWP11m invested with Harith. ArcelorMittal South Africa Pension Fund is a corporate pension based in Vanderbijlpark, South Africa. Botswana Public Officers Pension Fund has assets under management of BWP54.6bn ($2.6bn), including BWP11m invested with Harith. ©2021 African Securities Exchange Association. A meeting between MiDA and Batesta, South Africa’s largest trade organization of pension funds, hosted at the 2017 Africa investor (Ai) Infrastructure Investment Summit in Durban, throught a partnership with the African Sovereign Wealth and Pension Fund Leaders Forum, is … In sterling terms Gordon increased the original gross value of his South African pension by £15 938 – simply by moving his funds from South Africa to the UK. Entries (RSS) and Comments (RSS), African pensions and infrastructure investment – recent research, London Stock Exchange – blue blood in the City after shoot out. Here are selected findings from a recent hunt through the Internet: According to a recent report by PricewaterhouseCoopers, “Africa Asset Management 2020” (get your copy here) total assets under management in 12 selected Africa countries were $293 billion in 2008, more than doubling to $634bn by 2014. TABLE 1.3 Aggregate assets of retirement funds in South Africa 18 GRAPH 1.2 Aggregate assets by fund category of retirement funds in South Africa 19 TABLE 1.4 Contributions received by retirement funds in South Africa 20 GRAPH 1.3 Contributions by fund categories 20 TABLE 1.5 Benefits paid by all retirement funds in South Africa 21 The team is continuously working to ensure accountability, transparency and operating standards are in line with international standards for the development of the Association. You must: be a South African citizen, permanent resident or refugee; live in South Africa; not receive any other social grant for yourself (The 12 countries are: South Africa, Morocco, Mauritius, Namibia; Egypt, Kenya, Botswana, Ghana, Nigeria; Angola, Algeria, Tunisia). Since 1 March 2016, contributions to pension funds, ... Read: Government in talks with South Africa’s pension funds to access ‘big pool of liquidity’ for investment. In total, the first R25 000 is not taxed, the balance to R660 000 is taxed at 18%, the balance to R990 000 at 27% and the rest at 36%. In September 2017, Nigeria’s Pencom put pension fund assets at NGN7.16trn (down to $20.1bn after currency falls) of which NGN5.2bn was in infrastructure funds and NGN221.5bn in real estate including real-estate investment trusts (REITS). ASEA was established in 1993 with the Nairobi Securities Exchange as the first member followed by the Stock Exchange of Mauritius, Uganda Securities Exchange and Dar-es-Salam Stock Exchanges. How you can make the most of changes to deductions for fund contributions. ASEA is governed by a team of 8 Executive Committee Members, led by the President and the Deputy President. Earlier the industry had been growing by 30% a year from 2008-2015. To receive information, fill in your details below, click the button to subscribe and you will be directed to make the payment. The fund is administered by Sanlam Employee Benefit. ASEA is a company limited by guarantee and registered under the companies’ act of Kenya. Your contributions to the pension funds and your employers’ contributions, that you are taxed on are tax deductible up to certain limits. Those employed in South Africa’s public sector are entitled to membership of GEPF, which is Africa’s largest pension fund with more than 1.2 million members, and assets worth R1.6 trillion. In December 2016, Kenya’s Retirement Benefits Authority then CEO Edward Odundo said the industry would be KES1trn ($9.8bn) by the end of that month. Southern Africa Quantum Consultants and Actuaries (Pty) Ltd. Telephone: (011) 784 5085.