South Africa. Strong growth in private pensions
Private pensions have grown from strength to strength over the last five years and, in some ways, are outpacing take-home pay as can be seen in the Five-year Private Pensions Review for South Africa, released by BankservAfrica and Economists.co.za.
“The BankservAfrica Private Pensions Index (BPPI) is the first time-series on private pensions as paid into bank accounts in the world. The system currently accounts for 900 000 people receiving private pensions of which BankservAfrica captures 680 000 or 75%,” says Shergeran Naidoo, head of Stakeholder Engagement at BankservAfrica.
With South Africa holding the eighth largest pension fund assets in the world and over 16,6-million pension fund accounts, the BankservAfrica Private Pensions Index is significant for the country. The index provides a monthly view of private pensions’ performance and trends in South Africa, which includes the observation that private pensions have proved to be a resilient inflation beater over the years.
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