January 2019

22Jan

South Africa opens inquiry into improper use of government pension funds

A commission of inquiry into South Africa's Public Investment Corporation (PIC) has just opened. The inquiry has a remit to look into allegations of mismanagement and corruption going back to 2015. The PIC is Africa's biggest asset manager. The PIC manages the bulk of pensions of South African civil servants on behalf of the Government Employees’ Pension Fund. Its investments are worth two trillion rands, about 126 billion euros. The scale of its investment makes the PIC the largest...

January 22, 2019
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15Jan

South Africa . ANC still eyeing pension assets

The ANC is once again eyeing the notion of prescribed assets, where money managers will be forced to invest a portion of their funds in state-mandated areas and/or companies. In its 2019 Election Manifesto, the party says it will “Investigate the introduction of prescribed assets on financial institutions’ funds to mobilise funds within a regulatory framework for socially productive investments (including housing, infrastructure for social and economic development and township and village economy) and job creation while considering the...

January 15, 2019
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October 2018

31Oct

South Africa: Gogos Pay to Queue for Pensions

Social grant beneficiaries pay R10 to R20 to get a space outside the Pietermaritzburg post office Social grant beneficiaries in Pietermaritzburg have become the targets of extortion. They have to pay youngsters, known as "amaphara", for a space in the queue outside the post office in Langalibalele Street. They pay R10 or R20 to be even closer to the front. Honoratha Dlamini says it already costs her R200 to hire a car to get from Imbali Unit 13 to the post...

October 31, 2018
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26Oct

South African state pension fund CEO denies corruption allegations

The chief executive of South Africa’s state pension fund denied corruption allegations on Thursday, as a judicial inquiry into governance at the 2 trillion rand ($137 billion) fund prepares to get under way. The Public Investment Corporation (PIC) is Africa’s biggest pension fund and the biggest investor in South Africa’s economy, holding a large volume of bonds issued by government and state-owned firms and equity stakes in some blue-chip companies. President Cyril Ramaphosa ordered an inquiry into the fund after opposition...

October 26, 2018
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24Oct

S.African pension fund buys majority stake in Africa’s biggest cattle firm

South Africa’s state pension fund and a local black investment firm have bought a majority stake in Africa’s biggest cattle company for 5.2 billion rand ($360 million). The Public Investment Corp. (PIC), Africa’s largest investment fund and the biggest investor in South Africa’s economy, said on Tuesday it had bought a majority share in Karan Beef alongside Pelo Agricultural Ventures, a black-owned agriculture investment firm. President Cyril Ramaphosa has made the agriculture sector one of his top growth priorities as he...

October 24, 2018
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19Oct

South Africa. Pensions of more than 80‚000 security guards at risk

The Private Security Sector Provident Fund (PSSPF) is fighting 315 court battles against employers who are failing to comply with rules‚ putting the pensions of more than 80‚000 security guards at risk. The fund has more than 242‚600 registered members‚ of whom over 2‚500 are not complying with the rules. As a last resort‚ these companies are handed over to the fund’s attorneys who either resolve the matter by agreement or through litigation. The fund says non-compliance by employers is...

October 19, 2018
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18Oct

South Africa’s Ramaphosa orders inquiry at $142 billion state pension fund

South Africa’s President Cyril Ramaphosa on Wednesday appointed a judicial inquiry into the 2 trillion rand ($142 billion) state pension fund, a government gazette said, following corruption allegations. The PIC is Africa’s biggest pension fund and the biggest investor in South Africa’s economy holding a large volume of bonds issued by government and state-owned firms. The gazette notice said it will investigate “persistent and continued negative reports about alleged improprieties regarding investments” by the Public Investment Corporation (PIC), which manages assets...

October 18, 2018
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16Oct

South Africa Loses QROPS Status For Expat Pensions

South Africa has dropped off the list of financial jurisdictions offering QROPS expat offshore pensions. The latest HM Revenue & Customs QROPS List published on October 15, 2018, confirms the removal of the last QROPS based in South Africa. The ABSA Group Pension Fund was the final South African QROPS. Neither ABSA or HMRC have commented about the removal. Generally, QROPS are delisted for three main reasons: HMRC is probing the administrative or tax status of the scheme The last member has drawn down on...

October 16, 2018
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03Oct

South Africa. Nearly half of SA’s workforce estimated to have no retirement plan – survey

About 41% of economically active South Africans are estimated not to have any retirement plan in place, according to a survey by 10X Investments. It defines "economically active" people as those with a monthly income of more than R7 600. The survey went out to over a million South Africans and, according to 10X, this serves as a representation of the 11.9 million economically active South Africans in the country. The survey estimates that more than 40% of economically active women across...

October 3, 2018
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02Oct

South African state pension fund’s assets grow 8.6 pct

The value of assets managed by South Africa's state-owned pension fund rose by 8.6 percent in the year to March 2018, supported by a diversified investment strategy, the fund said in its latest annual report on Monday The Public Investment Corporation (PIC), which manages pensions of civil servants and is Africa's biggest pension fund, said assets under its custody grew to 2.08 trillion rand ($147 billion) from 1.91 trillion rand the year before. "Through prudent investment decision-making, underpinned by diversification, robust...

October 2, 2018
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