mmegi

Return of offshore pension billions draws closer

Sunset years: Pensioners want returns that can support them into their final years PIC: KENNEDY RAMOKONE
Sunset years: Pensioners want returns that can support them into their final years PIC: KENNEDY RAMOKONE

The Finance ministry is set to publish new pension prudential rules which will increase the minimum that can be invested locally to 50% from 30%, a figure that by July meant a homeward drift of P13.3 billion.

Director of Insurance and Pensions at the Ministry of Finance, Patrinah Masalela told BusinessWeek that while finalisation of the new rules was at an advanced stage, a phased approach would be used in which the minimum percentages to be invested locally would gradually increase towards the 50% threshold.

“We are not going to say right away all the pension funds must have brought that 50%,” she said on the sidelines of a recent briefing. “All those movements in percentages, have been determined looking at what the monthly contributions are, the money out there already in the market and also looking at the avenues we can come up with to absorb the money.”

Editor's Comment
BDF visitation approval a welcome development

BDF camps are military camps, and there is a need for stricter rules and regulations to safeguard their operations as well as ensure the safety of civilians. Of course, military personnel are human, and they have relatives as well as girlfriends and boyfriends, but the fact remains that the BDF is responsible for ensuring national security and stability and, as such, will be one of the first targets in the event of possible attacks. The decision...

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