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
BDP primaries leave a lot to be desired

The BDP as a party known to have ample resources has always held its primaries well in time, but this time around that was not the case. The first leg of the primaries was held last weekend, with the final leg being billed for the coming weekend. This time around, the BDP failed to shine in its primary elections. The elections were chaotic; most if not all polling stations didn't open at the specified time of 6am. Loyal BDP members braved the...

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