Return of offshore pension billions draws closer

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.”