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
Tighten the law on drug dealers

Our youth are perishing; their once hopeful bright future is going down the drain; all because of illicit drugs.It is very easy to blame the addict, but it is not as simple as that! Drug dealing is a very lucrative business for some shameless people amongst our society and as such they have come up with tight strategies on how to push their business.Drug addiction is bad, and while the individual on drugs sometimes might have been the one who...

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