Ontleding van die beleggingsportefeuljes van selfgeadministreerde aftreefondse in Suid-Afrika (Afrikaans)

Abstract

AFRIKAANS: Die doel van hierdie studie is om die beleggingsamestelling van aftreefondse in Suid-Afrika te ontleed en die beleggingsopbrengste van aftreefondse teen verteenwoordigende markindekse te vergelyk. Die invloed van voorgeskrewe beleggingsvereistes op die beleggingsamestelling van aftreefondse is ook bepaal. Aftreefondse speel 'n toenemende belangrike rol in die voorsiening van sosiale sekuriteit. Hierdie belangrike rol word weerspieël deur die groei in die aantal fondse, asook die aantal fondslede en die verskeidenheid voordele wat aftreefondse bied. Aan die einde van 1998 het aftreefondse in Suid-Afrika bates ter waarde van R604,8 miljard beheer, wat aftreefondsinstellings van die grootste en sekerlik die invloedrykste finansiele instellings in Suid-Afrika maak. Die belangrikste oorweging van aftreefondse is om die bydraes deur lede en werkgewers te administreer en na selektief gekose beleggingsmedia te kanaliseer om sodoende oor die langtermyn bevredigende opbrengste te verdien, wat weer groter voordele vir fondslede beteken. Bestuursrade van aftreefondse is gemoeid met die bestuur van fondsbates op so 'n wyse dat die hoogste opbrengs vir 'n geskikte vlak van risiko bereik word. Die empiriese studie van hierdie ondersoek word beperk tot die twintig grootste selfgeadminstreerde aftreefondse in Suid-Afrika volgens batewaardes in 1998. ‘n Vraelys is na die geselekteerde aftreefondse uitgestuur om hierdie aftreefondse se beskouing oor belangrike aspekte rakende die belegging van fondse te verkry. Die data wat in die empiriese ontleding gebruik word, is gebaseer op Jaarverslae van die Registrateur van Pensioenfondse, ontledings deur aktuarisse en administrateurs, inligting uit die finansiele jaarstate en die beleggingsbeleid van die twintig grootste selfgeadministreerde aftreefondse en verteenwoordigende markprysindekse. Die twintig grootste selfgeadministreerde aftreefondse het die verteenwoordigende markindekse vir die periode onder oorsig oortref. Die 25% belastingkoers wat op netto huurinkomste en bruto rente-inkomste gehef word, het egter 'n negatiewe invloed op die kontantvloei van aftreefondse. Tydens die periode onder oorsig het die gemiddelde beleggingsopbrengs van die twintig grootste selfgeadministreerde aftreefondse die verbruikersprysindeks op ‘n jaarlikse grondslag geklop. Dit dui daarop dat die bestuursrade daarin kon slaag om die uitwerking van inflasie op die beleggingsprestasie van aftreefondse en die pensioenaanpassing wat daarmee saamhang, tee te werk. Uit die ontleding van die beleggingsportefeulje het dit duidelik geblyk dat die beleggingsperke nie ‘n invloed op die beleggingsamestelling van aftreefondse het nie omrede die aftreefondse sonder moeite aan die voorgeskrewe perke voldoen het. In Eenvormige benadering kan egter nie by die beleggingstrategie van omskrewe bydraefondse toegepas word nie. Een van die oogmerke van die bestuursraad is om te verseker dat die belange van die fondslede te aile tye beskerm word. ‘n Beleggingstrategie om in alle lede se behoeftes te voorsien moet derhalwe spesifiek vir die bepaalde aftreefonds ontwikkel word. ENGLISH: The purpose of this study was to analyse the asset allocation of retirement funds in South Africa and to compare the investment returns of the retirement funds with related market indexes. The effect of prescribed investment limits on the asset allocation of retirement funds was also determined. Retirement funds play an increasingly important role in providing social security. This important role is reflected by the growth in the number of funds, as well as the number of fund members and the benefits which retirement funds provide. At the end of 1998, retirement funds in South Africa controlled R604,8 billion worth of assets, which make retirement institutions the largest and potentially the most influential financial institutions in South Africa. The most important task of retirement funds is to administer the contributions of members and employers and to channel these funds to selective chosen investment media to ensure that in the long-term acceptable returns are earned, which in turn ensures greater better benefits for members. Boards of management of retirement funds are required to secure benefits for their members. They are required to secure the assets of the fund, whilst maximising investment returns within acceptable levels of risk. The empirical study of this research was limited to the twenty largest self-administered retirement funds in South Africa, according to asset values in 1998. A questionnaire was sent to these twenty funds to establish their views relating to important aspects regarding the investment of funds. The data used in the empirical research was based on the Annual Reports of the Registrar of Pension Funds, analysis of actuaries and administrators, information from annual financial statements, the investment strategies of the twenty largest self-administered retirement funds and related market indexes. The twenty largest self-administered retirement funds managed to beat the related market indexes for the period under review. The 25% tax rate paid on net rental income and gross interest, had a negative effect on the cash flow of retirement funds. During the period under review, the rate of return for the twenty largest self-administered retirement funds beat the consumer price index on a yearly basis. This shows that boards of management managed to counter the effect of inflation on the investment performance of retirement funds and on the purchasing powers of pensions related thereto. The analyses of the investment portfolio clearly indicated that investment limits do not have an effect on the composition of the assets of retirement funds as retirement funds complied to the investment limits without difficulty. A uniform approach can, however, not be implemented for the investment strategy of defined contribution funds. One of the objects of the board of management is to ensure that the interest of its members is protected at all times. An investment strategy which satisfies the needs of the members should be designed to suit each specific retirement fund.