Abstract:
The rationale for the regulation of participants in financial markets, like retirement funds, is
sound. It would be strengthened, however, by a clear statement of the objectives of such
regulation. In this article the position is taken that the objectives underpinning the regulation
of South African privately-managed retirement funds should be enhanced. It presents this
argument with reference to international principles concerning systems of old-age provision,
and to the examples of regulations in other jurisdictions. It recommends a set of practical
regulatory objectives in the pursuit of efficiency, sustainability, coverage, adequacy and
security of provision for old age.
Description:
The research reported in this article is intended to contribute
to completion of a PhD degree at the University of Pretoria.
Some of the work was carried out as part of an MSc thesis completed in 2019 at the University of Pretoria. I am grateful
for the guidance provided by supervisors Prof Conrad
Beyers and Prof Corlia van Heerden. I acknowledge as well
comments received from delegates to the 2020 Convention
of the Actuarial Society of South Africa, to which this paper
was presented, and from pre-presentation reviewer, Costa
Economou.
