Issue: September/October 2005

First Word

Lack of proper trustee training is the major impediment to the efficiency and governance of retirement funds. It’s compounded by the lack of incentive for fund members to become trustees. There are ways for these issues to be fixed, as they must. Read full article...

Victory for Pensioners

Despite its fierce resistance, the City of Johannesburg has taken a whack from its pension funds. The funds will get R1,1 billion from the city’s ratepayers because, the High Court has ruled, there’s a clear contract to be honoured. That the contracts were entered into before the 1994 political transition is irrelevant, and there was no "improper purpose". Read full article...

Local government

A draft bill, confidentially circulated for discussion, proposes a centralisation of local-government retirement funds. In its present form, the draft is riddled with defects if the interests of existing fund members are to be protected.

This & That

The arrest of Peter Ghavalas might be the tip of an iceberg in the exposure of widescale fraud from retirement funds. It’s possible that some prominent names are involved.

The big issue

The Financial Sector Charter could be in an awful mess. There’s still nobody to drive it. More importantly, the retirement funds have yet to sign. The sheer logistics of getting them to agree and then to sign are nightmarish. Without their money – our money – the charter’s spending targets are fanciful.


Exercises in black economic empowerment must have a high social impact, insists Public Investment Corporation chief executive Brian Molefe. When he speaks, listen.


Was the massive swing from defined-benefit to defined-contribution funds a massive mistake? Yes, suggests researcher Dion George. It’s now becoming apparent, he warns, that too many retirees will find themselves with inadequate pensions because employers have been relieved of their responsibility.

Active v Passive

The launch of Itrix relaunches the debate over asset-management costs for fund investments. The claims made by Deutsche are not left unchallenged by Old Mutual.


Brett Kebble, the fallen hero of JCI, has too big a mouth.