Issue: February/March 2006

First Word

The new Institute of Retirement Funds, representing trustees exclusively, faces an early test. It’s to take up the invitation of Trade & Industry Minister Mandisi Mpahlwa on whether, and how, black members of retirement funds can be recognised for purposes of BEE ownership. Read full article...

Healthy Alternatives

Given all their compliance and administration costs, it has to be asked whether retirement funds really offer the best benefits when compared with savings alternatives. On straight returns, the answer must be no. But there are other considerations. Read full article...

The Big Issue

In the coming year, changes galore confront the retirement-fund industry and the financial sector that provides it with services. The changes are inevitable, and will be fundamental.

This & That

Seifsa wins High Court ruling on R9bn surplus apportionment. Registrar of Pension Funds will appeal, as he must.

Broad Based BEE

The cat’s among the pigeons on how “indirect ownership” of companies, by pension funds and others, is to be recognised. The supposedly “final” codes don’t say that pension funds are excluded, which implies that funds able to meet the criteria will qualify. Clarity is essential, and urgent. Read full article...

DB/DC Conversion

A move is afoot that will force members of remaining defined benefit funds into defined-contribution funds. Dion George explains why it should be resisted.


The Pension Funds Adjudicator has suggested that a complaint on retirement annuities be referred to the Competition Commission. Robert Appelbaum believes there’s no case to be met.

Economics for Beginners

What does six percent growth in gross domestic product mean for ordinary people?
Cees Bruggemans works through the mystique.

Corporate Responsibility

Internationally, the business case for sound corporate governance and social responsibility is becoming all the more evident. William Oulton shows where the trends are leading and how they can be optimised.


Social responsibility is good for business, contends Zoe Lees.


A fund manager pooh-poohs the ownership rights of fund members.