Transcription of REGULATION 28: RESPONSE DOCUMENT TO …
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REGULATION 28: RESPONSE DOCUMENT TO …
1 REGULATION 28: RESPONSE DOCUMENT TO PUBLIC COMMENTS RECEIVED 2 DECEMBER 2010 The first draft of REGULATION 28 (in terms of section 36 of the Pensions Fund Act, 1956) was published as part of the 2010 Budget in February this year. Thirty-one comments were received thereafter. This DOCUMENT presents National Treasury s RESPONSE to the comments, and also elaborates on new issues incorporated into the second draft. 1. EXPLAINING REGULATION 28 Pension funds play an important role in today s global and national economies. Given South Africa s low savings rate, pensions are even more important here. Pension funds, smartly invested, provide a mechanism for unlocking savings, stimulating economic growth and ensuring that pensioners are provided for in retirement. By regulating them appropriately, governments can protect the elderly against poverty, facilitate investment and reduce systemic risk.
3 3. ISSUES CONSIDERED DURING REVISION . The current revision of Regulation 28 accelerated in 2009 with discussions between the National Treasury and the Financial Services Board (FSB).
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