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Pension Funding in South Africa 2015

  • July 2015
  • -
  • Who Owns Whom
  • -
  • 103 pages

Size of the Industry: This report focuses on the retirement funding industry in South Africa. Financial Services Board statistics show that there are 5,144 active retirement funds managing assets of approximately R3.2-trillion. During the year under review, combined contributions received by all pension funds, including the Government Employees’ Pension Fund (GEPF), the largest pension fund on the African continent, the Transnet funds and foreign funds, amounted to over R175bn. In the same period, the benefits paid by all retirement funds exceeded R189bn.


A Sector Needing Reform: The results of the 2013 Old Mutual Retirement Monitor which found that 42% of the population have no formal retirement provision are backed up by Sanlam’s 2015 Benchmark Survey. South African Revenue Service (SARS) statistics also showed that in 2014, of the 54 million people living in South Africa, only 2.2 million claimed tax deductions for pension fund contributions, while just 1.5 million taxpayers claimed deductions for retirement annuity contributions. Government’s recent and proposed retirement reforms are aimed at ensuring that pension fund members are better protected and are able to save money without withdrawing pension savings before retirement. However, not all stakeholders are in favour of the suggested reforms which include the establishment of a National Social Security Fund (NSSF). A postponement of the Phase 1 reform to March 2016, or possibly even March 2017 was announced in October 2014, reportedly to allow for further consultation between government and the National Economic Development and Labour Council (NEDLAC).



Report Coverage:

The report on the South African Pension Funding sector describes the current market, Government’s proposed regulations and discusses factors influencing the success of the sector. The report also profiles 20 South African-based companies, ranging from Old Mutual Investment Group (Pty) Ltd which is structured as a multi-boutique business and employs 569 people, to unlisted Cadiz Asset Management (Pty) Ltd which employs 30 people and as at March 2015, managed assets in excess of R14bn.

Table Of Contents

Pension Funding in South Africa 2015
1. INTRODUCTION 1
2. DESCRIPTION OF THE INDUSTRY 1
2.1. Industry Value Chain 3
2.2. Geographic Position 4
3. SIZE OF THE INDUSTRY 4
4. STATE OF THE INDUSTRY 8
4.1. Local 8
4.1.1. Corporate Actions 10
4.1.2. Regulations and Government Programmes 11
4.1.3. Environmental, Social and Corporate Governance (ESG) Factors in Investing 12
4.1.4. Black Asset Management Companies 13
4.2. Continental 14
4.3. International 15
5. INFLUENCING FACTORS 16
5.1. Economic Environment 16
5.2. Proposed Retirement Sector Reform 17
5.3. International Impact 18
5.4. Longevity 19
5.5. Fraud 20
5.6. Labour Resources 21
5.7. High Costs 22
6. COMPETITION 23
6.1. Barriers to Entry 24
7. SWOT ANALYSIS 25
8. OUTLOOK 25
9. INDUSTRY ASSOCIATIONS 26
10. REFERENCES 26
10.1. Publications 26
10.2. Websites 27
APPENDIX 1 28
Top 100 FSB Registered Funds Ranked In Order of Membership 28
APPENDIX 2 31
Top 100 FSB Registered Funds Ranked by Total Assets 31
APPENDIX 3 - 34
FSB-Registered Administrators as at 5 November 2013 34
COMPANY PROFILES 39
ABSA ASSET MANAGEMENT (PTY) LTD 39
ALLAN GRAY (PTY) LTD 41
CADIZ ASSET MANAGEMENT (PTY) LTD 44
CORONATION FUND MANAGERS LTD 46
FOORD ASSET MANAGEMENT (PTY) LTD 50
FUTUREGROWTH ASSET MANAGEMENT (PTY) LTD 53
INVESTEC ASSET MANAGEMENT (PTY) LTD 56
INVESTMENT SOLUTIONS LTD 60
MOMENTUM ASSET MANAGEMENT (PTY) LTD 63
MOMENTUM OUTCOME-BASED SOLUTIONS (PTY) LTD 66
NBC HOLDINGS (PTY) LTD 68
OASIS GROUP HOLDINGS (PTY) LTD 71
OLD MUTUAL INVESTMENT GROUP (PTY) LTD 73
PRESCIENT INVESTMENT MANAGEMENT (PTY) LTD 78
PRUDENTIAL PORTFOLIO MANAGERS (SOUTH AFRICA) (PTY) LTD 81
PUBLIC INVESTMENT CORPORATION SOC LTD 84
SANLAM MULTI MANAGER INTERNATIONAL (PTY) LTD 92
STANLIB ASSET MANAGEMENT LTD 94
SYGNIA ASSET MANAGEMENT (PTY) LTD 97
TAQUANTA ASSET MANAGERS (PTY) LTD 99

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