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Explore the risk identification practices in the South African pension fund industry as outlined by Jurgen Boyd, highlighting key statistics and regulatory requirements. Gain insights into the significant features and governance structure of retirement funds.
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Risk identification in practice Jurgen Boyd Registrar of Pension Funds FSB South Africa 5 May 2011
Supervisory Landscape • Number of active funds = 3 177 • Number of Administrators = 309 • Number of members = 10 Million • Asset value = $171 Billion
Significant Features • The Board of Fund of retirement funds should comprise of at least 4 members • At least 50% of the board members must be elected by members • 95% of funds are DC and the majority are occupational funds • No preservation or compulsion