Research Note

Regulating South Africa’s retirement funds: The case for clearer objectives

Rob Rusconi
South African Journal of Economic and Management Sciences | Vol 24, No 1 | a3943 | DOI: | © 2021 Rob Rusconi | This work is licensed under CC Attribution 4.0
Submitted: 04 December 2020 | Published: 30 November 2021

About the author(s)

Rob Rusconi, Department of Actuarial Science, Faculty of Natural and Agricultural Sciences, University of Pretoria, Pretoria, South Africa


The rationale for the regulation of participants in financial markets, like retirement funds, is sound. It would be strengthened, however, by a clear statement of the objectives of such regulation. In this article the position is taken that the objectives underpinning the regulation of South African privately-managed retirement funds should be enhanced. It presents this argument with reference to international principles concerning systems of old-age provision, and to the examples of regulations in other jurisdictions. It recommends a set of practical regulatory objectives in the pursuit of efficiency, sustainability, coverage, adequacy and security of provision for old age.


retirement funds; financial markets; regulatory objectives; social protection; government policy


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