Pretoria - National Treasury is inviting the public to voice their concerns over regulations of the Pension Fund Act.
On Thursday, Treasury published the second draft of Regulation 28 of section 36 of the Pensions Fund Act (no 24 of 1956) for further and final public comment, as indicated in October's Medium Term Budget Policy Statement.
Submissions should be made by 28 January 2011.
Treasury's first draft of the regulations was an attempt to remedy shortcomings in the existing Regulation 28.
"The latest draft also acknowledges the role played by alternative investments, including private equity and hedge funds, in diversifying risk and enhancing investment returns. It must be emphasised that the ultimate responsibility of protecting the interests and investments of pension fund members vests squarely with the trustees of pension funds," said Treasury.
The first draft regulation was released with the 2010 Budget in February. The latest drive is published together with a document responding to stakeholder comments received on the February draft.
A memorandum - explaining the technical details, main amendments, draft notices on securities lending transaction, investment and disclosure of derivative instruments for pension funds - is included.
These documents are available on the Treasury and Financial Services Board (FSB) websites - www.treasury.gov.za and www.fsb.co.za.
Given the extensive engagement since the February draft, comments of a technical nature are invited, though submissions relating to broader principles will be considered where they raise new issues.
National Treasury and the FSB will host public forums in Cape Town and Johannesburg during December 2010.
Comments should be directed to the Chief Director of Financial Services Linda van Zyl, Private Bag X115, Pretoria, 0001; by fax on (012) 315 5206; or emailed to reg28@treasury.gov.za.
