SOUTH AFRICA - Proposals from South Africa's president Mbeki (pictured) that the billions of dollars lying in pension funds should be used in developing the country's infrastructure, have been met with caution by one of the country's leading consultants.
Mbeki floated the idea in a speech to the World Chamber of Commerce in Durban on Tuesday.
Wayne Hilton, principal consultant at Alexander Forbes Asset Consulting, said the proposals were not a new idea and that the government had been trying to persuade funds to invest more of their money in infrastructure projects for some time.
He said: “I don’t think many funds are going to take this up. This is because they have a fiduciary responsibility and are therefore bound to invest where they think they will get the best returns.”
He went on to say: “Unless the government actually starts enforcing this it is unlikely it will catch on of its own accord.”
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.