SOUTH AFRICA - The assets managed by South Africa's state pension fund manager leaped 24% in the fiscal year through March as share prices soared, Finance Minister Pravin Gordhan said.
The Public Investment Corp.'s assets increased to more than ZAR900bn (US$120bn), Gordhan told parliament in Cape Town today.
The company, which manages almost 90% of the assets of the Government Employees Pension Fund, invested in government infrastructure and development, both through government bonds and direct investment in other state-owned enterprises, including Eskom Holdings Ltd. and Transnet Ltd.
The 165-member FTSE/JSE Africa All Share Index rose 41 percent in the fiscal year through March. This year the PIC will invest some of its funds in a 400-bed provincial hospital and a regional magistrate's court that will be linked to a transport hub for taxis, buses, rail and cars, Gordhan said.
Businesses are experiencing auto-enrolment data error rates of up to 50%, posing questions over the reliability of pension records, Pensionsync says.
A nationwide survey of committee and local pension board members of the Local Government Pension Scheme has revealed high levels of confidence in all areas of their responsibility.
UK inflation unexpectedly rose to 2.7% in August, beating analysts' expectations of a drop to 2.4% from 2.5% the previous month.