n Journal of Public Administration - The governance of retirement funds in the public sector : pitfalls and prospects

Volume 49, Issue 1
  • ISSN : 0036-0767



Governance is on the agenda of many of the world's leading pension and investment institutions. Prompted by the challenges posed by global financial markets and closer scrutiny of performance by sponsors and stakeholders, investment goals and objectives have demanded innovation in how funds are governed. In South Africa, there is a need for a proper governance of retirement funds in the public sector. There are discussion papers which were issued by National Treasury which promotes good governance of retirement funds. These papers have been issued since 2004 and so far an act of parliament which advocate for governance of retirement funds has not been passed which raises concerns considering the fact that retirement funds contributes substantially to the economy. Good corporate governance of retirement funds is about the application of principles in order to make these funds worth of trust and is essential to the effective achievement of their goals. This paper discusses the legislative framework and scrutinise how retirement funds in the public sector are managed and ways in which retirement funds can be best managed. This paper further discusses the members' rights and trustees duties and draw some lessons from United States of America, United Kingdom and Malawi.

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