PENSION FUNDS IN SOUTH AFRICA: LEARNINGS FROM TALES OF GREED, FOLLY AND VIRTUE
Jonathan Mort, attorney
Wednesday 17 January 3.00 pm COURSE FEES R110; Staff and students R55
The evolution of pension funds in South Africa, from their beginnings as defined benefit workplace arrangements for civil servants in the early 1900s to the current arrangements, which are predominantly defined contribution in nature and now include voluntary retirement savings, reflects the response to the changes in employment arrangements, trade union and political struggles, and the investment environment. This is not surprising, given that pension funds hold vast assets. Furthermore, the operation of pension funds is fraught with difficulty and complexity, themes explored in this lecture. It is illustrated with stories of failures and successes that reflect the unavoidable human traits of greed, folly and virtue, in both members and those managing pension funds.