Financial advisers welcome increase in offshore investment allowance
In his budget speech, finance minister Enoch Godongwana said changes to regulation 28 will allow greater offshore exposure
Financial advisers have welcomed finance minister Enoch Godongwana’s budget speech announcement that pension funds will soon be allowed to invest as much as 45% of their assets outside SA.
Godongwana said on Wednesday that changes to regulation 28 of the Pension Funds Act, due to be published in March, will allow insurance, retirement and savings funds to invest 35% of their assets offshore, up from the previous limit of 30%. If one includes the 10% allocation for investment in other African markets outside SA, that takes the total international investment allocation for local investors to 45%...