When Finance Minister Enoch Godongwana announced South Africa’s financial goals and objectives in his 2022 Budget Speech, he made important changes to Regulation 28 of the Pension Funds Act.

Regulation 28, or Reg 28 as it is often called, is one of the most important pieces of legislation around retirement savings in the country as it spells out how and where fund managers can invest members' retirement savings. This applies to all retirement funds – pension funds, provident funds and retirement annuities.

As of 1 March 2022 fund managers can invest a greater percentage of the money in the retirement fund outside South Africa. In this video, Andrew Davison, Head of Advice at Old Mutual Corporate Consultants, explains:

• How much funds may invest outside South Africa
• How the changes to these limits will impact fund managers and fund members