Following public comments on the first draft of its proposed amendments of Regulation 28, National Treasury has proposed further amendments, most notably: 

• Revising the definition of infrastructure to include “any asset class that entails physical assets constructed for the provision of social and economic utilities or benefit for the public.” The revised definition will accommodate impact investing by retirement funds.  
• Easing the reporting requirements of retirement funds to only report on the top 20 infrastructure investments by the retirement fund. 

Despite comments that the infrastructure limits were set too low, the overall investment in infrastructure across all asset categories will remain at 45% in respect of domestic exposure with an additional limit of 10% in respect of the rest of Africa. 

Comments on the draft notice will be accepted until 16 November 2021.

Comments can be sent to Basil Maseko at retirement.reform@treasury.gov.za in the prescribed format. 

To read the media statement in full, click here.