Retirement Markets in South Africa’s Social Protection System
Part 1 Developing Agreement on the Big Picture
Rob Rusconi Jonathan Mort
Key policy papers considered1. The Taylor Commission of Inquiry
2. The Department of Social Development
3. The National Development Plan
4. National Treasury
Substantial agreement1. The existence of a Constitutional mandate
2. The need for holistic approach
3. Private-sector role and government oversight responsibility
4. Regulatory weakness
5. System inefficiency
6. Inadequacy of outcomes
7. Potential for progressive implementation
Differences exist and are helpful
1. Not everybody supports the wage subsidy
2. A mandatory defined benefit system is not universally liked
3. Differences in detail exist on the preservation mandate
4. Some would like to see tax incentives removed
Are we taking responsibility?1. The existence of a Constitutional mandate
2. The need for holistic approach
3. Private-sector role and government oversight responsibility
4. Regulatory weakness
5. System inefficiency
6. Inadequacy of outcomes
7. Potential for progressive implementation