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A comparison of the returns of 'Regulation 28' compliant and non-compliant funds in South Africa
The shift from defined benefit to defined contribution plans has exposed pensioners to a number of new risks which the South African government has been encouraged to mitigate through the aggressive implementation of retirement fund regulations. This study specifically focuses on the effect of asset...
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| Format: | Thesis |
| Language: | English |
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Department of Finance and Tax
2015
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| _version_ | 1867613159363182592 |
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| access_status_str | Open Access |
| author | Noland, Stuart |
| author2 | West, Darron |
| author_browse | Noland, Stuart West, Darron |
| author_facet | West, Darron Noland, Stuart |
| author_sort | Noland, Stuart |
| collection | Thesis |
| description | The shift from defined benefit to defined contribution plans has exposed pensioners to a number of new risks which the South African government has been encouraged to mitigate through the aggressive implementation of retirement fund regulations. This study specifically focuses on the effect of asset allocation restrictions. The effect of these regulations is critically evaluated by comparing the long-term effects of both excess returns and risk-weighted returns of Regulation 28 compliant funds, to fully discretional non-compliant portfolios. With a population of 27 compliant funds and 21 non-compliant funds, it was found that while mean excess long-term return of non-compliant funds consistently outperforms compliant funds, there is no significant statistical difference between the two data sets. Additionally, while regulations successfully reduce the variation of excess returns of the compliant funds relative to the noncompliant funds, and the mean risk-weighted performance of compliant funds consistently outperformed non-compliant funds during the latter parts of the scoped period, no significant statistical difference was identified between compliant and non-compliant investment funds. |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/15710 |
| institution | University of Cape Town (South Africa) |
| language | eng |
| last_indexed | 2026-06-10T12:31:43.046Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2015 |
| publishDateRange | 2015 |
| publishDateSort | 2015 |
| publisher | Department of Finance and Tax |
| publisherStr | Department of Finance and Tax |
| record_format | dspace |
| source_str | UCTD — University of Cape Town Open Access Repository |
| spelling | oai:open.uct.ac.za:11427/15710 A comparison of the returns of 'Regulation 28' compliant and non-compliant funds in South Africa Noland, Stuart West, Darron Financial Management The shift from defined benefit to defined contribution plans has exposed pensioners to a number of new risks which the South African government has been encouraged to mitigate through the aggressive implementation of retirement fund regulations. This study specifically focuses on the effect of asset allocation restrictions. The effect of these regulations is critically evaluated by comparing the long-term effects of both excess returns and risk-weighted returns of Regulation 28 compliant funds, to fully discretional non-compliant portfolios. With a population of 27 compliant funds and 21 non-compliant funds, it was found that while mean excess long-term return of non-compliant funds consistently outperforms compliant funds, there is no significant statistical difference between the two data sets. Additionally, while regulations successfully reduce the variation of excess returns of the compliant funds relative to the noncompliant funds, and the mean risk-weighted performance of compliant funds consistently outperformed non-compliant funds during the latter parts of the scoped period, no significant statistical difference was identified between compliant and non-compliant investment funds. 2015-12-08T11:51:22Z 2015-12-08T11:51:22Z 2015 Master Thesis Masters MCom http://hdl.handle.net/11427/15710 eng application/pdf Department of Finance and Tax Faculty of Commerce University of Cape Town |
| spellingShingle | Financial Management Noland, Stuart A comparison of the returns of 'Regulation 28' compliant and non-compliant funds in South Africa |
| thesis_degree_str | Master's |
| title | A comparison of the returns of 'Regulation 28' compliant and non-compliant funds in South Africa |
| title_full | A comparison of the returns of 'Regulation 28' compliant and non-compliant funds in South Africa |
| title_fullStr | A comparison of the returns of 'Regulation 28' compliant and non-compliant funds in South Africa |
| title_full_unstemmed | A comparison of the returns of 'Regulation 28' compliant and non-compliant funds in South Africa |
| title_short | A comparison of the returns of 'Regulation 28' compliant and non-compliant funds in South Africa |
| title_sort | comparison of the returns of regulation 28 compliant and non compliant funds in south africa |
| topic | Financial Management |
| url | http://hdl.handle.net/11427/15710 |
| work_keys_str_mv | AT nolandstuart acomparisonofthereturnsofregulation28compliantandnoncompliantfundsinsouthafrica AT nolandstuart comparisonofthereturnsofregulation28compliantandnoncompliantfundsinsouthafrica |