{"id":{"repo_id":"cape-town","oai_identifier":"oai:open.uct.ac.za:11427/15710"},"canonical_url":"https://search.dev.ndltd.org/etd/cape-town/oai:open.uct.ac.za:11427/15710","repository":{"repo_id":"cape-town","name":"University of Cape Town","base_url":"https://open.uct.ac.za/oai/request"},"display":{"title":"A comparison of the returns of 'Regulation 28' compliant and non-compliant funds in South Africa","abstract":"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.","abstract_html":"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.","abstract_has_math":false,"creators":["Noland, Stuart"],"institution":"Department of Finance and Tax","degree_name":null,"degree_level":null,"degree_discipline":null,"degree_department":null,"school":null,"contributors":[],"advisors":["West, Darron"],"committee_chairs":[],"committee_members":[],"year":2015,"date_issued":"2015","date_published":"2015","updated_at":"2026-07-22T22:22:37Z","subjects":[],"languages":["eng"],"rights":[],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"http://hdl.handle.net/11427/15710","outbound_label":"Handle","outbound_source":"dc:identifier.uri"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor.advisor","label":"Advisor","values":["West, Darron"]},{"key":"dc:creator","label":"Author","values":["Noland, Stuart"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date.accessioned","label":"Dc Date Accessioned","values":["2015-12-08T11:51:22Z"]},{"key":"dc:date.available","label":"Dc Date Available","values":["2015-12-08T11:51:22Z"]},{"key":"dc:date.issued","label":"Date","values":["2015"]},{"key":"dc:publisher.department","label":"Dc Publisher Department","values":["Department of Finance and Tax"]},{"key":"dc:publisher.institution","label":"Dc Publisher Institution","values":["University of Cape Town"]},{"key":"dc:type","label":"Dc Type","values":["Master Thesis"]},{"key":"dc:type.qualificationlevel","label":"Dc Type Qualificationlevel","values":["Masters"]},{"key":"dc:type.qualificationname","label":"Dc Type Qualificationname","values":["MCom"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language.iso","label":"Language (ISO)","values":["eng"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier.uri","label":"Identifier URI","values":["http://hdl.handle.net/11427/15710"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.abstract","label":"Abstract","values":["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."]},{"key":"dc:title","label":"Title","values":["A comparison of the returns of 'Regulation 28' compliant and non-compliant funds in South Africa"]}]}],"canonical_facts":{"dc:contributor.advisor":["West, Darron"],"dc:creator":["Noland, Stuart"],"dc:date.accessioned":["2015-12-08T11:51:22Z"],"dc:date.available":["2015-12-08T11:51:22Z"],"dc:date.issued":["2015"],"dc:description.abstract":["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."],"dc:identifier.uri":["http://hdl.handle.net/11427/15710"],"dc:language.iso":["eng"],"dc:publisher.department":["Department of Finance and Tax"],"dc:publisher.institution":["University of Cape Town"],"dc:title":["A comparison of the returns of 'Regulation 28' compliant and non-compliant funds in South Africa"],"dc:type":["Master Thesis"],"dc:type.qualificationlevel":["Masters"],"dc:type.qualificationname":["MCom"]},"updated_at":"2026-07-22T22:22:37Z"}