South Africa has a well-established actuarial profession with more than 1 500 qualified actuaries,100 associate members and 1 100 technical members.
Since 2010, the Actuarial Society of South Africa (ASSA) has offered its own professional qualification.
The retirement fund industry in South Africa has more than 1 600 active retirement funds with some R2.5 trillion ($150 bil) assets under management, excluding funds not regulated by the Pension Funds Act (e.g. the GEPF).
Financial institutions in South Africa are regulated by the Financial Sector Conduct Authority (FSCA). It is the FSCA’s responsibility to approve our actuaries as valuators of defined benefit and/or defined contribution funds.
All actuaries conducting retirement business in South Africa must have a practicing certificate as issued by the Actuarial Society of South Africa (ASSA). ASSA serves the public interest through regulating and supporting the actuarial profession in South Africa. The actuaries are subject to the code of conduct and potential professional review, leading to high quality work.
The Retirement Matters Committee, a committee of ASSA, is responsible for support and development linked to retirement funds, including retirement elements of the National Social Security.