Chairperson, I will follow the previous speaker's example and limit my comments to one minute.
South Africans are not a nation of savers. The national savings ratio has steadily declined to a level previously seen in 1949. Most citizens in the formal sector contribute towards their retirement, often over their whole lifetime. This then serves as the most significant source of savings for these individuals.
The retirement fund industry has been under the spotlight in recent years due to various concerns. The purpose of this Bill is to enhance the protection of pension interests of members, which the ACDP welcomes and supports. We do, however, note that the Bar council raised concerns regarding the registrar's ability to impose penalties of up to R5 million per day. They argued that it would take away people's right to a fair trial.
Treasury, however, argued that administrative penalties were a well- respected tool internationally. We also trust that the retrospective application of certain provisions, though extraordinary and justifiable, will be upheld by a court should they be challenged. We, as indicated earlier, will support this Bill, as it seeks to protect the interests of members of pension funds. I thank you.