South Africa's retirement fund industry shows promise, but many members still engage too late, risking insufficient support in their golden years.

South Africa's retirement fund industry has changed dramatically over the past 20 years. There are fewer funds, stronger governance structures, greater participation in umbrella funds, and a far more regulated system. Assets under management have grown significantly, and the two-pot retirement system has forced members to pay closer attention to their retirement savings than in years past.

However, a stronger retirement industry is still not enough if members are left to make life-changing retirement decisions too late, with too little advice and too little understanding of the long-term effects.

That is one of the key themes emerging from the 45th Sanlam Benchmark Survey, released this week.

The 2026 Sanlam Benchmark surveyed 76 stand-alone funds, 130 umbrella fund employers, 30 pensioners who retired four to five years ago, and 600 consumers who are nearing or in retirement.

Anna Siwiak, the head of product development at Sanlam Umbrella Solutions, says the pension fund environment has changed from a slow-moving, rules-based system into a more dynamic, highly regulated one.

The scale of that change is clear in the numbers.

In 2006, the Benchmark surveyed 160 stand-alone funds and only 19 umbrella funds. By 2016, it surveyed 100 of each. In 2026, it...