In a few countries, pension funds’ exposure to equities is prohibited or kept to a minimum. Today we know that Regulation 28 has without doubt meant a lot to the development of the Namibian money and capital market and has also made a market for securities issued by private and public sectors.
The local investment requirement also paved the way for the establishment of the NSX, the deployment of stock brokers and asset managers. In short, the regulation was instrumental in retaining  BIS Review 11/2005  3  at least a portion of accrued retirement savings in Namibia and in channelling these savings into productive domestic investments in real and financial assets.