Pension fund assets exceeded R1-trillion for the first time in 2004, the Financial Services Board (FSB) said on Wednesday.

Assets increased from R909-billion in 2003, to R1098-billion in 2004, according to the 46th annual report of the Registrar of Pension Funds.

At the same time total contributions to pension funds increased by 19 percent, from R24 887-million in 2003, to R29 625-million in 2004. This was due to an increase of 22.1 percent in employer contributions and an increase of 13.9 percent in member contributions.

The return on investment made by pension funds between 2000 and 2004 averaged 12.5 percent, with a low of 0.7 percent in 2003 and a high of 21.5 percent in 2004.

The value of investments in shares and collective investment schemes in shares increased from 36.3 percent in 2000 to 40.7 percent in 2004.

Over the same period investments in insurance policies decreased from 31.5 percent to 31.4 percent, the FSB said.

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SA's official statistics body produces a number of key indicators, including monthly inflation and quarterly GDP figures, unemployment and population counts.

ECONOMY UPDATE Business expectations remain positive Manufacturing output up 6.2% Retail sales increase Pension fund assets exceed R1-trillion Business confidence at record high Net reserves climb to $18.7bn Govt to spend R372bn on infrastructure Jan house price growth at 14.9% Interest rates unchanged Strong new vehicle sales Manufacturing hit by strong rand SA hotels boost occupancy levels Economic growth creating jobs Producer inflation rises Inflation dampens rate cut hopes