Pension fund investment limits set portfolio allocation, rating, diversification, issuer, counterparty, industry and bank exposure requirements.

Schedule 3 prescribes permissible portfolio allocations and concentration limits for pension fund schemes. Corporate bond investments are subject to rating, downgrade-remediation and allocation requirements, while high-yield bonds require credit analysis. Equity allocations are governed by domestic large-cap, mid- and small-cap limits and foreign-market diversification. Alternative investments are subject to an aggregate portfolio cap and category-specific limits. Issuer, counterparty, industry, equity holding and term-deposit limits restrict concentration risk, with government securities excluded from the single-issuer limit.

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