1 Pension Funds and Development of Capital Markets in South Africa Nthabiseng Moleko 1 and Sylvanus Ikhide 2 1 Department of Economics and Management Science, University of Stellenbosch Business School, nthabisengm@usb.ac.za 2 Department of Economics and Management Science, University of Stellenbosch Business School Sylvanus.Ikhide@usb.ac.za