This paper presents a graphical and descriptive analysis of the historical trends of the South African pension fund sector in order to provide insights and understanding of non-banking finance. Using a combination of secondary data and a desk review of existing literature, we provide in-depth analysis of the different types and number of pension funds, industry trends, policy reforms and legislative frameworks enacted by the South African government for the development of the sector. The study identified the evolution of the pension fund industry to be in four phases coinciding with different waves of industry policy reforms, namely: the infancy phase (1911-1958); institutionalisation phase (1959-1984); separation and continued separation phase (1985-1994); and corporatisation and amalgamation (1995-2015) The industry growth analysis indicated that a compounded annual growth rate of 14 percent is the highest annual growth over the past decade and this growth exceeds the global market average of 6.5 percent over the same period. The industry trend analysis is indicative of an upward trend in terms of funds’ membership with the trendline showing a steep rise to over 15 million members from under 10 million memberships with the space of a decade. However, the number of pension funds operating in the industry has declined due to a steady move towards umbrella funds. Although the South African pension fund industry is not only moving in the right direction but also considered a beacon of success around the world, there remains huge potential for growth of the sector. Therefore, maintaining sound regulatory policies and government interventions will continue to ensure that pension funds are well managed and bad practices discouraged in the sector through the oversight functions of government regulatory institutions such as the Pension Fund Registrar and Financial Services Board.