DA worried over ANC’s bid to nationalise private pensions

Reading Time: < 1 minute

The Democratic Alliance (DA) says it is concerned about the African National Congress (ANC)’s bid to nationalise private pensions.

It says the ANC’s treasurer-general Paul Mashatile says they will investigate the introduction of prescribed assets on financial institutions funds to unlock resources for investments in social and economic development.

The DA says due to failures in government, the ANC is now set on forcing the Government Employees Pension Fund (GEPF) and private pension funds, through legislation, to free up capital for bankrupt state owned entities by using South Africans’ pensions and investments.

The DA’s Alf Lees says, “The DA is particularly concerned about the ANC’s Paul Mashatile’s comment regarding the prescription of how financial institutions and pension funds would be forced to invest the funds of pensioners in failing SOEs and bankrupt SOEs.”

“This is not the way to fix the SOEs such as Eskom and SAA. The way to fix them is to fix the administration, stop the corruption and make sure they are profitable,” adds Lees.

Click below for more….