NEWS & ANALYSIS

Stand up against ransacking of pensions by govt – TLU SA

Hard-earned funds are at risk of being thrown into bottomless pit called Eskom and others

TLU SA stands up against ransacking of pensions by government

14 June 2019

TLU SA is extremely concerned over opinions on public forums where government officials are advocating for South Africa’s pension capital to be invested in so-called fixed assets.

It is a fact that South Africa’s reserves, as well as tax-paying residents’ capacity to fund the irresponsible and reckless wasting of money by government and municipalities, are exhausted.

The only two assets left to loot are land and pensions. We are all aware of the situation regarding land. The writing is now also on the wall for South Africa’s pensions.

We cannot just stand idly by and allow our members’ hard-earned pensions, accumulated over decades, to be thrown into the bottomless pit called Eskom, SAA, PRASA, Denel and others,” says Kobus Oberholster, Head of TLU SA’s Financial Wellness Desk.

Over a timeframe of 25 years, ANC-cadres have brought our state institutions to where it stands today. No foreign or local pension capital will now suddenly help these entities to turn into economic successes,” says Oberholster. “We are convinced that the only outcome if pension capital is applied in this manner, will be an immediate destruction of wealth.”

TLU SA will act proactively to help its members with proper planning to limit losses and damage caused by these “investments”. Since every individual’s circumstances are unique and a single approach cannot be applied to all, individuals should make contact with TLU SA’s Financial Wellness Desk to receive the best information to position themselves accordingly in time.

Issued by Bennie van Zyl, General Manager, TLU SA, 14 June 2019