The DA will fight ANC’s bid to nationalise private pensions
Reports indicate that the African National Congress (ANC) is still intent on gunning for South Africans’ hard-earned pensions and retirement funds by imposing prescribed assets.
The ANC’s treasurer-general Paul Mashatile was today quoted stating that the ANC “will investigate the introduction of prescribed assets on financial institutions’ funds to unlock resources for investments in social and economic development”.
Due to their 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.
This is exactly the desperate tactics used by the apartheid regime when they could not raise capital in the international markets.
The failing ANC’s 24 years of corruption, mismanagement and their lack of political will has resulted in the public coffer running empty and investment drying up.