EDITORIAL: Time for the ANC to openly dump its nonstarter prescribed assets plan
Even loyalist Cosatu has seen the light, realising workers would lose out from funding ailing SOEs from their pensions
It is becoming clear that pension funds will not be forced to put a certain amount of your savings into government-approved financial instruments such as bonds issued by state-owned enterprises (SOEs). And that’s a good thing.
Last week, Leon Campher, CEO of the Association for Savings and Investment in SA, a fund management industry lobby group, said at meetings the government and labour are singing the tune that the prescribed assets policy is a bad idea. Instead, they have thrashed out a plan to fund president Cyril Ramaphosa’s proposed R1-trillion infrastructure investment push through a variety of financial instruments that include listed project bonds...
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