Andile Ntingi comes out firing for prescribed assets, but his claim that such a regime will save rural SA must be questioned, along with the belief that the government should be entitled to the after-tax assets diligently saved by South Africans for their retirement (“Prescribed assets may save rural areas from disappearing down potholes", January 28).
Another claim that must be challenged is his notion that prescribed assets benefited white but not black South Africans in the past. When it was applied, the policy meant the pensions of ordinary people (black and white) were invested in underperforming assets. The returns (if any) were far lower than those from investments in equities, making people poorer at retirement (or meaning they had to work longer to ensure they could retire)...
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