Since 1994, the Government (ANC) of South Africa. with their partners in crime, the corruption funds, think they can control and manipulate all of us and take all our money for themselves, pension funds included. No leftovers then any more if they take that. Read also about their corruption and they think they are untouchable.
Is Your Pension at Risk? YES it is. All they will do is “make it legal and change the regulations” (just another “state capture”)
The state pension funds are the private property of those pension fund members who paid a monthly contribution for years into those pension funds and is meant to secure their retirement so that they will not be a burden government.
Ramaphosa, members of parliament, government as well as those greedy people have no right to touch it or demand the use thereof. Did the Government pay the pension back when they build the e-toll roads in Gauteng? Pension funds are trusts and since the ANC govern this corruptions on a daily basis, pension funds already lost billions towards corrupt instances. This is also human rights violations against all the old age people – they don’t care about anybody, but only about their own pockets.
Pensioners need to stand up on this one. : ANC – Lethuli-house can of worms – “Nyani skeletons” – so-called “apartheid” (segregation) and ‘white privileges” . There are much more than this information.
Arms deals scandal – Text book scandal – Nkandla scandla – Tenders for trains scandal – land scandals (various) – what happened to the 5000 farms bought with tax money for “reform” and “expropriation” – Dairy farm in the Free state – Gupta scandal?
2018 – RAMAPHOSA
South Africa’s President, Cyril Ramaphosa, has appointed a judicial inquiry to look into the operations of the $ 142 B state pension fund, following corruption allegations. The announcement comes after the collapse of VBS Mutual Bank early this year where the fund has a 25% stake, and the resignations of two PIC employees linked to the fraud. The Public Investment Corporation, or PIC, is Africa’s biggest pension fund and the biggest investor in South Africa’s economy. It holds a large volume of bonds issued by government and state-owned firms. The firm also has stakes in blue-chip companies across various sectors such as Anglo American Platinum, Barclays Africa and the retailer, Shoprite. Ramaphosa said the inquiry will investigate persistent negative reports about alleged impropriety, and issue a final report by April 2019.
MARCH 2019 – Alle vorige “skenkings” is in miljoene uitbetaal aan bestuur van Soe’s.
South African pension contributors could find themselves in financial trouble come retirement age. Economist, Mike Schussler, says there’s a real threat government could force fund managers to invest in state-owned-entities as it runs out of money.
In January the ANC sent shivers through the pension fund industry when a resolution in its manifesto said they would investigate prescribing assets for developmental projects. Does that mean they will use your pension fund to bail out state owned enterprises hollowed out by corruption? ‘Definitely not!’ says the head of the ANC Economic Transformation Committee, Enoch Godongwana. But some economists remain deeply concerned that with rising levels of debt, our pension savings that are worth billions of dollars, will become an easy target. Devi Sankaree Govender sits down with Enoch Godongwana in a robust interview, to get answers.
NO NO NO
President Cyril Ramaphosa said on Thursday said South Africa should discuss using worker pension funds to finance development and infrastructure projects-a proposal that has the backing of the country’s largest labor federation.
To get “legislation” and to make it legal to take money from Pension funds – is theft – look at all the corruption in South Africa.
In parliament the President admitted that pension funds in South Africa could be used to bail out bankrupt state owned entities like Eskom. One wonders if this applies to Parliamentary pension schemes?
Use of pension funds to help bail out the country
RAMAPHOSA AND HIS PARTNERS IN CRIME WANT EVERYTHING
23 AUGUST 2019
RAMAPHOSA (RAMAPADDA) – South Africa should investigate using worker pensions to fund finance development and infrastructure projects, Cyril Ramaphosa said. Speaking in a parliamentary Q&A session on Thursday (22 August) Ramaphosa said that the proposal had the backing of the Congress of South Trade Unions(Cosatu), Reuters reported.
“We need to discuss this matter (prescribed assets) and we need to discuss it with a view to actually saying what is it we can do to utilise the various resources in our country to generate growth in a purposeful manner,” Ramaphosa said.
“We are facing a situation where our developmental needs are enormous, and in a number of other places pension funding is utilised for developmental purposes, for infrastructure and quite often those pension funds make good returns out of infrastructure developments.”
In an interview with the Sunday Times earlier this week, a top ANC official said the party is looking at the possibility of using private and public pension funds to rescue the country’s struggling state-owned enterprises.
Enoch Godongwana, head of the party’s economic transformation subcommittee, said that the asset management industry currently has R6 trillion under management which should be borrowed by government. Godongwana said using this approach to gather funds is better than going the International Monetary Fund (IMF) for a bailout.
“Why would you go to the IMF and the World Bank and go and raise money when we have sufficient savings in the economy which you can borrow, probably far cheaper, and probably with little exchange rate risk?”
Godongwana added that while the ANC is also currently investigating the use of prescribed assets, this is separate from raising money through pension funds.
“Borrowing from domestic markets is not prescribed assets, that is a separate investigation,” he said.
In its election manifesto published in January 2019, the ANC announced that it planned to investigate the introduction of prescribed assets on financial institutions’ funds to ‘unlock resources for investments in social and economic development’.
What are prescribed assets?
“Prescribed assets” is just a way of saying that percentage of your retirement savings will have to be invested in bonds issued by the South African government and state-owned enterprises like Eskom.
This will provide a reliable stream of money to fund their activities and help them repay their debts.
Old Mutual, one of the country’s largest asset managers, said assets are often prescribed where “there isn’t sufficient demand for them based on their investment merits”.
The ANC mentioned prescribed assets in its 2019 election manifesto, saying it will “unlock resources for investments in social and economic development”.
The ANC’s Godongwana estimates there is over R6 trillion worth of assets held by assets managers in the country.
How will it work?
Current legislation already stipulates that 60% of retirement savings (retirement funds, pension schemes, provident and preservation funds) have to be invested in South African assets, 30% may be invested offshore and a further 10% can go elsewhere in Africa.
Only 75% of your savings may be invested in the shares of companies. The rest must be in “safer” investments like cash or bonds.
But there are no rules about which bonds or companies your asset manager has to choose. This will change if there is a return to prescribed assets.
Ramaphosa said prescribed assets can be used for public servants’ money – held by the Government Employee Pension Fund (GEPF), which is managed by the Public Investment Corporation (PIC).
The last time South Africa had prescribed assets, between 1956 and 1989, half of all retirement savings had to be invested in government and parastatal bonds.
How will you be affected?
Petri Redelinghuys, a trader and the founder of Herenya Capital Advisors, says prescribed assets will take a “small haircut” off the retirement savings of someone currently working. This means their retirement savings will be worth slightly less. Those still saving towards retirement may be able to recover before they stop working, he says.
“However, if you are already using your pension and get a small haircut on the R2 million you have in pension funds, it might mean that you don’t have enough money left to live from,” Redelinghuys said.
“And, if SOEs do default it will mean that your entire pension savings might disappear.”
An IMF bailout, of course, could also wreak havoc on your finances. It will have devastating effects for the country, including higher taxes, privatisation and widespread public retrenchments.
“For the investment community, prescribed assets, however, creates a lot of uneasiness which might reflect in reduced foreign direct investment and see capital leave the country.”
“An IMF bailout will be bad for South Africa, but prescribed assets will be equally as bad.”
Die vermetelheid dat die onbevoegde parlementslede, wat gelei word deur Ramahasa (voor die paddapot), alle staatspensioene mag kaap, is nie net onwettig nie, maar skend al die pensioenarisse se menseregte. Hulle dink dit kan dalk met ‘n verandering in regulasie of wetgewing gebeur en dan is dit “wettig”. Klaar gekaap, met geen waarborge as die fondse vir die duur korrupte Staatsinstellings ingepomp word nie. Dan is dit te laat vir omdraai. Is dit wat sekere instellings en organisasies wat saam die ANC is, vir hul ondersteuners bied – armoede, ellende en net nog ‘n Zimbabwe?
Nie net sal die regering hierdie groot diefstal en korrupsie probeer wettig maak met hul onwettige wetgewings om dit deur te voer asof die publiek daarop geregtig is, want swart bemagtiging is steeds op die wetboeke. Rassistiese en diskriminerende wetgewing en geen party in parlement het al ooit hierdie verder geneem dat dit menseregte skend nie – dit bly ‘n internasionale misdaad.
Dis nie die lede van publiek se fonds nie, dit is nie Eskom, SAL se hardverdiende geldelike bydraes nie. Dis wettige kontrakte wat aangegaan is. Waar sit Transnet pensioenarisse, met die hande in hare en baie baie minder geld in hul sakke.
Hierdie persone het vir jare tot hierdie fondse bygedra om dit vir hulself makliker te maak om nie van die regering afhanklik te wees of ‘n maatskaplike las nie.
Regering moenie toegelaat word om oor so iets te besluit nie, nes wat swart bemagtiging, onteiening of besettings ook blankes se menseregte skend is dit onregverdig teenoor elkeen teen wie daar gediskrimineer word omdat hul blank is.
Swartes en bruin mense moenie dink die pensioene gaan net oor die blankes se bydraes nie, maar ook swart, bruin en indiërs wat vir die staat gewerk het, word geraak.
Ramaphosa moet alle korrupsiefondse terugkry en geld wat op alle vlakke van regering gesteel is, met rentes.
Eskom – met permissie, hulle skenk miljoene rande aan bonusse, en steel geld, plus almal wat nie elektrisiteit koop en steel, moet onmiddellik afgehaal word en daardie skuld moet teruggekry word. Fondse wat hier ingedruk word, gaan net meer gesteel word, want Eskom bestuur, SAL en SABC laat dit toe. Minister van Finansies en President laat dit toe, dis diefstal.
Pensioene wat sterk gegroei het veral die laaste 20-40 jaar, word nou deur Ramaphosa en sy kollegas, nadergetrek om die kastige skuldlas te delg, maar dis net ‘n foefie om daardie fondse in die hande te kry sodat die biljoene ook gesteel kan word.
In opdrag van wie word dit gedoen? net Ramaphosa alleen? Geldmag sit hieragter en die bewys is daar hoe goed word daar van die wat so skuldig is aan korrupsie, gesorg met aansien en baie rykdomme, aandele en waarskynlik huise en plase op elke kontinent. Hoeveel korrupsie word vasgevat en hoeveel word vervolg? Wie is onbevoeg om hierdie dinge uit te voer?