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Amend Pension Funds Act to allow for ‘cheaper access’ to development finance, says ANC

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The ruling party wants regulation 28 of the act amended to impose prescribed assets

The ANC wants the Pension Funds Act changed to enable “cheaper access” to finance for development.

Finance minister Tito Mboweni has supported the idea of pension funds being allowed to invest in infrastructure directly.As the cost of government debt has risen and the debt burden spiralled over the past five years, some in the ANC and Cosatu have suggested introducing the idea of prescribed assets.

Government stocks are listed on the JSE and the pension fund industry is significantly invested in them. Of the R1.1-trillion under management , pension funds hold R202bn in government stock and another R28bn in state-owned enterprises and municipalities. “While working to restore fiscal stability, SA needs to deploy macroeconomic policy instruments compatible with economic reconstruction. Reconstruction programmes must be sufficiently financed and financially sustainable,” Magashule said.

Source: News Formal (newsformal.com)

 

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