The ANC’s election manifesto wants to revive an apartheid-era policy compelling pension funds to invest in government-approved investments.
The level of prescriptions rose for two decades and peaked in 1977. After that, it tapered off before being scrapped in 1989. However, the plan has been widely criticised, with many investment specialists warning it can harm returns. Nominating an instrument as a prescribed asset invariably creates artificial demand for it which would not have existed in an open market.
“If it is an entity like a state-owned enterprise , the incentive to ensure that it is well-run and delivers a decent investment return will also be curtailed,” it said.
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