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ANC says Pension Funds Act needs to be amended to fund government

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Cyril Ramaphosa’s pension plan was laid out by Enoch Godongwana, head of the ANC’s National Executive Committee (NEC) on Friday.

It states that Regulation 28 of the Pension Funds Act needs to be amended to get financing for infrastructure projects; that the Reserve Bank must be wholly owned by the State; and that land reform must take place on a larger scale.

It refers to new investments in energy, water, roads, homes, digital infrastructure and public transport.

Godongwana emphasizes that pension funds will not be forced to invest in infrastructure projects.

“It is rather about giving incentives to pension funds to invest. We cannot, however, give details on the nature of the changes. We are still talking to the Treasury and pension funds, ”he says.

According to the document, the process must continue to comply with section 25 of the Constitution to facilitate land expropriation without compensation.

The document states that production on state land and land allocated in restitution must be promoted “aggressively”.

DA Finance spokesman Geordin Hill Lewis said the document contained just more of the same old ideas that had already shattered the economy.

“How the state wants to do this with an empty treasury, bankrupt state enterprises, endemic corruption and mismanagement is unclear.”

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