Ramaphosa acknowledged in parliament on Thursday that South Africa’s financial resources were depleted while the country’s development needs were enormous. He did not say straightforwardly whether he supported “prescribed assets”, he said later, the pension fund industry and other stakeholders needed to talk about using pension fund assets to support the country financially. The country’s money is running out and South Africans’ pension fund assets are becoming an increasingly likely target for the government to pull the wagon through, it became clear on Thursday.
According to Ramaphosa, pension fund assets in other countries are used to invest in the development of the country and pension funds achieve good returns from infrastructure projects in particular. He says the trade union Cosatu supports its view that workers in SA’s pension money are used this way. According to Ramaphosa, this is considered positive by the
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