- What does this tell us about the policy of prescribed assets?
Pretoria, 26 February 2020 – The Minister of Finance, Tito Mboweni, said in a press conference today – just prior to his Budget Speech in Parliament, that Cosatu’s proposal of using public servant’s pension money managed by the PIC to pay down Eskom’s debt “is not a bad idea.”
He added: “But we must be careful. It suggests we are talking about only the public sector – if we go the pension route it must be all of us – and all pensions.”
Several organisations have sounded a warning on prescribed assets. Only this week, the Free Market Foundation (FMF) said: “The last pot of gold is the savers of SA. And this includes pensions. Prescribed assets for pensions may be next, including government employee pensions. Savers beware, the politicians are coming for your money.”