Well-known economist Mike Schussler has warned that the ANC wants to use your pension money to fund bankrupt state-owned enterprises like Eskom and SAA.
Speaking on The Big Liberty Show, Schussler said the planned prescribed assets policy will give politicians control of pension funds and where this money is invested.
The policy of prescribed assets was introduced in the ANC’s 2019 election manifesto where it states it will:
“Investigate the introduction of prescribed assets on financial institutions’ funds to mobilise funds within a regulatory framework for socially productive investments…”
In simple terms, it means that financial institutions will be forced to invest a certain percentage of their assets in certain sectors or companies prescribed by the government.
Warning from fund managers
Sygnia CEO Magda Wierzycka said prescribed assets are a blunt instrument and that the ANC has only engaged minimally with the
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