Government must look at using pension funds to generate growth: Ramaphosa

Gaz{M}

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Except that State Pensions, i.e. the PIC, ALREADY invest in SOE's like Eskom bonds. So this is nothing new. It is only new if it becomes mandatory, or if it affects private pension funds.

But quite clearly now, can all the Ramapoligists shut the **** up and admit he is president of the ANC, not South Africa.
 

Mista_Mobsta

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So here is the kicker

The ANC are very quick to approach the Prescribed Investments as a financing solution. The issues I have with this are so many that I would probably be typing until Monday morning.

What legislation exists to justify prescribed assets?
Who/what entity will be responsible to manage the process?
What oversight will be applied to ensure accountability with AML rules?
What % will be prescribed investment be?
Will there be a bridge between the FSCA/PA and PFMA?
Have rigorous impact studies been done?
Ad nauseam...

For those that still have pensions/RA etc <R4mio, better start making a move to cash in and hedge overseas as the ANC is hellbent on destroying the savings of everyone in SA.
 

SaiyanZ

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In summary they've already taxed our income by +60% when you add up all the different taxes. Then we used about 30% for living expenses and saved the remaining 10% for when we're no longer able to work. Now they want that last 10% too that we saved because the 60% isn't enough.

We barely see much benefit from the 60%+ taxes we pay but they want us to believe we'll get a return if we lend them 10% more.
 
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garp

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This could have disastrous unintended consequences for broader investment. If they legislate that a significant portion of one's savings have to be invested in deadbeat SOEs, many people will look for alternative or offshore savings vehicles, and some might even take the knock and move their savings elsewhere.
 

akescpt

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in which countries is the pension funds used to stimulate an economy? why is our taxes not enough?

why dont they stop capturing the taxes and let it work the way it is supposed to?
 

ToxicBunny

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Where are the members who were singing this guy's praises when he was elected when those of us who are not gullible idiots predicted that it would be business as usual.
Of the lot of ANC leaders currently, he is the best option we have....

If you don't want him at the helm, then who from the senior echelons of the ANC would you rather have?
 

Milano

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Anyone vaguely expecting oversight, accountability, honesty, integrity, transparency or privatision is smoking their socks or been in a coma for 25 years.
 

Milano

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Where are the members who were singing this guy's praises when he was elected when those of us who are not gullible idiots predicted that it would be business as usual.
Agreed. It is absolutely remarkable how many times the same party can fool the same people. If they can fool their 'detractors' how much easier their own electorate.
 

Gaz{M}

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Of the lot of ANC leaders currently, he is the best option we have....

If you don't want him at the helm, then who from the senior echelons of the ANC would you rather have?
None of them. In fact, we are all being held ransom by a bunch of poor, uneducated rural voters with no skin in the economy game at all.
 

Gaz{M}

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in which countries is the pension funds used to stimulate an economy? why is our taxes not enough?

why dont they stop capturing the taxes and let it work the way it is supposed to?
People make the mistake of thinking that any "Government" can stimulate an economy. When in fact, it works just the opposite. Government can get out of the way and the economy stimulates itself.

No business has EVER said: "I wish Government would help us to be successful". They all instead have to endure mind numbing rules and regulations and still manage to somehow generate a profit.
 

ToxicBunny

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None of them. In fact, we are all being held ransom by a bunch of poor, uneducated rural voters with no skin in the economy game at all.
I don't entirely disagree, but we have to work with what we have (if you intend or have to stay in this country for the long term).... and Cyril is currently the best of the lot of leaders we have available to us...
 

Milano

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None of them. In fact, we are all being held ransom by a bunch of poor, uneducated rural voters with no skin in the economy game at all.
But you also have a small element of the 'sophisticated' populous so desperate to believe that this is the moment the leopard changes its spots, its fundamental DNA and transforms to become the opposite of everything it has proven itself to be.
 

SeRpEnT

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I don't entirely disagree, but we have to work with what we have (if you intend or have to stay in this country for the long term).... and Cyril is currently the best of the lot of leaders we have available to us...
That really sounds like a vote of confidence in Cyril. Geezus, this guy is just another corrupt ANC cadre. I don't think there is a single honest ANC member out there to back....

In die land van die blindes is die een oog koning... more a case of: In the Land of the greedy filthy pigs...you have farkall choice but to pray for survival.
 

ToxicBunny

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That really sounds like a vote of confidence in Cyril. Geezus, this guy is just another corrupt ANC cadre. I don't think there is a single honest ANC member out there to back....

In die land van die blindes is die een oog koning... more a case of: In the Land of the greedy filthy pigs...you have farkall choice but to pray for survival.
Each to their own... I'm a realist, and know that the ANC is in the driving seat, and we have to work within that... If people had a better leader within the ANC who they think could run the country better, or at least keep the ANC's corrupt tendencies somewhat in check, I'd love to see that person rising up the ranks and in charge.
 

akescpt

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this will now just cause a bull run into other savings vehicles...financial advisors must be getting their collective knickers in a knot at the prospect...
 

ToxicBunny

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this will now just cause a bull run into other savings vehicles...financial advisors must be getting their collective knickers in a knot at the prospect...
100%...

The only reason I have a "pension" product is due to the company contribution portion. None of my other retirement savings vehicles are in those sorts of products.... but I still don't want the government to have access to that small portion that comes off my salary before they pay me...
 
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