The universal pension

[BBSA]

A discussion document on “comprehensive” social security has finally been tabled at Nedlac – the consensus-seeking body comprising government, business, labour and civil society – more than four years after it was initially drafted.

Now the social partners are being given less than a year to agree on a fundamental reform to the entire public and private retirement system.

According to Zane Dangor, director-general of the department of social development, the “core proposal” is for the creation of a National Social Security Fund (NSSF) – a universal state pension fund to which all employed South Africans will contribute.

It will displace a large part of the existing pension industry, relegating private pension funds to a “top-up” function.

This week, industry experts reportedly said the net effect would be to benefit asset managers, who would be called on to manage the enormous new pool of funds, even though the thousands of existing private pension funds would probably become heavily rationalised.

http://www.fin24.com/Money/Retirement/the-universal-pension-20161202

 

[CorrieDeBeer]

Ag jirre kan hulle net fokkof. I don't trust the corrupt twats that govern us with something as important as my pension. Really who are the government to force me into a there pension funds? It will be just another thing our corrupt government ****s up.

 

[Randy_The_Squirrel]

They are after your money, they want your retirement funds so they can loot them. Simple as that.

 

[CorrieDeBeer]

This is clearly an attempt to do theft on a scale never seen before. What happens if I refuse to pay into this fund? Will they come and arrest me? This is not tax how will this be defended in the Constitutional court?

 

[Randy_The_Squirrel]

This is clearly an attempt to do theft on a scale never seen before. What happens if I refuse to pay into this fund? Will they come and arrest me? This is not tax how will this be defended in the Constitutional court?

Its the same sort of theft they are trying to implement with NHS.
When you work for a company, it becomes difficult to not have these sorts of things deducted from your salary. The company will bend for a friend, they don't want to risk anything. However, being self-employed or a contractor will likely be a valuable escape from this.

Honestly though, they will make it law, like UIF currently is.

 

[air]

Honestly though, they will make it law, like UIF currently is.

R148.72 I can stomach, but this no.
Quite sure the pension funds will have them in court forever.

 

[CorrieDeBeer]

This is what you get when you have a government that is not held accountable by its people. They have this blatant cash grabs because they believe there will be no consequences. The 2019 elections may come as a shock to them though. 2016's elections was but just the begginning. They will never stop until enough people vote against them. This sentiments when it first gets started has a way of snowballing.

It is just really important now that the DA keeps on govnering well. They have been given a lifeline in Gauteng the must not **** it up now.