South Africa. PIC looting concerns raise red flags for proposed state pension fund
Concerns that politicians view the Public Investment Corporation (PIC) as a cash cow will loom large over discussions to establish an overarching pension fund for South Africa.
The new fund wants to consolidate the more than 5 000 public and private retirement funds into one giant mandatory institution, possibly under government control.
The new centralised retirement fund or National Social Security Fund (NSSF) will centralise current retirement funds estimated to be worth R3trn. It aims to force South Africans to save for retirement, as well as cross-subsidise lower income earners.
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