Government’s plan to use South African pensions

President Cyril Ramaphosa’s cabinet has drafted a new economic reconstruction and recovery plan which will see a number of financial regulation changes in a bid to get the country’s economy back on track.

The Sunday Times, which has seen the plan, said among the planned proposals are the introduction of a state bank, as well as amendments to existing pension laws which would allow government to access retirement savings at a favourable rate.

The document indicates that regulation 28 of the Pension Funds Act will be amended to unlock the funding of long-term infrastructure projects and…

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