ANC under fire following claims the party is eyeing pension funds

JOHANNESBURG - The ANC has again come under fire following claims the party is eyeing pension funds to invest in government-approved investments.

This follows claims the party wants an amendment of pension fund regulations to create new investment classes to raise capital.

This would allow asset managers to invest in infrastructure projects in the logistics and energy sectors in a bid to revive the country's ailing economy.

But deputy general secretary at Solidarity Marius Croucamp said that the trade union will take legal action against the party’s plans to raid pension funds.

"Pension funds and pension fund money belongs to hardworking people and those already on retirement and not the ANC, not the government and not anyone else. Pension fund trustees have a fiduciary duty to invest pension fund money, low-risk and high-yielding market related investments. Solidarity will be monitoring the situation further," said Croucamp.