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ANA reports that trade union Solidarity said on Friday that its mandate was to protect pension money and it would "strongly oppose" any attempts to finance state owned enterprises (SOEs) with the funds. This could include court action.
"Pension money represents the red line and Solidarity will not sit back and watch how people’s pensions are being looted," said Connie Mulder, head of the union's research institute. Union federation Cosatu indicated on Thursday that one of the economic interventions it proposed to get Eskom flush again would entail using state pension funds to pay off the embattled power utility’s R450 billion debt. “Solidarity finds it inconceivable that Cosatu would propose that any pension monies be used to settle Eskom’s debt. This is the epitome of the ruling alliance’s intentions to put your money where their mouth is. Solidarity will leave no stone unturned – pension funds should not be used to fund government’s failed ideology,” said Mulder. Under the Pension Funds Act and the Financial Sector Conduct Authority (FSCA) the trustees of pension funds must take all reasonable steps to ensure that members’ interests are protected at all times. "Pension fund trustees have a fiduciary duty to the workers and not to the government. Solidarity calls on the trustees to make decisions that will be in the interest of the workers, and that they therefore will reject this proposal,” said Mulder.
- Read the full original of the report in the above regard at Independent News
- Read Solidarity’s press statement in the above regard at Politicsweb
Get other news reports at the SA Labour News home page