PSA continues to probe investments made by PIC
5 October 2017
The Public Investment Company (PIC) manages South Africa’s largest pension fund, the Government Employees Pension Fund (GEPF) which accounts to 88.2% of assets under PIC.
The Public Servants Association (PSA) representing more than 230 000 members in the public service is perfectly justified to be concerned and probe issues around investments of members’ pensions.
According to the PIC’s Integrated Annual Report 2017, one of the dominant media issues (page 140) is the ‘Disclosure of PIC’s unlisted investments to the Standing Committee on Finance (SCOF)’. The PSA demands a full list of such investments including actual investments made and the current value of each to be made public.
“We believe this will enable the GEPF to track the portfolio and it is vital that the report includes a list of politically connected persons. The 5% investment guideline for BEE investments represents a substantial sum and in the current political climate justifies stronger oversight,” said PSA General Manager, Ivan Fredericks.