Hon House Chair, the correction by the hon Minister of Police just increases our thanks for the hospitality given by African countries by providing a home for those responsible for the freedoms we enjoy today in South Africa.
Zambia provided a home for freedom fighters to give berth there and the corrections help us to remember our unsung heroes.
Hon Hill-Lewis is indebted to you for bringing this matter to the nation's attention. [Interjections.] [Applause.]
Pension fund contribution should attract the best returns available on the market. However, Al-Jama-ah doesn't agree with
you that extending the basket of prescribed assets amount to theft.
Pensions will not have a quarrel that investments have a social, job creation and a universal health component whose benefit is greater than the slightly reduced returns.
Hon Lewis, you don't share with the House the checks and balances when it comes to investment choice and the involvement of employees in how their monies are invested. This however, needs to be strengthened in light of the warning that you have issued.
What is more worrying is that too many clipping fees reduce investment returns for pensioners and many people would argue that that is stolen by the captains of the industry. There should be no clipping fees.
Investment prescribed assets must only get pensioners contributions if next generation jobs can be clearly identified as a consequence of that investment.
Investments in prescribed assets must only be made if the prescribed assets generate new revenue streams. There must be a component in which pension funds benefit from a share of sales revenue and profit sharing before dividends are declared. I think that it is important that this matter has been brought to the attention of the nation.