R3.5 Trillion in Public Pensions On The Brink: UDM Warns Ramaphosa To Act Before It’s Too Late

This Forgotten Pill Cleanses The Veins At High SpeedThis method can be used even at homeCardiovaxby TaboolaSponsored LinksIn a letter addressed to President Cyril Ramaphosa and the Standing Committee on Public Accounts (SCOPA), the UDM called for swift and decisive intervention to restore integrity and transparency at the state-owned asset manager. The party said that the livelihoods of millions of public servants, including teachers, police officers, and nurses, depend on the prudent management of the PIC’s funds.

UDM leader Bantu Holomisa accused government officials of turning a blind eye to ongoing irregularities despite repeated warnings and the findings of the 2020 Mpati Commission, which exposed widespread governance failures within the PIC. Holomisa said South Africans cannot afford “another toothless commission” while those implicated in wrongdoing continue to operate unchecked.

“The PIC, entrusted with managing the pensions of hardworking citizens, has become a breeding ground for political capture and unethical investments. The time for excuses has passed. We need accountability, not another inquiry that gathers dust,” Holomisa stated.

The UDM urged Ramaphosa to initiate immediate reforms to strengthen oversight and ensure that board appointments at the PIC are made on merit rather than political loyalty. The party also requested SCOPA to summon the corporation’s leadership to account for the performance and management of the Isibaya Fund, which invests in developmental and empowerment projects but has long been dogged by allegations of financial mismanagement.

The Isibaya Fund, which represents a significant portion of the PIC’s investment portfolio, has faced scrutiny for channeling billions into politically connected entities with little or no return. Critics have long argued that the fund’s structure enables political interference, undermining its developmental objectives.

“The collapse of governance at the PIC is not just a financial risk; it’s a moral crisis,” Holomisa said. “If the R3.5 trillion under management is mishandled, it will devastate the economy and rob pensioners of their future.”

The UDM said it expects a formal response from the Presidency and Parliament within weeks, warning that failure to act could trigger “irreversible financial and social consequences.”Eat This to Normalise Blood Pressure and Clean Blood Vessels!Important information. South Africans, the party concluded, “deserve transparency, integrity, and justice — not more empty promises.”