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Pensioners stand to lose hard-earned money if PIC funds SAA - DA

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Cape Town – Government can expect a huge pushback from members and pensioners of the Government Employees Pension Fund (GEPF) if their money were to be used for an SAA bailout, said Alf Lees from the Democratic Alliance (DA).

During a Parliamentary briefing on Friday, Finance Minister Malusi Gigaba confirmed that SAA indicated in its corporate plan that the PIC, which administers the GEPF money among others, could be a source of funding for the struggling airline.

The corporate plan for 2017 to 2022, which was tabled by National Treasury in Parliament on Friday, listed the “sources and uses” of funds for SAA’s capital requirements and the PIC was listed as a source of funding of R6bn for the 2018 financial year.

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