Local News
Concerns over municipal pension funds grow─── KATLEHO MORAPELA 14:52 Mon, 16 Jul 2018
Calls for the Municipal Councillors’ Pension Funds (MCPF) to be merged with the Public Office Bearers Pension Funds, which provides retirement benefits for the national parliament and provincial legislatures,
including premiers and MECs amongst other legislators, are intensifying. This, after reports that municipal pension funds have been looted. It is alleged that mismanagement of millions, maladministration and fraud at the Municipal Councillors’ Pension Funds has been reported to the Hawks by its curators. The fund, which is associated with almost all 278 municipalities in all nine provinces, is also implicated in the irregular purchase of vacant land in the North West. It is alleged that the MCPF paid millions in VAT for a total of 11 vacant sites worth more than R120 million in the province, despite the property having been registered in the fund’s name.
The MCPF drew controversy last year, after reports that thousands of former and current councillors throughout the country could possibly lose their pension as the fund could not account for over R140 000 000.
Meanwhile, the Hawks spokesperson, Hangwani Mulaudzi, is yet to respond to OFM News’ enquiries regarding their investigations on the matter.
OFM News
