FSCA approval secures first-ever pension fund for Amakhosi in KZN
KwaZulu-Natal MEC for Cooperative Governance and Traditional Affairs, Reverend Thulasizwe Buthelezi, has welcomed the FSCA’s approval, describing it as a “significant breakthrough” in the department’s ongoing efforts to provide long-term stability, financial security, and social protection for Amakhosi and their families.
Image: Facebook/KZN Cogta
The Department of Cooperative Governance and Traditional Affairs (KZN COGTA) has announced the official approval of the KZN COGTA Pension Fund for Amakhosi by the Financial Sector Conduct Authority (FSCA).
The FSCA's approval confirms that all regulatory requirements have been met, enabling the formal implementation of the pension fund.
This structured savings mechanism is designed to support the social standing of amakhosi by providing them with financial resources upon retirement, thereby recognising their lifelong service and commitment to their communities.
Partnered with Standard Bank, KZN COGTA is set to ensure that the pension fund maintains operational integrity and financial sustainability.
MEC for Cooperative Governance and Traditional Affairs, Reverend Thulasizwe Buthelezi, heralded the FSCA's endorsement as a “significant breakthrough” in the department’s mission to offer long-term stability and protection for amakhosi and their families.
“This initiative affirms our dedication to honouring the invaluable role played by amakhosi in our communities. It is a tangible expression of our respect and recognition for their leadership, and a step towards ensuring their welfare beyond active service,” Buthelezi said.
The KZN COGTA Pension Fund for Amakhosi is not solely aimed at retirement benefits; it also incorporates a comprehensive medical cover component, ensuring that traditional leaders have access to essential healthcare services.
This holistic approach highlights the department's pervasive commitment to the well-being of amakhosi, encapsulating both their roles in society and their health needs after their tenure.
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