KZN COGTA MEC: Amakhosi pension plan proceeds

THERE IS growing confusion over the plan by the KwaZulu-Natal Department of Cooperative Governance and Traditional Affairs (Cogta) to offer pensions to Amakhosi.

- THAMI MAGUBANE [e-mail]

The Cogta department and the Financial Sector Conduct Authority (FSCA) appear to be at odds over the plan. Cogta announced earlier this month it had received FSCA approval for the KZN COGTA Pension Fund for Amakhosi.

The department had said the structured savings mechanism was designed to support the social standing of amakhosi by providing them with financial resources upon retirement. However, some days later, the FSCA said it had not received any application for the registration of this pension fund, nor had it reviewed or approved any such application.

However, the FSCA confirmed that Amakhosi Wealth Management was authorised on August 21, 2025, to provide financial services in respect of: Long-term Insurance: Subcategory A and Friendly Society Benefits.

KZN Cogta MEC Thulasizwe Buthelezi, however, remains adamant that the pension fund was given the go-ahead.

Addressing members of the Cogta committee recently, he said: “Chairperson and Honourable members, I am pleased to inform this committee that the KZN CoGTA Pension Fund for Amakhosi has been granted approval by the Financial Sector Conduct Authority (FSCA).