South Africa's treasury department released a draft of its new pension reform plan and...guess what?  The plan includes a form of personal accounts!

It's unclear whether workers will be able to invest their savings, but it is clear that the accounts will be "in the name of every contributor" rather than in the name of whichever government officials want to spend the money.

Here is a key excerpt from the article, which for some reason refers to the plan with the slightly perjorative word "scheme": 

"The scheme aims to fill the gap between SA's state-funded social grant system and the private retirement fund industry, ensuring that all working people save towards their retirement and that everyone participates in a basic social insurance arrangement that protects their household incomes in the event of death, disability or unemployment.

It will be financed by a social security tax, which Manuel revealed yesterday will be administered by the South African Revenue Service and will be collected in individual accounts in the name of every contributor."