transnet second defined pension fund latest news
41 of 2000) SAVE THIS ARTICLE EMAIL THIS ARTICLE. These funds fall under the Transnet Pension Act, and are therefore not subject to the Pension Funds Act, nor are they subject to supervision by the Financial Services Board. However, the case heard in the Pretoria High Court in 2016, was about exceptions. The Transnet Second Defined Benefit Fund … Tweets by @follow_transnet. They earlier brought a lawsuit against the Transport Pension Fund and the Transnet Second Defined Benefit Fund and Transnet in the High Court. They argue it is bad in law, of no substance, and a … Transnet’s board of directors approved the payments to members of the Transnet Second Defined Benefit Fund (TSDBF) and the Transnet sub-fund of the Transport Pension Fund (TTPF) on Wednesday, 23 October. Market Demand Strategy. Home Archive of News Latest News News Transnet pensioners fume as new board drags its heels on bonus payment. It was an unusual arrangement: Nedbank would act as Transnet’s counterparty, swapping the latter’s existing floating rate for a fixed interest rate of 11.83%; but Nedbank would also enter into a series of mirror swaps with the Transnet Second Defined Benefit Fund, a Transnet pension fund, providing a floating rate in exchange for a fixed rate of 11.65%. Cape Town - After years of calling for inflation-linked annual increases, Transnet Second Defined Pension Fund (TSDBF) pensioners may at last see an increase close to 75% of the Consumer Price Index (CPI). The “legacy debt” owed to Transnet Pension Fund and Transnet Second Defined Benefit Fund by the company was a combined 80 billion rand as … Transnet Retirement Fund. These funds fall under the Transnet Pension Act, and are therefore not subject to the Pension Funds Act, nor are they subject to supervision by the Financial Services Board. Natasha Mazzone | 02 September 2018 DA MP says Second Defined Benefit Fund made unlawful payments of over R500m to Gupta-linked entitites Financial Services Conduct Authority agrees to DA request to investigate Regiments for raiding workers’ pension fund. Temporary Employees Pension Fund Act, 1981. The pensioners only achieved a partial victory. The defendants – Transnet, the Transport Pension Fund and the Transnet Second Defined Benefit Fund – had 15 days to respond, said Wynanda Coetzee, for the pensioners. Transnet Pension Funds Act, 1990. Font size: - +. Telkom Pension Fund. Class Notice; Second Class Notice; Business With Us. Transnet faces second lawsuit over pension fund. These funds fall under the Transnet Pension Act, and are therefore not subject to the Pension Funds Act, nor are they subject to supervision by the Financial Services Board. LATEST NEWS. The objective of an exception is to dispose of the case or a portion thereof in a timely manner. Temporary Employees Pension Fund. The smaller fund, the Transport Pension Fund ( TPF ), currently consists of … Transnet e-Book; B-BBEE Guide; Tenders; Environmental Public Documents Transnet Long Term Planning Framework The plea of the pensioners was informed by the deteriorating economic conditions and challenges that they faced as a result of the low pensions they continued to receive. Major elements of State Capture are set to be tested in court against one of its alleged architects next week. LATEST NEWS. Friday, November 25, 2011. Transnet pensioners to get bonus deal. Transnet pensioners fume as new board drags its heels on bonus payment . In total, since the group action began on 26 April 2013 to October 2014 a total of 6866 Transnet Second Defined Benefit Fund ( TSDBF ) –Pensioners died. By Anna Majavu - 10 August 2011 - 09:51. Breaking South Africa News Headlines & Articles: ... known as the Transnet Second Defined Benefit Fund (TSDBF) – as a counterparty. The AmaBhungane ... Regiments set up a deal that would allow Transnet to do an interest rate swap on a portion of a huge loan with its own pension fund. Transnet’s beleaguered pensioners have accused the parastatal’s newly appointed board of delaying Transnet Second Defined Pension Fund (TSDBF) … News update. These were created in 2000. Hope at last for Transnet pensioners. Telkom Pension Fund. In 2000 the Transnet Second Defined Benefit Fund was created to house the pensioner members of the Transport Fund. Pension fund’s board of trustees propose a rule change to enable the fund to consider bonus payments. Post and Telecommunication-Related Matters Act,1958. Annual Results; Governance; DMTN; SENS Announcements; Pricing Supplements; Media. The Market Demand Strategy (MDS) is Transnet's investment programme aimed at expanding and modernising the country's rail, port and pipeline infrastructure over a period of seven years to promote economic growth in South Africa. Post and Telecommunication-Related Matters Act,1958. In 2013‚ the 60 000 pensioners instituted a class action against the Transport Pension Fund‚ the Transnet Second Defined Benefit Fund and Transnet. update: transnet retirement fund loan proposals 2021-03-08 in General 0 Comments 0 Likes The United National Transport Union (UNTU) would like to update its members on the latest methods under consideration of a Task Team of all stakeholders to make proposals to allow members to loan from their pension fund investment at the Transnet Retirement Fund (TRF). Sponsored by. Currently the fund has 60,138 members. LATEST NEWS. In 2000 the Transnet Second Defined Benefit Fund was created to house the pensioner members of the Transport Fund. International Biden ... (TPF) and the Transnet Second Defined Benefit Pension Fund (the funds). Published on 17 Sep 2018 HR Pulse News Desk. The ruling brought to an end an ongoing legal wrangle between Transnet, the two pension funds and the approximately 60000 former workers who took the company to court in 2013 over pension … 0.18 MB. The Portfolio Committee on Public Enterprises received a petition from the Pensioners of Transnet Second Defined Benefit Fund (TSDBF) and the Transport Pension Fund (TPF). Each beneficiary will collect a bonus payment of 8.33% of their annual pension, equivalent to a 13th cheque from their respective fund. Since their inception, the pension funds … Transnet Retirement Fund. In 2000 the Transnet Second Defined Benefit Fund was created to house the pensioner members of the Transport Fund. These funds fall under the Transnet Pension Act, and are therefore not subject to the Pension Funds Act, nor are they subject to supervision by the Financial Services Board. “We finally realised a lawsuit would be the only other solution.’ When legal assistance got under way, access was obtained to the annual reports and minutes of the two funds, the Transnet Second Defined Benefit Fund and the Transport Pension Fund. Transnet Second Defined Benefit Fund. LATEST NEWS. Transnet has two pension funds - the Transnet Pension Fund and the Transnet Second Defined Benefit Pension Fund. In 2000 the Transnet Second Defined Benefit Fund was created to house the pensioner members of the Transport Fund. The pensioners want to reclaim nearly R80 billion in assets and interest from Transnet. Download. Transnet Pension Fund Amendment Act (No. NEWS & ANALYSIS. Nedbank was in the middle, as Transnet would swap a floating interest rate for a fixed rate of 11.83%, while the Transnet Second Defined Benefit Fund would get a floating rate in exchange for a fixed rate of 11.65%. The pensioners hope to proceed with a class action to seek billions from two pension funds. Transnet and two pension funds have 20 court days within which to file a plea in … Transnet Pension Funds Act, 1990. In 2013‚ the 60 000 pensioners instituted a class action against the Transport Pension Fund‚ the Transnet Second Defined Benefit Fund and Transnet. The Democratic Alliance (DA) can confirm … The pension fund, Transnet, and the ministers of finance and public enterprises have opposed the application. Transnet Pension Funds Act, 1990. It was an unusual arrangement: Nedbank would act as Transnet's counterparty, swapping the latter's existing floating rate for a fixed interest rate of 11.83%; but Nedbank would also enter into a series of mirror swaps with the Transnet Second Defined Benefit Fund, a Transnet pension fund, providing a floating rate in exchange for a fixed rate of 11.65%. TransPenFunAA41.pdf. Transnet said the funds are governed by the Transnet Pension Fund Act, as amended, and the 2% increase is statutory and in line with the rules. Transnet Second Defined Benefit Fund. Transnet Pipelines; Transnet Freight Rail; Transnet Property; Investor Relations. Transnet has 20 days to file plea to oppose claim by 60‚000 pensioners. correcting the pension crisis, says Richard Carr, vice-chairman of TPAG. FSB to investigate Regiments over Transnet fund – Natasha Mazzone . LATEST NEWS.