While there are enormous surpluses available in Transnet’s pension funds, the class action court case started by the pensioners is still being prolonged and Transnet is totally insensitive to the thousands of old people who in the last years of their lives struggle in the greatest poverty, Adv. Anton Alberts, the FF Plus’ parliamentary spokesperson on public enterprises, says.
In a response to a parliamentary question of Adv. Alberts to the minister of public enterprises, the disconcerting information came to light that 13 088 of the old pensioners have died in the last three years, and there are now less than 60 000 beneficiaries of the pension funds.
Of these pensioners, only 20 794 of the original workers who had contributed to the pension funds are still alive. The rest are mainly their surviving spouses.
In contrast to this, Transnet’s market value is currently R15,630 billion, and the enterprise’s two funds had a surplus of R8,132 billion in the previous financial year (2015/16).
Adv. Alberts said the injustice being perpetrated on the pensioners of all races, is tragic and screams to high heaven.
“More than 4 000 pensioners have died every year over the past three years, and Transnet stands aloof to this slaughter of old people because they are refusing to settle the court case.
“These deaths will increase hand over hand as the pensioners grow older and their difficult circumstances take their toll. Transnet knows it all too well.
“The majority of the pensioners die in the midst of the greatest poverty, which would not have happened if Transnet would lift the 2% restriction on the annual increase on pensions and supplement the funds as it is obliged to do.
“What makes this situation worse, is that the majority of pensioners are currently widows of which the main member has already died. Spouses who had not been the main member in addition only receive 70% of the main member’s pension and the funds therefore are saving more money when the main member dies.
“There are enormous surpluses of billions of rand in both funds which enable the trustees to pay more than two bonuses annually.
“The FF Plus demands that the funds pay at least four bonuses every year and that the court case is settled because Transnet has no defence on the merits of the case, but it is merely prolonging the case on technical grounds while pensioners pass away in large numbers. It is a crying shame,” Adv. Alberts says.
Contact no.: 082 391 3117 / 083 419 5403
Adv. AD Alberts to ask to ask the minister of Public Enterprises
(1) How many members does the (a) Transport Pension fund and (b) Transnet Second Defined Benefit Fund have currently;
(2) How many members of the specified pension funds died in (a) 2014, (b) 2015 and (c) 2016;
(3) What were the reported causes of death of each member of the pension funds in each specified year;
(4) (a) How many members of each fund are currently (i) the main member andor (ii) a dependent and (b) how many of the dependents are (i) spouses and (ii) children;
(5) what was the growth (a) in the value and (b) in the surplus of each fund in the financial years (i) 2013-14, (ii) 2014-15 and (iii) 2015-16 NW2972E
REPLY:
(2) The number of members of the specified pension funds who died are recorded below:
(3) The causes of death of each member are unknown.
(4) As at 31 October 2016, for the Transport Pension Fund, 3 113 pension members are main members, with 2 290 spouses and 221 children. For the Transnet Second Defined Benefit Fund 17 681 pension members are main members, with 36 180 spouses and 165 children.
(5) The growth of the specified pension funds is detailed below:
;
