Adv. Anton Alberts an FF Plus MP says;
The FF Plus is considering legal action against Transnet due to this public enterprise’s apparent unwillingness to heed the parliamentary instructions to supplement the Transnet pension fund.
According to reports it appears as if the chief executive of Transnet, Mr. Brian Molefe, is unwilling to use Transnet funds to secure the paying out of pensions to Transnet pensioners and is insisting that the existing surplus in the Transnet Second Defined Benefit Fund (TSDBF) should rather be used. He furthermore proposed that the pension funds should rather follow a more aggressive investment policy in order to secure the necessary funds for the increased pensions. According to Molefe any payments will only be done by March 2012.
“The situation is critical and it is time that the uncertainty surrounding the increases in Transnet pensions is brought to an end. The required increases on payments should take place before the end of this year. So many pensioners are suffering and some are even dying due to the stress caused by the uncertainty surrounding their income. That is why we are preparing for legal action against Transnet to force it to fulfil its obligations,” Adv. Anton Alberts, FF Plus parliamentary spokesperson on economic issues, said.
The FF Plus has been informed that the next trustees meeting of the Transnet pension fund will be taking place on 26 September 2011 during which the committee responsible for an investigation into the funding of the increases will present its report. The FF Plus will, following the announcement of this report and depending on the reaction of Transnet to it, consider further steps.
“The time for pleading and being patient has past. We will do everything in our power to see justice done to the Transnet pensioners,” Alberts added.
