PRESS RELEASE: Transnet pensioners bag another bonus windfall
Thousands of Transnet SOC Ltd pensioners, who are members of the company's pensioner-only funds, will receive an extra R177 million in ad hoc bonuses this November. The Transnet Board of Directors today approved the payments to members of the Transnet Second Defined Benefit Fund (TSDBF) and the Transnet sub-fund of the Transport Pension Fund (TTPF).
The latest payment is in addition to total bonus payments of R1,866 billion made by Transnet's pensioner-only funds since 2007. This confirms the success of efforts by both the company and the funds to continue strengthening funding positions of the funds.
Each member or beneficiary will receive a bonus payment of 8,33% of their annual pension - an equivalent of a 13th cheque - from their respective fund. That the two closed funds - which have no active members - can afford to cover these commitments, is an indication of the strides we, together with the funds, have taken in restoring and maintaining their financial health.
This bonus payment is the second this year for the pensioners. Both funds paid their members or beneficiaries the equivalent of a 13th cheque during the first half of the calendar year. In effect, our retired colleagues have received two 13th cheques this year.
In addition, for some pensioners, this will be a third windfall. Transnet made an ex gratia payment of R70 million in September this year targeting those pensioners with low pensions despite having long service. This takes the total ex gratia payments by Transnet to its most disadvantaged pensioners to R448 million since 2007.
These payments continue to supplement the current statutory increase of the beneficiaries. They are also intended to ensure that our pensioners' income tracks inflation.
Notes to Editors
Transnet and the two defined benefit funds, TSDBF and TTPF, committed to Parliament's Portfolio Committee on Public Enterprises to continuously find ways to improve benefits for its pensioners, and these payments are made in line with that undertaking.
All payments are made to pensioners through Metropolitan Retirement Administrators. The administrators can be contacted on 011 587 8000.
All queries by pensioners should be directed to the call centre.
Issued on behalf of Mr Brian Molefe, Group Chief Executive, Transnet SOC Ltd
By: Mboniso Sigonyela: Spokesman, Transnet SOC Ltd
011 308 2458/083 463 7701
For further queries, contact Viwe Tlaleane
011 308 2458/083 979 0707