Transnet: Pensioners back on track
The long-delayed Transnet pension funds settlement is good news for other pensioners, writes Donwald Pressly
The successful class action settlement with Transnet pensioners has opened up new opportunities to hold state and private pension funds to account.Though fewer than 50,000 Transnet pensioners (out of 80,000) are left, in two "historic" funds (now closed funds), it is a good-news story.And it is still producing new pension fund accountability initiatives a year after the class-action victory.New boards for the Transnet funds have enabled them to clean up any association with the Zupta-linked state-capture companies. Their latest financial reports indicate no apparent current linkages to the alleged looting of pension funds.The first consequence of the ruling, made an order of the court by judge Sulet Potterill on June 17 2020, is that the two historic funds will ultimately be merged. They will remain separate from the main pension fund, which serves contributing members. That main fund, The Transnet Retirement Fund (TRF) was started in 2000 at the same time as the two existing funds ...
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