PENSIONS FUND MANAGEMENT
Déjà vu as gold mine firms face the same spat Amplats saw off
Four gold mining companies face the same demand in freshly started wage talks from the Association of Mineworkers and Construction Union (Amcu) around provident funds that Anglo American Platinum has just seen off. The 85%-held Anglo American subsidiary was hauled before the Labour Court by Amcu to prevent it from transferring a pension fund worth about R7bn from Amplats Group Provident Fund to Old Mutual, with the union demanding it be paid into the Igula Umbrella Provident Fund. The case was dismissed on July 2, with Labour Court Judge Andre van Niekerk find-ing Amplats had watertight employment contracts allowing it to decide on the pension fund, and that it had given Igula a fair chance to compete against other funds to manage the pensions. The spat over the fund arose from a clause in the wage agreement the world’s largest platinum miner reached with Amcu about setting up a task team to investigate investing workers’ funds in Igula. Amplats decided to place the funds with Old M...
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