Transport pensions languish in unfinished ‘sustainable township’
The Transport Sector Retirement Fund has sunk R415m into the Lethabong Lifestyle Estate, expecting returns of 15%-32%. But no other investors have yet come forward with more money, and the R2.7bn project is woefully behind schedule
The Transport Sector Retirement Fund (TSRF), the custodian of pension savings of 70,000 workers in the road freight and logistics industries, has invested almost 5% of its total capital into a beleaguered "sustainable township".
It’s a curious decision that may prove costly, not least because the housing project has raised far less money than initially planned — and is woefully behind schedule...