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After nine years of litigation, the class action brought by impoverished pensioners of the Transnet Second Defined Benefit fund has finally produced a court order confirming a settlement. The pensioners were the ones who had paid for the Fund over the years and it was time that Transnet and the TSDBF became more democratic. Got a subscription voucher? NOTICE TO TRANSNET PENSIONERS Rule Nisi court order granted on 18 February 2020 in the High Court Pretoria. 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Physical Address Waterfall Business Estate 9 Country Estate Drive Midrand 1662 After allegations emerged in court of yet another scam that Regiments Capital used to plunder a Transnet pension fund, Regiments directors quickly agreed to pay half a billion rand to settle all the fund’s claims against it. The parties agreed that within two months of the settlement agreement being signed by them, even if all the conditions above were not yet met, each Pensioner would be paid an amount of R10 000.00 (ten thousand Rand). FF Plus wants to congratulate the Transnet pensioners and their legal team on the finalisation of the nine-year-long court case against Transnet. A hard-won Constitutional Court victory for former Transnet employees has brought the group one step closer in its bid to claim about R100-billion in pension … Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January. Transnet and two pension funds have 20 court days within which to file a plea in answer to the class action claim by about 60‚000 Transnet pensioners. TransNet™ offers you advanced payment solutions with the flexibility, speed, and payment protection you need to meet your customers demand, reduce your risk, and grow your business. Transnet pensioners obtain some redress Court approves settlement agreement. Already subscribed? She said the average age of the remaining 52 000 pensioners is 79 and a protracted legal battle is not in their interests. Q&A: What is the maximum interest on arrear sectional title levies? Transnet pensioners finally get settlement order. After nine years of litigation, the class action brought by impoverished pensioners of the Transnet Second Defined Benefit fund has finally produced a court order confirming a settlement. After that, the fund will aim to increase pensions by 70% of the CPI. The attorney It falls way short of what many pensioners and their dependants expected... A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily. The FF Plus would also like to thank the legal team, namely … Oelofse believed Transnet was deliberately dragging its feet in the hope that more pensioners would die so they would have to pay less, which he said was “scandalous”. transnet prioritising capacity improvements on the coal line 2021-02-19T22:00:00Z TRANSNET INVESTIGATES METHODS TO PREVENT DAMAGE CAUSED BY SEVERE WEATHER PATTERNS The North Gauteng High Court finally declared the settlement a court order today. a) Essentially, the benefit enhancements contemplated by the settlement will only be paid to the pensioners of the Transport Pension Fund and the Transnet Second Defined Benefit Fund at the time the benefit enhancements are provided. Impoverished Transnet pensioners are considering a new settlement offer in the class action brought against the government and Transnet for allegedly plundering the Second Defined Benefit Fund, Beeld reports. In terms of the settlement, pensioners will receive three bonus payments of R10 000 over three years and three above-inflation increases. Lump sum payments “Objecting Party”. Pensioners currently receive a two per cent annual increase annually that is well below inflation. Simply sign in below. That amount was paid in December 2019. Beeld reports that Judge Sulette Potterill, of the Gauteng High Court (Pretoria), dismissed objections by some of the pensioners and made the settlement an … Acting in its role as Transnet’s pension fund manager, Regiments set the fund up on the losing side of the trade, a position that eventually cost the pensioners 133 million rand (US$9.2 million). Use of this site constitutes acceptance of our Terms & Conditions and Privacy Policy. All rights reserved. Section 14B(5) of the Transnet Pension Fund Act of 1990 provided that the control and management of the TSDBF, as well as the benefits due to pensioners and the beneficiaries governed by the rules of the TSDBF, was set out in the schedule to the Act. “The pension class action is the subject of an ongoing court process. The FF Plus says it will meet with pensioners specifically on the matter. confidential relationship is or should be formed by use of the site. Find a South African Lawyer in SA's leading Legal Directory | southafricanlawyer.co.za. trademarks of their respective companies. The pensioners alleged in the class action that they were promised inflation-linked increases in 1989. Redeem it now. Email helpdesk@businesslive.co.za or call 0860 52 52 00. Potterill conceded the settlement was not perfect, but quoted American, Australian and Canadian case law on class actions to reach a finding that the settlement was just and acceptable given the circumstances. The law firm representing pensioners – Geyser & Coetzee Attorneys – published the latest offer, which includes a 13% increase within 60 days, followed by increases of 9% (2020) … Terms and Conditions. The settlement, which is yet to be made a court order, consists of a R30,000 lump sum per retiree, paid in three tranches over two years, and higher annual increases in future. advice, does not constitute a lawyer referral service, and no attorney-client or However, it should be remembered Transnet’s role in the Fund was that of an employer. is a common law trade mark in South Africa; salegaladvice.co.za US crude stocks surge as its petrol stocks fall, just as vaccination in the US gains speed and fuel demand is likely to increase quickly, The budget reflects this administration's incompetence and lethargy, This case relates to employees having dual membership with unions, Party leaders failed again to lay down the law, allowing the former president to keep defying the Zondo commission and the Constitutional Court, Hayward says the board has recommended to shareholders that he remain in the role while the senior management succession is concluded, The budget review recognises that taxes have complicated feedback effects, A strong recovery, already under way, means that prospects for growth are high, Euro trims gains and bonds rally after the ECB opts to accelerate government-debt buying, Manager admits the going will be extremely tough whoever they meet in the next round of the European competition, The junior M has got the stuff to make it a future sports classic. The fund has capped increases at 2% since the early 2000s, notes the report. Your access of/to and use of this site is subject to our standard All will be aware of the settlement negotiations between the legal teams and Transnet that have taken place since 2016 and ran in parallel with the court case. Questions or problems? KHAYA SITHOLE: With a R1bn price tag, will Zondo inquiry have any consequences? The court order prepares the implementation of the settlement, which will improve the financial status of the pensioners. Regiments Capital has agreed to an astounding R500 million settlement with the Transnet Second Defined Benefit Fund (TSDBF). Thousands of Transnet pensioners achieved victory at the Constitutional Court on Wednesday when the court gave their claim to recover billions owed to pensioners a … Beeld reports that Judge Sulette Potterill, of the Gauteng High Court (Pretoria), dismissed objections by some of the pensioners and made the settlement an order of court. A hard-fought legal challenge brought by Transnet pensioners against the state-owned logistics company has after seven years culminated in a settlement agreement, offering only some justice for the long-suffering retirees. High mortality rate among Transnet pensioners indicates that a settlement is urgently needed. © 2021 Arena Holdings. the members of the funds include: • everyone who receives a pension from one of the funds is used used under license. Other products and services may be trademarks or registered Read more at the SA government's online coronavirus portal or use the 24-hour public hotline: 0800 029 999. Please note that southafricanlawyer.co.za Regiments is a financial services company that scored hundreds of millions of rands in business from Transnet with a leg-up from the Guptas and their associates. The Freedom Front Plus had asked Gordhan in May 2018 to discuss a possible settlement of the class action by the pensioners‚ following the Constitutional Court judgment last month. Rule 24 of the Rules of the TSDBF provided for the statutory pension increase of 2%. Transnet, therefore, would prefer not to comment on the details of the case until the process is concluded,” the company said. How would the Western Cape judges answer Oprah? SouthAfricanLawyer.co.za is owned and operated by Blue Label Law CC. Copyright © 2015 - 2021 Blue Label Law CC All rights reserved. The court Order is self-explanatory and available on our website. The Fund’s net investment return over the financial year ending on 30 June 2019 was relatively low, at 4.5%. Lawyers for the pensioners proposed a settlement they believed was affordable to Transnet and would not place the company or the economy at risk. Every rand Regiments made was one the pension fund lost. Pension Increase: JANUARY 2020. settlement if you are a member of the transnet second defined benefit fund (tsdbf) or the transport pension fund (tpf) (both will be collectively referred to as the “funds”), please read this notice as the implementation of the settlement affects you. Should no legal objection be raised the Settlement Agreement will be made a final court order on 14 April 2020 and the terms of the settlement agreement be implemented. PETER BRUCE: Forget about thriving export industries while protecting plodding companies. Disclaimer: The information provided on this site is not legal Mr Moyo replied that Transnet did indeed play a role in looking after their present and former employees. Johannesburg - Lawyers will ask the High Court in Pretoria for approval to bring a class action against Transnet on behalf of 62 160 pensioners from the apartheid years, Rapport reported on … Lawyers for the pensioners proposed a settlement they believed was affordable to Transnet and would not place the company or the economy at risk. listings on the site are either free listings or paid attorney advertisements. R349m ‘stolen’ from pensioners in four days. The settlement, which is yet to be made a court order, consists of a R30,000 lump sum per retiree, paid in three tranches over two years, and higher annual increases in … By Dewald van Rensburg and Sam Sole • 5 September 2019 A Transnet pension fund has accused Capitec Bank of setting itself up to benefit from State Capture abuses by blocking a … The pensioners are contemplating the filing of a class action suit against Transnet. Transnet allegedly owes the pension fund R17.18bn for controversial transactions over the years. Transnet pensioners settlement offers little, late justice, Provisional agreement offers retirees higher annual increases and R30,000 lump sums after seven-year battle, Oil prices are up as US inflation fears recede, JSE set for higher opening after US adopts $1.9-trillion stimulus package, MARKET WRAP: Rand and JSE firm after positive GDP numbers, MARKET WRAP: JSE slips on depressed business confidence, JONNY STEINBERG: A kick in the face of the poor after failing SA with vaccines. NICOLE FRITZ: Silent or silenced? The Freedom Front Plus (FFPlus) says it is committed to ensuring that Transnet pensioners receive what is due to them.. Pensioners are demanding equal benefits under the commercial entity Transnet as they did under South African Transport Services. The pension increase is determined after considering various factors, including the pension increase policy, the Rules of the Fund, and investment returns. In other words, if you are not entitled to a pension from one of those two funds on the relevant date, you are not entitled to benefit from the settlement. Plus the fund paid Regiments more than 220 million rand in management fees. This is also the case for the about 80 000 pensioners who, in 1990, were moved to two Transnet pension funds (based on when they retired), when Transnet became the legal successor of … Legal representatives of Transnet pensioners will meet with the company’s management and trustees on Monday to discuss a possible settlement related to the annual increases of the pension fund. Fast authorization speeds : Receive approvals, denials, or referrals to request additional information instantly. In a recent update to Transnet pensioners, Alberts said negotiations with Transnet over a settlement had failed, and the case would now proceed to court: “I will also speak with (public enterprises) minister Pravin Gordhan to ascertain why Transnet did not heed … Business 2 years ago