what is happening with transnet pensioners

Many of them get only R1.00 after medical aid deductions. Annual increases in line with Inflation would have projected to R13,568pm. Furthermore, the memorandum states that most pensioners only receive a mere R 2000.00 or even less per month. A member felt that the fact that there were more pensioners than active members in the fund, suggested corruption at high levels. Transnet pensioners “have no idea what was done with our money, how they invested it, how much was looted,” she said. Cape Town - After years of calling for inflation-linked annual increases, Transnet Second Defined Pension Fund (TSDBF) pensioners may at last see an increase close to 75% of the Consumer Price Index (CPI). We strive to provide extensive professional legal services to our clients’ and take pride in the fact that we not only deliver the highest standards of professional service, irrespective of the size or nature of the client; but also ensure a quick resolution of matters on hand. Just look at the Transnet pensioners. All rights reserved. Get latest Jet Airways News/Updates and Results/Analysis. 15 March 2019. Extra Payments for Pensioners. JOHANNESBURG - Transnet pensioners have been in a legal battle with the utility for over 10 years. Eleven years later, he would have been receiving a Pension of R10,151 per month based upon Transnet’s minimum increases ( 70% of CPI, assumed to be 9,5%pa over that period). FF Plus supports Transnet pensioners in protest march to Union Buildings concerning their pensions. If the case continues and the government loses, it could have an extremely negative impact on our country's credit rating. Well, ask the 70 000 Transnet pensioners who more often than not get more money from an old-age grant than from their pensions! Annual increases in line with Inflation would have projected to R13,568pm. Pension Funds prices and performance includes Fund Overview, Discrete and Annual performance, Fund ratings, Literature, Video & Audio information CAPE TOWN - Transnet pensioners are set to receive 13th cheques to a total value of R178 million, the parastatal announced on Tuesday. The group wanted to claim around R79.963 billion in assets and interest from Transnet. New fund raising R700m+ for 'breakout' SA companies expanding into Africa 'It's happening!' and what about our rates and taxes electricity petrol and food etc.We cant stretch Mandelas R100 notes any further because they not made from rubber!!!!! The memorandum addressed to President Cyril Ramaphosa and the Minister of Public Enterprises, Pravin Gordhan, which was handed over at the Union Buildings, states that pensioners of all races have, over the last few years, received an increase of only 2% per annum while living expenses have risen even higher than the official inflation rate. Transnet pensioners have been in a legal battle with the utility for over 10 years. © 2020 eNCA, an eMedia Holdings company. Freedom Front Plus has been campaigning on behalf of the pensioners. Given the State Pension will rise by 2.5% in April, those receiving the full New State Pension will see their weekly payouts increase by £4.40 per week, taking them to £179.58. This money belongs to future pensioners and we have seen what dud investment returns can do. Ms Taljaard wanted an indication of how much of the Pension Fund’s assets were held offshore. OPINION - The SA Railways and Harbours pensioners have been treated very shabbily by the board running this pension scheme. Meanwhile, thousands of pensioners are living below the poverty line with some couples so destitute they're forced to take turns to eat. … Single pensioners relying on State hits highest in over 20 years . FF Plus supports Transnet pensioners in protest march to Union Buildings concerning their pensions. - More to Follow. In 1989, the then SA National Transport Services agreed to increase pension funds by 70 percent of the rate of inflation plus an annual top-up of inflation plus 2 percent. The Pensioners problems would … Eleven years later, he would have been receiving a Pension of R10,151 per month based upon Transnet’s minimum increases ( 70% of CPI, assumed to be 9,5%pa over that period). Two separate $750 payments have made to households and two more payments of $250 each will be made recognising the ongoing impact of the Coronavirus pandemic. The FF Plus will continue fighting side by side with the pensioners until the matter is settled. The South African government doesn’t impose any tax on overseas pension schemes, although you will need to check how your payments from state pensions overseas might be affected. Those pensioners entitled to the full New State Pension currently receive £175.18, with a total annual income of £9,109. Why is it then happening with regard to the plight of Transnet pensioners? Transnet currently incurs a R200million a year cost (paid directly to Transmed), in addition to R1.2billion set aside as an actuarial liability relating to the 26000 pensioners and dependants. It is a shame that any government would allow something like this to happen and then be so callous as to fight these vulnerable people, who are just asking for what they are entitled to, in court. Transnet pensioners have won the right to launch an R80 billion class action against the parastatal, as they try to claim back missing money. Transnet SOC Ltd spokesman Mboniso Sigonyela said several comments had been attributed to chief executive … You will be eligible if you are currently receiving social security, veteran and other income support or are an eligible concession card holder. The latest breaking news, comment and features from The Independent. Pensioners in bid to sue Transnet ─── 12:27 Sun, 20 Jul 2014. 1 minute read. This was subject to affordability. That is inhumane. SAfm News - Transnet pensioners have won the right to launch an R80b class action against the parastatal as they try to reclaim their missing money. The pensioners said the utility has reneged on a promise to fully pay out their pensions. Transnet Pensioner update 19/02/2019. Knife Capital's Keet Van ... Capitec Bank must OK BEE share sale. Johannesburg - A recent Rapport article about the plight of Transnet pensioners is inaccurate, unfounded and unsubstantiated, the company stated in a letter published in the newspaper on Sunday. The FF Plus has already engaged with Minister Gordhan in an attempt to reach a settlement. RE: CASE MANAGEMENT: Certified Class action. The pensioners say the utility has reneged on a promise to fully pay out their pensions. Regrettably, despite the teams’ new strong … Jacques Kleinhans - 2014-04-22 20:37. Pensioner - 9News - Latest news and headlines from Australia and the world Pensioners stuck in legal battle with Transnet, Sacked Transnet CEO will still receive a salary, Wits student leader arrested during protest, Ugandan opposition leader urges protests against Museveni's rule, LIVESTREAM: Molefe continues testimony at state capture inquiry, Agrizzi 'not making appearances' until vaccinated: lawyer, Anti-xenophobia protest takes place in Durban after attacks, Prasa recruits community members for safety initiative, SPONSORED: I can get thought leadership on AgriBusiness and Renewable Energy, New Zealand skipper Williamson out of Bangladesh ODIs with elbow injury, Asia markets edge up as rate hike fears temper recovery hope. Also get Jet Airways Share/Stock detailed Information on Jet Airways along with top stories and articles on Jet Airways during last 6 months. THIS letter is to inform all old Railway pensioners that the Department of Public Enterprises petitioned the Deputy Judge President regarding our court dates of 8 and 9 May and have asked for an extension of time to submit affidavits and arguments, which should have been done long ago. Poor Transnet pensioners should know by the end of February what is the latest developments in their estimated R80 billion-rand claim against the company. The CPI measured changes in the price level of consumer goods and services purchased by households. The pensioners are demanding nothing more than justice and the payment of their pension money, as Transnet had promised. Transnet pensioners have been in a legal battle with the utility for over 10 years. In the meantime, the FF Plus will continue to fight on behalf of the pensioners to reach a settlement with the government. Rapport article on transnet pensioners 'inaccurate' ─── 15:37 Sun, 27 Jul 2014. Transnet. Good to the oldies who worked so hard all their … What is happening now the FF Plus had predicted a while ago already: The ANC’s money is now finished and pension funds are now being targeted. This is truly a human tragedy that has directly caused the death of many elderly and sickly people and that has doomed tens of thousands of others to lead a precarious existence. Approximately four hundred Transnet pensioners participated in a protest march to the Union Buildings in Pretoria yesterday to once again draw attention to their long-drawn-out battle against the government. Is it true that the Trustees of the TSDBF are appointed by the Board of Transnet, and if so, how do we ensure that the Trustees act independently and in the interest of the pensioners? Approximately four hundred Transnet pensioners participated in a protest march to the Union Buildings in Pretoria yesterday to once again draw attention to their long-drawn-out battle against the government. Pretoria - 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 Sunday. Courtesy of #DStv403. Friday, November 25, 2011. One was an old manager who worked with me. Attention all Transnet pensioners REGARDING the costs of our class action and the implications of opting out or not, when we (Transnet Pensioners Action Group) embarked on our journey to court, one of the items at the top of our list of concerns was how we were going to pay the legal fees and other costs of bringing a … November 18, 2014. Since then only the 2 percent top-up has been paid. For 15 years, desperate Transnet pensioners have been calling for pension increases they could actually live on. Business News. The pensioners know that if the claim against Transnet is successful, it could do significant damage to the government, but at their age they deserve "a humane lifestyle, which they have been robbed of due to Transnet's mismanagement of their pension funds". READ: Sacked Transnet CEO will still receive a salary. Picture:Wynanda W Coetzee via twitter. No settlement has been reached between the parties and … Transnet’s liability in respect of SATS pensioners was in the region of about 11 billion rand and in respect of Transnet ‘s pensioners was about 7 billion rand. By 2013 it had culminated in the country’s largest class action lawsuit, but 5 years later, the case is yet to be heard. State pension age could rise to 70. Business News. False. For UK pensioners in South Africa, this is possible through a Qualifying Recognised Overseas Pension Scheme (QROPS) commonly used by UK expats who have invested in a private pension scheme. Why are we told that the pensioners of the TSDBF are not allowed a say in the appointment of their Trustees? Let us assume that a Transnet Pensioner retired in 1990 with a Pension commencing at R5,000pm. Transnet pensioners suffering for years now,you people make if it is a hell of a bonus, my annual 2% increase = R80 my sickfund goes up with R180. Transnet pensioners are struggling precisely because somebody else had influence over their pensions as investment experts, i.e. Issued by Anton Alberts, FF Plus chairperson, 15 March 2019, Party says it supports protest concerning pensions of approximately 400 pensioners, Ramaphosa's dishonesty on SARB reckless - FF Plus. How much the New State Pension will pay from 6 April 2021. Let us assume that a Transnet Pensioner retired in 1990 with a Pension commencing at R5,000pm. The pensioners say the utility has reneged on a promise to fully pay out their pensions. Transnet and its pension fund have reached a "secret" deal with about 1 800 pensioners who were fed up with the pension settlements they received when they were retrenched between 1996 and 1999. Transnet would continue with ex gratia payments to pensioners with long services and low pensions, focusing on previously disadvantaged pensioners. Pretorius and Another / Transport Fund, Transnet Second Defined Benefit Fund and Transnet Limited 35255/17. We have received a directive from the office of Acting Deputy Judge President to the effect that this matter was allocated for case management. “We will work for scraps until we die,” she added. Hope at last for Transnet pensioners. They also demand better management of their pension funds by the board of trustees as well as a democratically elected independent chairperson. A group of 66,000 pensioners have instituted a civil claim to recover about R79bn they claim Transnet plundered from their pension funds, according to Sunday's (28 April) Rapport.

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