Fund, the Transnet Retirement Fund and the Transnet Second Defined Benefit Fund and the Government Employees Pension Fund. the Transport Pension Fund; the Transnet Retirement Fund and the Transnet Second Defined Benefit Fund; and the Government Employees Pension Fund. The work of the Task Team will only commence now. Mr Molefe subsequently took early retirement with effect from the end of December 2016. and the Transnet Retirement Fund. UNTU UPDATE ON ISSUES SURROUNDING THE TRANSNET RETIREMENT FUND. The South African government says that while there’s a general understanding that citizens retire at 55, 60, or 65. The Task Team will also investigate the legal requirements the Transnet Retirement Fund (TRF) will have to adhere to if it wants to allow Transnet Employees to make loans from their pension funds. “This Task Team will formalise the logistics of the proposals to amend the rules of the Transnet Retirement Fund (TRF) to allow Transnet employees to obtain pension backed surety to obtain home and/or other loans. Fund, the Transnet Retirement Fund and the Transnet Second Defined Benefit Fund and the Government Employees Pension Fund. Finally, I wish to thank the staff of the Retirement Funds Division of the Financial Services Board for their work in assisting me to fulfil my regulatory and supervisory mandate. the retirement fund industry and have access to top specialist counsel. Retirement fund trustees have to help their members save enough for a comfortable retirement and make sure they have sufficient insurance benefits to deal with unexpected life events. There is a lot of legal provisions that the Transnet Retirement Fund will have to adhere to before it can apply to Parliament to make amendments to the Transnet Retirement Fund Act to allow Transnet employees to make loans and/or do withdrawals against their pension fund. The Transnet Retirement Fund (TRF) is governed by its own Act. READ MORE: Transnet (and death) cheat aged pensioners out of dignified lives. Transnet hasn’t exactly painted itself in glory over the handling of some 85 000 pensioners, most of whom belong to a closed fund, the Transnet Second Defined Benefit Fund (TSDBF). The rules of the funds being amended to address not only governance issues but also the vexed 2% rule. Peet Maritz, Principal Officer of the Transnet Retirement Fund, says that after the Task Team managed to identify a third party and to sign a Memorandum of Understanding (MOU), the proposal must be submitted to the Board to approve before any Rules of the Transnet Retirement Fund can be amended to allow Transnet employees to obtain the surety from the Fund. Transnet Long Term Planning Framework; Enterprise Development HUB; King III Governance Register; DPE; Legal Notices; Careers. The South African Retirement Annuity Fund is a retirement annuity fund that was started in 1961 and is sponsored and administered by Old Mutual. The EPPF is only really comparable to the Transnet Retirement Fund. To register type: transport.benefitcounsellor.com in your internet browser and follow the 7 easy steps. SWFI facilitates sovereign fund, pension, endowment, superannuation fund … • Transnet Second Defined Benefit Fund – for all members who retired prior to 1 November 2000. The fund … Transnet Long Term Planning Framework; Enterprise Development HUB; King III Governance Register; DPE; Legal Notices; Careers. %PDF-1.4 %���� When you retire you can only withdraw up to one-third of your investment as cash. The United National Transport Union (UNTU) will continue to ensure that proposals to make fundamental changes to the rules of the Transnet Retirement Fund (TRF) to assist our members are prioritised by Transnet as a matter of urgency. This Task Team consists of Representatives from Transnet, the Transnet Retirement Fund (TRF), Momentum as the Administrators of the Transnet Retirement Fund (TRF), UNTU’s President, Hendrik Fourie and Vice-President, Wasserfall and SATAWU. REPUBLIC OF SOUTH AFRICA. ENSafrica is recognised by top ranking agencies for achieving consistently high standards when working on the continent. You would still be able to retreat to the G Fund because you would be making an allowable safe harbor transfer. GAUTENG DIVISION, JOHANNESBURG (COMMERCIAL COURT) CASE NO: 29652/2017. Transnet Retirement Fund. ENSafrica has a substantial retirement funds practice which spans multiple areas of retirement fund specialisations. Transport Pension Fund (formerly known as the Transnet Pension Fund) Transnet Retirement Fund 222 Smit Street Johannesburg Or such other address decided by the Trustees and notified in writing to the Minister. IN THE HIGH COURT OF SOUTH AFRICA. Membership ofthe retirement funds is compulsory. 4. the Fund will continue to debit fund expenses, asset management fees and asset based fees against the member’s retirement savings account, but no further administration fees will be payable; 5. no change instructions requested by the advisory body or an investment adviser will apply to the member after his normal retirement date, unless Transnet Pension Funds Act, 1990. Transnet Retirement Fund – Transnet Second Defined Benefit Pension Fund. O. b. o SA Harris The only other reference to administration expenses is the indication of a decrease of 6% in staff costs and 17% in trustee fees. Transnet Second Defined Benefit Fund. You can transfer your savings from your employer’s retirement fund, or from another fund, to one of our retirement funds: the Allan Gray Pension Preservation or Provident Preservation Funds or the Allan Gray Retirement Annuity Fund. The Transnet Retirement Fund is governed by its own Act and the proposed Pension Funds Amendment Bill will not affect Transnet employees in any way. At the date of incorporation of the company, the Transnet Pension Fund was established in terms ofthe Transnet Pension Funds Act, Act no. On this site, you will find all the information that is required to become an informed member of the Fund. Mr Molefe became a member of the Fund upon his appointment at Eskom, at which time he transferred his retirement benefit of around R4 million from his previous employer, Transnet into the Fund. "h�2 FC�p� 4�"���B$�E�q �i"$IG"@� Ȉ���]���e1 ��e;LfR9��y�fh����jz�=�?o��� ����������8*����g�� ��`�n � ��A���$ }���1 iBQ����Ap�q�Ca���]�C�1��6A"�F�T�]0�M&ЩĊw=��htZ=&�@U8/����T�Ō ~s���M���vy=�_5�����G��@ ��Z x ���p����g����l��r��j2��.�"���hl�0@�p�h���� �0\�a�@P�% ðb΅�� ���\B��$����EL�p�,���4i(e"A p��� ��� Transnet hasn’t exactly painted itself in glory over the handling of some 85 000 pensioners, most of whom belong to a closed fund, the Transnet Second Defined Benefit Fund (TSDBF). Amendments to the Transnet Retirement Fund rules. Name of statute in terms of which it was established. The United National Transport Union (UNTU) will continue to ensure that proposals to make fundamental changes to the rules of the Transnet Retirement Fund (TRF) to assist our members are prioritised by Transnet as a matter of urgency. In 2000 the Act was amended to establish the Transnet Second Defined Benefit Fund to which the then liabilities of the Transnet Pension Fund in regard to its pensioners were transferred. In 2000 an amendment to the Act permitted Transnet to establish new funds, which were set up as defined contribution funds, including the Transnet Retirement Fund. … Latest News. Within the retirement fund, your … UNTU will continue to keep its members abreast of any developments. 1 0 obj << /MediaBox [ 0 0 603 847 ] /Type /Page /Parent 207 0 R /Resources << /Font 186 0 R /ProcSet 233 0 R >> /Contents 2 0 R /CropBox [ 0 0 603 847 ] /Rotate 0 >> endobj 2 0 obj << /Length 3 0 R /Filter /LZWDecode >> stream Adv DP Tshidi Registrar of Pension Funds December 2018. transnet pension fund amendment bill (minister of public enterprises) [b – 2006] Policies and Rules; Contact Us; Welcome to the home page of the Unisa Retirement Fund (Unisarf). 'Transnet Retirement Fund' means the Transnet Retirement Fund established by Transnet in terms of section 14A; 'Transnet Second Defined Benefit Fund' means the fund established by section 14B(1); 'valuator' means an actuary approved by the Registrar of Pension Funds contemplated in the Pension Funds Act, 1956 (Act No. In fact, there is no specific retirement age in law. In terms of section 5 of this Act, the rules were published by the Minister of Public Enterprises in terms of which the Fund was governed. The Transnet Retirement Fund (TRF) is governed by its own Act. The only other reference to administration expenses is the indication of a decrease of 6% in staff costs and 17% in trustee fees. It was also amended to empower Transnet to establish new funds for its employees and Transnet exercised that power by establishing the Transnet Retirement Fund, a defined contribution pension fund. The Transnet Task Team investigating and formalising these proposals have now appointed, … In the matter between: Transnet Second Defined Benefit Fund … 2.4 Should the Fund be established after the Commencement Date, the Rules Fund shall be deemed to take effect on such later date. We hold regular Breakfast with Benefits Seminars that serve as an interactive platform from which we share our thoughts and experiences on pertinent issues and topical developments. Wasserfall confirmed that it is still early days. Significant supervisory issues were identified during these on-site visits in respect of the following: Boards not properly constituted in terms of section 7A of the Act and/or fund rules. Transnet Retirement Fund. We place the member at the centre of all we do. 4A. FundsAtWork Umbrella Funds Retirement withdrawal form Please fill in this form in the fields provided. Its governance is overseen by the Board of Trustees. Transnet Pension Funds Act, 1990. In fact, there is no specific retirement age in law. Name of statute in terms of which it was established. In terms of section 5 of this Act, the rules were published by the Minister of Public Enterprises in terms of which the Fund was governed. Their rules and governing legislation will have to be revised to the extent required for consistency with the PFA although the FSCA may be willing to exempt them from compliance with some of its provisions while they adapt to their new circumstances. Use the tab key to move from one field to the next. Transnet Second Defined Benefit Fund v Regiments Fund Managers (Pty) Limited and Others (29652/2017) [2018] ZAGPJHC 683 (18 December 2018) Download original files. South African Government www.gov.za Let's grow South Africa together The rules have the force of legislation. The Market Demand Strategy (MDS) is Transnet's investment programme aimed at expanding and modernising the country's rail, port and pipeline infrastructure over a period of seven years to promote economic growth in South Africa. This fund can be contacted at the following address: Private Bag X780 Pretoria 0001 www.telkom.co.za » Post Office Pension Fund established in terms of section 9(1) of the Post Office Act 44, 1958. �V�M �����U4 �( gl��Uէ���������kN���8. 01 Mar 2021. GENERAL SECRETARY: UNTU, Phone: 011 728 0120/1/2/3 Email: [email protected] | [email protected], UNTU House, 182 Louis Botha Ave, Houghton Estate 2198, MAKE THIS LOCKDOWN VALENTINE’S DAY EXTRA SPECIAL AT #UNTU PALMS, FEEDBACK: VIRTUAL TNPA NBC HELD VIA MS TEAMS ON 5 FEBRUARY 2021, div#stuning-header .dfd-stuning-header-bg-container {background-image: url(http://www.untu.co.za/assets/bg-15.png);background-size: contain;background-position: center center;background-attachment: initial;background-repeat: no-repeat;}#stuning-header div.page-title-inner {min-height: 400px;}, BUSTED: UNSUITABLE GUEST HOUSES WHERE #UNTU MEMBERS ARE BOOKED, UPDATE: TRANSNET WAGE NEGOTIATIONS (2021), UPDATE: TRANSNET RETIREMENT FUND LOAN PROPOSALS. A new online tool that helps members see their Fund values, help with retirement planning and much more! The Transport Sector Retirement Fund (TSRF) is proud to announce the TSRF Benefit Counselling Tool. The EPPF is only really comparable to the Transnet Retirement Fund. Mr Molefe became a member of the Fund upon his appointment at Eskom, at which time he transferred his retirement benefit of around R4 million from his previous employer, Transnet into the Fund. Retirement fund trustees have to help their members save enough for a comfortable retirement and make sure they have sufficient insurance benefits to deal with unexpected life events. At the date of incorporation of the company, the Transnet Pension Fund was established in terms ofthe Transnet Pension Funds Act, Act no. These include transactional, regulatory, dispute resolution, employment law and employee benefits, tax, exchange control and forensics. For us, retirement fund administration is far more than simply collecting contributions and paying benefits. The Transnet Task Team investigating and formalising these proposals have now appointed, … Transnet Retirement Rules Aviation Union of Southern Africa (AUSA) document Hunter Employee Benefit Law Transnet Pension Fund Amendment Bill [B30-2006] SUMMARY The purpose of the meeting was to review the Transnet Pension Fund Amendment Bill and deliberate, and if possible agree upon the changes proposed to some of the clauses by Transnet. We focus on understanding each retirement fund’s specific needs and how we can support members to achieve their retirement … UNTU UPDATE ON ISSUES SURROUNDING THE TRANSNET RETIREMENT FUND. The rest must be transferred to a product that can provide you with retirement income. 62 of 1990.