Transnet refutes pensioners' claims

NEWS 24

Cape Town - Transnet says a recent article about the plight of Transnet pensioners is inaccurate, unfounded and unsubstantiated.

The report in Sunday paper Rapport claimed that plans might be afoot to dissolve the pension fund into which Transnet transferred 65 000 pensioners from the apartheid years and then stripped it of its assets.

Transnet spokesperson Mboniso Sigonyela said several comments had been attributed to chief executive Brian Molefe, including that the plight of the pensioners did not concern him because they were "beneficiaries of apartheid".

He said Molefe never made reference to this term and it was false to suggest that he did not care about the plight of white pensioners.

Court application

"During a conversation with your correspondent last year, Mr Molefe asked why the publication was not also concerned about the situation of black pensioners who received no pension, as under apartheid they were not allowed to belong to a fund," Sigonyela said.

It was thus being put on record that he did not make these comments.

"All group heads at Transnet are worried about our pensioners. It seems that the purpose of the statement is to be deliberately harmful and offensive about the image of the group head and the reputation of Transnet."

The newspaper reported a week ago on the court application by two Transnet pensioners to sanction the institution of a R80bn class action against the parastatal and their pension funds.

The North Gauteng High Court in Pretoria heard arguments on Tuesday and was expected to pass judgment within days.

Being stripped

Rapport had stated that Transnet had stripped a pension fund of its assets and was planning to dissolve it.

Sigonyela said in his letter that it was false to suggest that Transnet had plans to dissolve the fund.

"We made it clear to your correspondent. Transnet has not received such a request for consideration from the board of trustees of the [Transnet] Second Defined Benefit Fund (TSDBF). Transnet has always aimed to act only in the best interests of the fund and its beneficiaries."

He said the allegation that assets were being stripped was another fabrication by the newspaper.

"The board of trustees have, over the past number of years, worked tirelessly to improve the position of the pensioners of the TSDBF."

Best interests

He said the trustees' dedicated efforts had resulted in a financially stronger and more stable fund, surplus assets to the benefit of the fund, bonuses to substantially add to pensions in the future and pensioner-elected trustees.

It was false for the newspaper to report that the TSDBF board of trustees was under Transnet's full control, as the fund was an independent body with fiduciary duties and responsibilities.

With effect from April 1 this year, the board was made of 50% of trustees elected by pensioners and the other half appointed by Transnet, who were all bound to act in the best interests of the fund and its beneficiaries.

Sigonyela said the chair of the fund was not a member of the board of trustees and did not have any voting power except in the event of a deadlock, when he would have the deciding vote.