transnet pensioners pay dates 2020

Transnet Request for documents  - To download full document please follow the link, TRANSNET PENSIONERS PRESS RELEASE 8 MAY 2013, TRANSNET PENSIONERS CLASS ACTION – NORTH GAUTENG HIGH COURT, PRETORIA. and large of a technical nature and does not detract from the settlement that 3.3 Klas lede sal nie die samesmelting en konsolidasie van die Fondse opponeer nie en verder op die voorwaarde dat Transnet nie enige aanspraak maak op die oorskotte in enige van die Fondse voordat sodanige samesmelting of konsolidasie en verder geen partye enige stappe sal neem wat die Fondse se rade of enige ander party mag neem ten einde die Fondse te registreer (of `n gekonolideerde fonds) in gevolge die Pensioen Fonds Wet van 1956, belemmer. geplaas waarin hulle sou wees indien Transnet en die fondse hulle Those pensioners entitled to the full New State Pension currently receive £175.18, with a total annual income of £9,109. TRANSNET PENSIONERS UPDATE 22 DECEMBER 2014 Transnet's leave to appeal dismissed with costs in SCA on the grounds that an appeal has no reasonable prospect of success! For example, Rule 5(5) of the pension fund rules of the Transnet Second Defined Benefit Fund provides as follows: “(5) The duty of the chairperson, members of the Board of Trustees and their alternates towards the Fund shall be of a fiduciary nature and they shall, when acting in such capacities, act only in the interests of the Fund, to the exclusion of all other considerations or objectives. Waarom kan elke pensioenaris nie ten minste R2 miljoen ontvang as deel van die skikkingsooreenkoms nie? Transnet Despite the acknowledgement by the Portfolio Committee of the dire circumstances of pensioners and the need to alleviate their plight no steps were taken to date to alleviate the plight of the approximately 65 000 pensioners affected by the mismanagement of the fund by the Trustees acting in concert with Transnet. Teen hierdie agtergrond het die regspan, nadat daar aangedring is op toegang tot Transnet en die Fondse toegang verleen tot die rekords vir `n periode van 22 jaar, voortgegaan en `n aansoek geloods vir die sertifisering van `n klasaksie. The same will happen to your pensions if the greedy ANC get their hands on your pension fund monies for ” infrastructure developement”. BEREIK IS MET TRANSNET EN   DIE When the date becomes available it will be posted, Die aansoek om verlof tot appel was vanoggend geargumenteer in die Pretoria Hoehof en uitspraak was voorbehou tot die laaste week van Julie 2016. 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. Please consider contributing as little as R20 in appreciation of our quality independent financial journalism. Kindly confirm your attendance by 4 March 2020 as there is limited availability for 20 pensioners per session. 2. Geen pensioenaris of begunstigde het enige besware geopper of verkies om nie deel van die groep te wees nie. Further documentation were requested and after same were delivered to Defendants exceptions were raised by both Pensions Funds and Transnet to the Particulars of Claim and minor amendments were done to the Particulars of Claim. The Fund failed to get any dividends from these shares as the shares were held in a Trust of which the Fund was allegedly a beneficiary. a) Die geld wat deur die Transnet Tweede Vastevoordeelfonds verhaal is, vorm deel van die fonds se bates waaruit die betalings aan pensioenarisse gemaak word. begunstigdes van lede in gevalle waar die lede reeds oorlede is en die Wat is die resultaat as die skikking nie op 17 Junie 2020 'n bevel van die hof gemaak word nie? Despite numerous requests to address the financial woes of the pension fund Transnet and the State refused to comply with the statutory imperatives contained in the legislation. Verduideliking oor die proses van die skikkingsooreenkoms. b) The pensioners are advised to liaise with Momentum- the pension fund administrator in order to get clarity on their concerns. 3. People please keep your fingers crossed for TRANSNET PENSIONERS CLASSACTION- The Judgement will be handed down on Thursday 31 July at 9h30 in Court 4 A. In addition to the undertakings section 16 of the Legal Succession Act South African Transport Services Act, 1989 provided fundamental guarantees relating the obligations of the South African Transport Services pension funds which were subsequently disestablished with the formation of Transnet. In order to circumvent any possible delay in the process we 6. 220.000-Volt-Höchstspannungsleitungen; über 80 Transformatoren verbinden es mit den regionalen 110.000-Volt-Verteilnetzen. besluite? 17. Die regspan het nooit hierdie siening gehuldig nie. In respect to the pension funds in existence at the time the Government gave firm undertakings that service benefits of employees would not in any way be changed by the formation of a company. Transnet and the Pension Funds have filed affidavits in opposition to our application to which affidavits we have to reply on or before 27 February 2017. 28. Three actuaries investigated the financial effect of the settlement and independently came to the conclusion that this is a reasonable and affordable settlement with which all legal teams agreed. ­­­­­­­­­­­­­­­­­­­­­­­PENSIONERS UPDATE-VICTORY 25 April 2018. 13. Notices have been published in a number of newspapers and on social media and sent directly to pensioners either by email and/or post. It seeks to give further recognition to the hard work of many of Transnet’s former employees and the former employees of Transnet’s predecessors. The legal issues under consideration are largely novel legal issues and in the end, the final decision would, in any event, lay with the Constitutional Court. Without the above guarantees being honoured Transnet unilaterally cancelled the T011 stock in February 2001 in exchange for 75 million M-Cell shares. 29: By the end of the month, Annual Pensioners' Statements will have been sent to all pensioners. lost thereby. If the Appeals court can’t make a simple call why did they block the class action from going to the Constitutional courts? Her husband worked for the railway for 28 years but, after a stroke, he was placed on early retirement. 4 May 2018. The State Actuary determined this debt to be R17.18 billion plus interest from 1 April 1990. Transnet  Pensioners update 6 September 2016. Your pension is payable on the 28th of each month, except when the 28th falls on the weekend. We accordingly are of the view that we should now inform pensioners of the basis on which negotiations were conducted in order to seek the Plaintiff’s instructions on the current position as put forward by Transnet. The fund has capped increases at 2% since the early 2000s, notes the report. voordeel van die skikking nie. but await Transnet and the Funds’ comment thereto in Let’s see if this post can past the ‘’ moderator’’ – lately we seem to have a big difference of opinion! 29. Applicants filed their Heads of Argument on 25 February. The issues at stake in the claim where the exception was upheld revolves around the promise made to the Pensioners prior to the formation of Transnet in relation to the 70% of CPIX annual increases to their pensions. PTAfiling@judiciary.org.za as well as to our offices using email address: wynanda@geysercoetzee.co.za. geplaas waarin hulle sou wees, Die fondse se pensioen verhogings beleid en reëls moet gewysig word om Ons almal het `n wenslys maar is gebonde aan die beginsel van bekostigbaarheid gedagtig aan die huidige ekonomiese klimaat. The result was that the legacy debt increased every year and in the period 1993 – 1994 Transnet could no longer guarantee the financial viability of the pension fund. have furnished Transnet with a draft affidavit which we intend to file at Court Die totale We have finalised our application The Judge President of the Supreme Court of Appeal finally dismissed the Pensioners' application for special leave to appeal to the Supreme Court of Appeal on the basis that there are no extraordinary circumstances justifying the reconsideration of the initial refusal to grant leave to appeal. The trustees that signed the settlement agreement did so as representative of the pension fund of which they are a trustee. rente deur Transnet betaal was op die effekte nie. Transnet en die fondse het hierdie belofte This conduct by the Investment Committee acting in concert with Transnet caused a strain to the Fund of R4, 869 billion. 13. The guarantees included all obligations of the South African Transport Services in respect of its pension funds. We have one month to file replying affidavits’ on both applications. per maand. Die volgende drie jaar se By no means could we force the Trustees of the Funds to increase pensions or make any bonus payment to the pensioners despite the possibility of the Funds being fully funded. hierdie siening is waarskynlik op die betrokke pensioenaris se wenslysie geskoei. The Application was issued with the Office of the Chief Justice on Monday 5th September 2016. TRANSNET PENSIONERS UPDATE 8 NOVEMBER 2016. a) In wese sal die voordeleverbeterings wat deur die skikking beoog word, slegs betaal word aan die pensioenarisse van die Transport pensioenfonds en die Transnet Tweede Vastevoordeelfonds op die tydstip waarop die voordeelverbeterings voorsien word. As alternatief vir die indiening van die beswaar, word u versoek om u besware per e-pos aan die Hof in te dien deur middel van die e-posadres: PTAfiling@judiciary.org.za, sowel as ons kantore met die e-posadres: wynanda@geysercoetzee.co.za. fondse in 2003. Gesamentlik met die bonusse en die pensioen verhogings is die waarde 98.85% van wat die gemiddelde pensioenaris sou ontvang het indien Transnet hul belofte nagekom het. The pensioners also need to bear in mind that either party might ask for leave to appeal, special leave to appeal later on and an appeal might follow which can take another year or two to finalise with no guarantees of better pensions. b) The settlement agreement fully and finally disposes of all of the underlying claims and disputes that gave rise to the class action. Pensioners will be allowed an opportunity to comment or raise factual or legal objections to the settlement agreement.The matter will then be heard during the week of 14 to 17 April 2020 for a final order, whereby the matter will be finalised. Wat was die gemiddelde pensioen van lede van die TSDBF imageBtnNext: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", King III en IV verslae. The court Order is self-explanatory and attached here in under. In terms of the current proposal approximately R3 billion will flow back to the pensioners and beneficiaries over the next 3 years. }, false); die Transport Fonds assook die TSDBF Fonds het dit geblyk dat Transnet (toe nog This is well known. Die Transnet again filed an exception to the Particulars of Claim and it is currently addressed. (T-TPF)  is die ander betrokke partye by We are well aware of the fact that this proposed award will be a life saver for many pensioners and make a meaningful difference in their particular situation. a) Daar is 'n aantal pensioenarisse wat regtig slegte advies ten opsigte van die skikkingsooreenkoms aanvaar het. 3.4 In die geval waar enige voordeel verbetering aan lede van PRASA en/of SAA sub-fondse toegestaan sou word, ooreenkomstig die diskresie van dir TPF hoof raad en/of sub-fonds rade sal dit nie befonds word deur die gekonsolideerde bates van die T-TPF en die TSDBF (ongeag of dit formeel of informeel gekonolideer is), dit sal egter befonds word uit die geoormerkte bates van PRASA en SAA sub-fondse, ten einde die lewensvatbaarheid van die voorstel ten aansien van die T-TPF en TSDBF se lede te verseker. Sy Edele Regter Legodi het vandag, 5 Augustus 2016 uitspraak afgehandig op die Aansoek om verlof tot appêl teen sy bevinding op die eksepsies wat geliaseer is ten aansien van die Besonderhede van Vordering in die Pensionarisse se saak. order not to delay the matter going forward. The SAA sub-fund pensioners will be paid a once-off increase to bring the pensions to where they would have been had they been awarded the 70% year-on-year inflation adjustment. We are of the view that a fair settlement of the case would be in the best interest of all the pensioners as a long protracted trial might delay the finalisation if the claims. uitvaardig vir die afhandeling van die litigasie sal gee. On Tuesday 21 June 2016 in the High Court Pretoria, an application for leave to appeal against the judgement granted on 18 May 2016 will be argued. toe onderhandelinge begin is. The balance of the legacy debt, approximately R 6.786 billion, remained unsecured and unpaid at the time and despite the clear imperative to pay interest on the legacy debt the coupon rate of the T011 stock did not adequately reflect capital and or interest redemption on this debt. en dat ons dit moet ondersoek met die oog om dit te wysig. All Transnet Pensioners are again advised that Mrs Wynanda Coetzee of the attorneys Geyser & Coetzee Attorneys acts on behalf of the Applicants and that the application has been issued under case number 25095/13 in the North Gauteng High Court, Pretoria. I calculated in Excel what my MIL’s pension would have been if the 70% of inflation increases had been kept. geskoei op bekostigbaarheid en word tans onderhandel. The time frames have now lapsed and we are happy to announce that summons was issued on 5 June 2015. aktuariële verslag voor die Hof dien om die aktuariele syfers te ondersteun en By its nature class actions do not cater for individual consultation as it is simply impossible to engage with all the pensioners. inflation Wat Further information may be accessed at the following website: www.geysercoetzee.co.za. ANNOUNCEMENT: TSDBF AND TPF PENSIONERS’ CLASS ACTION. function getSelectedText() { Her experience includes working for auditors, large corporates, and Sars. It was therefore incumbent on the State to honour the statutory guarantee in these circumstances. 25. Na uitreiking van die dagvaarding het Transnet en die Fondse verskeie eksepsies teen die pensioenarisse se eise geliaseer. There is no political involvement or affiliation in this litigation and same will not be tolerated. As you have been aware we have been engaged in protracted negotiations with a view in reaching a settlement in order to address the dire position of the pensioners. During October 2000 and upon the request of Transnet a resolution was passed by the Investment Committee of the Transnet Pension Fund to cancel the Fund’s holding of T011 bonds subject to: - Transnet Limited confirming that it guarantees the employer obligation towards the Fund; and. Following the advice of our lead senior counsel, Advocate Wim Trengove SC we have decided to apply to the Constitutional Court for direct access to the Constitutional Court to appeal the ruling by the High Court in Pretoria. b) Dit is wettiglik nie moontlik in terme van die reëls van die fonds nie. 19. It is furthermore not appropriate to discuss settlement negotiations whilst such negotiations are conducted. Initially, we put forward a proposal to Transnet and the funds which we believe to be equitable and sustainable in addressing the plight of the pensioners whilst taking into consideration the financial position of the funds as well as Transnet’s liability to fund any shortfall which may arise from our settlement proposals. regverdig nie. Vanaf Jaar 4 sal die minimum pensioen verhoging steeds toegepas word en sal die Fondse se pensioen verhogings voorskrifte as teiken (maar nie gewaarborg) jaarlikse verhogings van 70% van inflasie beoog (bereken met inagneming van die minimum pensioen verhoging). 9. We are available for discussion during two separate sessions respectively 9h00 and 12h00 on 9 March 2020 at our offices- 9 Baobab nook Zwartkops Centurion. 16. Combined with the guaranteed bonuses the pension increases would amount, in value, to 98.85% of what the average pensioner would have received had the promise been kept by Transnet. "left": x Die oorblywende aangeleenthede waaroor nog onderhandel moet word is nie van wesentlike belang vir die pensioenarisse nie Dit handel meestal met uitvoeringsvoorskrifte ten aansien met toekomstige pensioen verhogings en koste. a) Die hofbevel maak voorsiening vir die verskillende maniere waarop die skikkingsooreenkoms en die inhoud van die ooreenkoms aan belanghebbende partye versprei word. Dit is eenvoudig uit iemand se duim gesuig en In the Transnet judgment, Potterill J continued to develop the law regarding class actions and the judgment will likely constitute an important source of authority on the issue of class action settlement going forward.”. bring sodat die pensioenarisse se posisie reggestel kon word. Die Pensionarisse se saak is steeds op dreef en ons sal u op hoogte hou van toekomstige vordering op hierdie webwerf. Directive of Zoom Court hearing will be provided on Monday. egter gebonde aan die uitslag van die klasaksie al stel u nie belang in die The Parties to this Agreement believe that a compromise settlement is far preferable to all concerned than an inevitably lengthy and expensive litigation process, allowing for affected pensioners to expeditiously receive relief for their conditions.