Question NW2798 to the Minister of Public Enterprises
30 October 2017 - NW2798
Alberts, Mr ADW to ask the Minister of Public Enterprises
(1)Whether, given the fact that (a) the (i) Transnet Second Defined Benefit Fund and (ii)Transport Pension Fund have a considerable surplus, (b) a large number of pensioners die in poverty each year and (c) the 2% rule has not yet been adapted, she will consider encouraging the trustees of the various funds to pay more that two ad hoc bonuses to the pensioners who are permitted to receive bonuses; if not, (aa) why not and (bb) what are the full relevant particulars and reasons in this regard; if so, (2) Whether some motivation will be given for paying an extra bonus as early as 2017; if not, what are the full reasons why this will not be done? NW3105E
Reply:
1. Any resolution taken by the Funds for payment of an ad hoc bonus in line with the Rules of the Funds will be considered for approval. There is no provision in the Rules of the Transnet Second Defined Benefit Fund and Transport Pension Fund (”the Funds”), that limits the number of bonuses payable. Ad hoc bonus payments are subject only to affordability, as certified by the Funds’ actuary. The payment of an ad hoc bonus is initiated by the Funds.
2. All requests from the Funds for approval of any ad hoc bonus payment are considered in a timely manner.
Mogokare Richard Seleke Lynne Brown, MP
Director-General Minister of Public Enterprises
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