Some employers have got the tendency of tampering with pension funds, leaving retired employees to their own devices. Hence, the result of a case in which aggrieved Transnet pensioners have been granted leave to institute an R80bn class action against the parastatal and their pension funds on behalf of their colleagues may encourage others to follow suit.
A group of pensioners who can barely make ends meet have accused Transnet of stripping the Transnet Pension Fund and Transnet Second Defined Benefit Fund (TSBF) of its assets and mismanaging them. Now, they claim, extent the funds are unable to meet bligations to members.
The defence which includes the pension fund, Transnet, and the ministers of finance and public enterprises have argued that it is a futile exercise.