Transnet Pension Fund Amendment Act 41 of 2000

The Transnet Pension Fund Amendment Act 41 of 2000 intends:

• to amend the Transnet Pension Funds Act, 1990, so as:
  • to insert a definition;
  • to empower the making of rules on the terms and conditions under which members may cede their rights and transfer assets commensurate with those rights from the Fund to the pension fund established by the employer;
  • to provide for the guarantee of the financial obligations of the Second Fund by the employer;
  • to empower the Second Fund to recover from the pensioner money due to Transmed;
  • to deem the obligations of the employer and the State in respect of the new Fund and the Pension Fund to be obligations of the Transnet Pension Fund and the Transnet Second Defined Benefit Fund in proportions determined by the State Actuary;
  • to rectify an error; to provide for the power of the employer to establish a pension fund;
  • to provide for the establishment of the Transnet Second Defined Benefit Fund and to transfer pensioners from the Transnet Pension Fund to the Transnet Second Defined Benefit Fund;
  • to provide for the Rules of the Transnet Second Defined Benefit Fund; and
• to provide for matters connected therewith.  

Commencement

1 November 2000 (Gazette 21720 of 1 November 2000)