Transnet Pension Fund Amendment Act 6 of 2007

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6 of 2007

The Transnet Pension Fund Amendment Act 6 of 2007 intends:

  • to amend the Transnet Pension Fund Act, 1990, so as to-
    • delete or amend certain definitions and to define certain expressions;
    • provide for the continued existence of the Transnet Pension Fund under the new name of the Transport Pension Fund;
    • reflect the new status of the Transport Pension Fund as a multi-employer defined benefit fund;
    • enable the continued membership of the Transnet Retirement Fund for those of its members who ceased to be employed by a Transnet employer and become employed by an alternative employer;
    • provide for the creation of subfunds in the Transport Pension Fund;
    • provide that general rules will determine the governance and management of the Transport Pension Fund;
    • provide that special rules will determine contributions, obligations and benefits applicable to members of a subfund;
    • provide for the establishment of subfund boards;
    • provide for the valuation of each subfund;
    • provide for the deduction from benefits of amounts payable in terms of maintenance orders;
    • protect the special tax status of the Transport Pension Fund; and
    • empower the Minister to make regulations; and
  • to provide for matters connected therewith.

Commencement

1 November 2005

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