Netwerk24 reports that the Transnet Pensioners Action Group (TPAG) will be nominating three of its members for the upcoming election of new trustees for three of Transnet’s pension funds.  

The TPAG is part of the class action against Transnet and its pension funds in terms of which more than R80 billion is being claimed by pensioners for loss of income and damages since the early 2000’s when Transnet decided to award pension increases of just 2% irrespective of the inflation rate.  The TPAG has proposed Robin Rowe and Laurence Liebbrandt as new trustees of the Transnet Pension Fund sub-fund and Naas Rossouw as trustee of the Prasa sub-fund.  The TPAG alleges that the current trustees, with the exception of Rowe who has served as an alternate trustee since 2013, have not carried out their fiduciary responsibilities of ensuring the financial wellbeing of pensioners.  The pensioners’ class action has been hampered of late by a court ruling over technical objections, against which leave to appeal has been denied. (Loosely translated from Afrikaans)

• Read this report by Francois Williams in full in Afrikaans at Netwerk24 (limited access)

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