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Moneyweb reports that Anglo American has advised pensioners that it will be closing the Anglo American Corporation Pension Fund (AACPF).
The AACPF is the defined benefit fund that employees of Anglo’s Johannesburg Corporate Office were members of. The fund has been closed to new members for almost two decades after the company introduced a defined contribution pension fund. The AACPF has no contributory members and is primarily a pensioner fund. The closure will affect 2,030 pensioners and five employees who have retained their past service in the AACPF. An Anglo American SA spokesperson indicated that against the background of the ageing profile of the AACPF, the Anglo Corporate Division of Anglo Operations had decided to close the fund, but the benefits to which pensioners were entitled would be protected. Future pensions would be paid by Momentum. The spokesperson added that Anglo’s Johannesburg Corporate office, as well as the nature of the work deemed to be core to its business, has changed, and its staff numbers have reduced significantly in recent years in response to changing economic factors and a new organisational structure.
- Read this report by Ingé Lamprecht in full at Moneyweb
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