Update December 2019
13 December 2019 PRESS RELEASE
ANNOUNCEMENT: TSDBF AND TPF PENSIONERS’ CLASS ACTION
The parties to the class action litigation have signed a comprehensive settlement agreement that will see benefits accruing to pensioners from December 2019.
The settlement agreement entered into between Transnet, the Funds, the Class Representatives and their attorneys arises from years of extensive negotiations. The settlement agreement provides substantial benefits to all members of the Funds.
The settlement agreement was entered into without the admission of any liability by Transnet and the Funds. It seeks to give further recognition to the hard work of many of Transnet’s former employees and the former employees of Transnet’s predecessors. Even prior to the institution of the litigation, Transnet and the Funds have for many years considered multiple options to enhance the benefits payable to Transnet’s pensioners and the pensioners of Transnet’s predecessors. Some of those of the options that were considered, such as payments of bonuses and ex gratia bonuses were implemented but some, for reasons outside of the Parties’ control, could not be implemented. This settlement will make it possible for the benefits payable to pensioners to be enhanced lawfully and without transgressing the applicable rules.
The Parties to this Agreement believe that a compromise settlement is far preferable to all concerned than an inevitably lengthy and expensive litigation process, allowing for affected pensioners to expeditiously receive relief for their conditions.
It must be emphasized, however, that the signing of the relevant documentation does not mean finality has been reached. The implementation of the settlement is subject to certain suspensive conditions, which include the agreement being approved by the Court, amendment of the respective rules of the TPF and the TSDBF by the Minister of Public Enterprises (with the concurrence of the Minister of Finance) (which also requires some employer approvals) and the adoption by the boards of the TPF and the TSDBF of pension increase policies required to give effect to this Agreement. Even if all the conditions to the agreement are not yet met, each pensioner will be paid an amount of R10,000.00 (less any tax) during December 2019. The exception to this, however, is the pensioners of the SAA Sub-fund of the TPF, who will be paid after the necessary company approvals required for the payment have been given.
The parties’ respective legal teams are working together to prepare for the approval hearing which is likely to be held in the Pretoria High Court during April 2020, where the Court will be asked to consider the settlement agreement and to approve it. The members of the Class and other interested parties will be given the opportunity to make submissions to the Court about the terms of the settlement agreement before then, should they wish to do so. Further communication on these processes will follow in early 2020.
The Parties believe the settlement represents a fair outcome for the Class.
Update December 2019
11 December /Desember 2019
Settlement agreement signed by all Parties- Pension Funds confirmed payment still to be effected December 2019 We wish you all a blessed festive season and our offices will re-open on 6 January 2020
Skikkingsooreenkoms is deur alle partye onderteken
Pensioenfonds bevestig betalings sal in Desember 2019 geskied
Ons wens aan almal n geseënde fees seisoen toe en ons kantore sal heropen op 6 Januarie 2020
Update December 2019
Update 6 December/Desember 2019
A Judicial Management meeting took place today where the legal representatives of all parties to the litigation discussed the way forward in this case with the Judge who was appointed to manage the case.It was agreed that the matter be expedited and that the outstanding signatures to the settlement agreement be obtained by 20 December 2019.
The case will be enrolled on 18 February 2020 for the ex parte hearing (for an interim order) of the application for the Judge to consider the settlement order.The commercial terms of the agreement will then be published in various languages in national newspapers.
Pensioners will be allowed an opportunity to comment or raise factual or legal objections to the settlement agreement.The matter will then be heard during the week of 14 to 17 April 2020 for a final order, whereby the matter will be finalised.
We are still endeavouring to have the first payment made before yearend to all pensioners except those of SAA whose payment will be delayed due to SAA business rescue process
'n Vergadering het vandag voor die Regter plaasgevind waar die regsverteenwoordigers van alle partye in die litigasie die pad vorentoe in hierdie saak bespreek het met die Regter wat aangestel is om die saak te bestuur.
Daar is ooreengekom dat die saak bespoedig word en dat die uitstaande handtekeninge op die skikkingsooreenkoms teen 20 Desember 2019 verkry moet word. Op 18 Februarie 2020 word die aansoek aangehoor vir die regter om die skikkingsbevel te oorweeg en 'n tussentydse bevel te maak.
Die kommersiële bepalings van die ooreenkoms sal dan in verskillende landstale in nasionale koerante gepubliseer word.Pensioenarisse sal die geleentheid kry om feitelike of wetlike besware teen die skikkingsooreenkoms te opper.
Die saak sal dan gedurende die week van 14 tot 17 April 2020 aangehoor word om die skikkingsooreenkoms `n hofbevel te maak, waarna die saak afgehandel is.Ons poog steeds om die eerste uitbetaling voor jaareinde te laat geskied aan alle pensioenarisse, behalwe dié van SAL wie se betaling vertraag sal word weens die SAL-besigheidsreddingsproses
Update December 2019
2 December/Desember 2019
The settlement agreement has been finalized and signed by the Plaintiffs and the Funds. Pensioners are also advised that a case management meeting has been scheduled on 5 December 2019 during which meeting the presiding Judge will indicate the date(s) on which the Rule Nisi application will be heard as well as give directions for the finalization of the litigation. We will inform you of the outcome of the above.
Die skikkingsooreenkoms is deur Eisers en die Pensioenfonds onderteken. Pensioenarisse word ook in kennisgetel dat 'n vergadering op 5 Desember 2019 geskeduleer is, waartydens die voorsittende Regter die datums sal vasstel waarop die Reel Nisi aansoek aangehoor sal word en direktiewe uitvaardig vir die afhandeling van die litigasie sal gee. Ons sal u op hoogte hou van die vordering in verband met bogenoemde aangeleenthede.