Taxonomies
- Subject areas > Business, Trade and Industry
- Subject areas > Finance and Money
- Subject areas > Labour and Employment
Related documents
- Is amended by Transnet Limited Amendment Act, 1991
- Is amended by Transnet Pension Fund Amendment Act, 2007
- Is amended by Transnet Pension Funds Amendment Act, 2000
- Is commenced by Transnet Pension Fund Act, 1990: Commencement
South Africa
Transnet Pension Fund Act, 1990
Act 62 of 1990
- Published in Government Gazette 12562 on 29 June 1990
- Assented to on 21 June 1990
- Commenced on 1 October 1990 by Transnet Pension Fund Act, 1990: Commencement
- [This is the version of this document from 11 November 2005.]
- [Amended by Transnet Limited Amendment Act, 1991 (Act 52 of 1991) on 22 May 1991]
- [Amended by Transnet Pension Funds Amendment Act, 2000 (Act 41 of 2000) on 1 November 2000]
- [Amended by Transnet Pension Fund Amendment Act, 2007 (Act 6 of 2007) on 11 November 2005]
1. Definitions
In this Act, unless the context indicates otherwise—"actuary" means an actuary who is a fellow of an institute, faculty, society or chapter of actuaries approved by the Minister of Finance;[definition of "actuary" inserted by section 1(a) of Act 6 of 2007]"alternative employer" means—(a)the State;(b)a national public entity as defined in section 1 of the Public Finance Management Act, 1999 (Act No. 1 of 1999);(c)a company, the shares in which were transferred from Transnet to the State or to an entity contemplated in paragraph (b) or (d), or an entity in which such company owns one or more shares; or(d)any other company in which the State or an entity contemplated in paragraph (b) owns one or more shares:Provided that after 11 November 2005—(i)the State or any entity contemplated in paragraph (b) or (d) acquired a business contemplated in section 197 of the Labour Relations Act, 1995 (Act No. 66 of 1995), from Transnet or acquired shares in a company from Transnet;(ii)at the date of such transaction, the business or company had in its employ a person who was a member of any fund established in terms of this Act; and(iii)the State or any entity contemplated in paragraph (b), (c) or (d), as the case may be, is accepted as an alternative employer for the purposes of this Act in terms of an agreement between Transnet and the Minister;[definition of "alternative employer" inserted by section 1(a) of Act 6 of 2007]"alternative group of employers" means a principal employer other than Transnet and an alternative employer in which the principal employer holds shares: Provided that if more than one principal employer owns shares in an alternative employer, that alternative employer falls within the alternative group of employers of the principal employer that owns the most shares in that alternative employer;[definition of "alternative group of employers" inserted by section 1(a) of Act 6 of 2007]"Company" [definition of "Company" deleted by section 1(b) of Act 6 of 2007]"dependent pensioner", in relation to the Transport Pension Fund, means a person who is entitled to a pension paid by that fund as a result of the membership of that fund of a deceased member or a deceased pensioner;[definition of "dependent pensioner" inserted by section 1(c) of Act 6 of 2007]“employer” means an employer within the Transnet group of employers or an employer within an alternative group of employers;[definition of “employer” substituted by section 39(b) of Act 52 of 1991 and by section 1(d) of Act 6 of 2007]“Fund” [definition of “Fund” substituted by section 39(a) of Act 52 of 1991 and deleted by section 1(e) of Act 6 of 2007]"general rules" means the rules contemplated in section 4A(9) and excludes the special rules;[definition of "general rules" inserted by section 1(f) of Act 6 of 2007]“Minister” means the shareholder Minister responsible for Transnet;[definition of “Minister” substituted by section 1(g) of Act 6 of 2007]"pensioner", in relation to the Transport Pension Fund, means a person who is entitled to a pension paid by that fund resulting from his or her membership of that fund;[definition of "pensioner" inserted by section 1(h) of Act 6 of 2007]"principal employer" means—(a)Transnet; or(b)an alternative employer that is accepted as a principal employer for the purposes of this Act in terms of an agreement between Transnet and the Minister;[definition of "principal employer" inserted by section 1(h) of Act 6 of 2007]“New Fund” means the New Railways and Harbours Superannuation Fund referred to in section 2 of the Railways and Harbours Pensions Act, 1971;“Pension Fund” means the Railways and Harbours Pension Fund for Non-White Employees established in terms of section 2 of the Railways and Harbours Pensions for Non-Whites Act, 1974; and“Rules” means the Rules referred to in section 5 of this Act, comprising the general rules and all special rules;[definition “Rules” substituted by section 1(i) of Act 6 of 2007]"Second Fund" [definition of "Second Fund" added by section 1 of Act 41 of 2000 and deleted by section 1(j) of Act 6 of 2007]"special rules", in relation to the Transport Pension Fund, means those rules of that fund that apply to a subfund of that fund only;[definition of "special rules" inserted by section 1(k) of Act 6 of 2007]"subfund", in relation to the Transport Pension Fund, means that part of that fund—(a)to which members, pensioners, dependent pensioners, assets, rights and obligations are attributable in terms of sections 4A(1), (2) and (3); and(b)which is governed by special rules and general rules;[definition of "subfund" inserted by section 1(k) of Act 6 of 2007]"subfund board", in relation to the Transport Pension Fund, means a board contemplated in section 4A(6)(a);[definition of "subfund board" inserted by section 1(k) of Act 6 of 2007]"subsidiary" means a subsidiary contemplated in section 1(3)(a) of the Companies Act, 1973 (Act No. 61 of 1973);[definition of "subsidiary" inserted by section 1(k) of Act 6 of 2007]"Transnet" means Transnet Limited, formed and incorporated in terms of section 2 of the Legal Succession to the South African Transport Services Act, 1989 (Act No.9 of 1989);[definition of "Transnet" inserted by section 1(k) of Act 6 of 2007]"Transnet group of employers" means—(a)Transnet;(b)any company formed in terms of section 32 of the Legal Succession to the South African Transport Services Act, 1989 (Act No. 9 of 1989), in which Transnet owns shares; and(c)any other company in which Transnet or any subsidiary of Transnet is a shareholder, excluding any company that falls within an alternative group of employers;[definition of "Transnet group of employers" inserted by section 1(k) of Act 6 of 2007]"Transport Pension Fund" means the fund referred to in section 2;[definition of "Transport Pension Fund" inserted by section 1(k) of Act 6 of 2007]"Transnet Retirement Fund" means the Transnet Retirement Fund established by Transnet in terms of section 14A;[definition of "Transnet Retirement Fund" inserted by section 1(k) of Act 6 of 2007]"Transnet Second Defined Benefit Fund" means the fund established by section 14B(1);[definition of "Transnet Second Defined Benefit Fund" inserted by section 1(k) of Act 6 of 2007]"valuator" means an actuary approved by the Registrar of Pension Funds contemplated in the Pension Funds Act, 1956 (Act No. 24 of 1956), as a valuator for the purposes of the valuation of retirement funds and appointed in tenns of section 6(1).[definition of "valuator" inserted by section 1(k) of Act 6 of 2007]2. Continued existence and change of name of Transnet Pension Fund
3. Obligations payable from revenue
Obligations which, in terms of regulations promulgated in terms of the Railways and Harbours Pensions Act, 1971 (Act No. 35 of 1971), and the Railways and Harbours Pensions for Non-Whites Act, 1974 (Act No. 43 of 1974), read in conjunction with section 36 of, and item (10)(a) of Schedule 2, Part 7, to, the Legal Succession to the South African Transport Services Act, 1989 (Act No. 9 of 1989), are payable out of the revenue of Transnet shall continue to be payable, but shall be payable out of the revenue of one or more employers in such proportions—4. Determination of obligations and rights of certain members
The Rules must provide for recognition of the periods of membership of the New Fund or Pension Fund, as the case may be, of those members who were previously members of either of those funds for the purposes of determining their obligations to the Transport Pension Fund and the benefits and rights that would have been applicable had they, or the members through whose membership they became entitled to benefits, been contributors to the Transport Pension Fund from the date from which their contributions to the New Fund or the Pension Fund commenced.[section 4 substituted by section 4 of Act 6 of 2007]4A. Division of Transport Pension Fund into subfunds
5. Rules of Transport Pension Fund
[heading substituted by section 6(a) of Act 6 of 2007]6. Actuarial valuation of Transport Pension Fund
[heading substituted by section 7(a) of Act 6 of 2007]7. Benefits from Transport Pension Fund not assignable or executable
No pension or lump sum from the Transport Pension Fund, or right to such a benefit, or right in respect of contributions made by a member or on his or her behalf, shall be capable of being assigned or transferred or otherwise ceded, or of being pledged or hypothecated, or be liable, subject to section 7 of the Divorce Act, 1979 (Act No. 70 of 1979), and the Maintenance Act, 1998 (Act No. 99 of 1998), to be attached or subjected to any form of execution under ajudgment or order of a court of law, and in the event of the beneficiary attempting to assign, transfer or otherwise cede or to pledge or hypothecate a benefit or right, payment thereof may be withheld, suspended or entirely discontinued, if the Transport Pension Fund so determines, provided that the Transport Pension Fund may make payment of such benefit or of any benefit in pursuance of such contributions or part thereof to one or more of the dependents of the beneficiary or to a trustee for such dependent or dependents during sueh period as it may direct.[section 7 substituted by section 8 of Act 6 of 2007]8. How pensions from Transport Pension Fund are affected by insolvency
[heading substituted by section 9(a) of Act 6 of 2007]9. Recovery of certain debts due to employer from benefits payable to members on their dismissal or retirement
If a member of the Transport Pension Fund—10. Application of benefits in liquidation of debts in respect of dwelling-houses
If in any agreement between an employer or another entity, approved by the board of trustees of the Transport Pension Fund which provides housing finance, and a member of the Transport Pension Fund in terms of which the member purchases from the employer any dwellinghouse or in terms of which the member is to receive any loan from the employer or the aforementioned entity in order to acquire land for the purpose of erecting a dwelling-house thereon or to acquire or erect a dwelling-house or to discharge any bond over any land or dwelling-house owned by the member, it is provided that—11. Recovery of amounts in respect of medical scheme
The Transport Pension Fund and the Transnet Second Defined Benefit Fund are hereby empowered to recover money due by a pensioner to Transmed (the medical scheme referred to in section 10(2) of the Legal Succession to the South African Transport Services Act, 1989 (Act No.9 of 1989)), in terms of the Transmed Rules and to pay such money to Transmed.[section 11 substituted by section 4 of Act 41 of 2000 and by section 12 of Act 6 of 2007]12. Guarantee
13. Registration and application of Pension Funds Act, 1956
14. Membership of funds
[heading substituted by section 15(a) of Act 6 of 2007]14A. Powers of Transnet to establish pension funds
[heading substituted by section 16(a) of Act 6 of 2007]14B. Establishment of Second Fund
15. Repeal of laws
The Railways and Harbours Pensions Act, 1971, and the Railways and Harbours Pensions for Non-Whites Act, 1974, are hereby repealed.15A. Minister's powers to make regulations
16. Short title and commencement
This Act shall be called the Transnet Pension Fund Act, 1990, and shall come into operation on a date to be stipulated by the State President in the Gazette.History of this document
11 November 2005 this version
Amended by
Transnet Pension Fund Amendment Act, 2007
01 November 2000
22 May 1991
01 October 1990
Commenced by
Transnet Pension Fund Act, 1990: Commencement
29 June 1990
21 June 1990
Assented to
Cited documents 10
Legislation 10
1. | Public Finance Management Act, 1999 | 2191 citations |
2. | Labour Relations Act, 1995 | 2090 citations |
3. | Income Tax Act, 1962 | 1610 citations |
4. | Pension Funds Act, 1956 | 1517 citations |
5. | Trust Property Control Act, 1988 | 299 citations |
6. | Long-term Insurance Act, 1998 | 295 citations |
7. | Legal Succession to the South African Transport Services Act, 1989 | 240 citations |
8. | Divorce Act, 1979 | 210 citations |
9. | Maintenance Act, 1998 | 112 citations |
10. | Transnet Pension Funds Amendment Act, 2000 | 9 citations |