Transnet pensioners to get bonus windfall

Thousands of Transnet pensioners who are members of the company’s pensioner-only funds will receive an extra R177 million in ad hoc bonuses this November. The Transnet Board of Directors yesterday approved the payments to members of the Transnet Second Defined Benefit Fund (TSDBF) and the Transnet sub-fund of the Transport Pension Fund (TTPF).
The latest payment is in addition to total bonus payments of R1 866 billion made by Transnet’s pensioner-only funds since 2007.
Each member or beneficiary will receive a bonus payment of 8.33% of their annual pension – an equivalent of a 13th cheque - from their respective fund.
This bonus payment is the second this year for the pensioners.
In addition, for some pensioners this will be a third windfall. Transnet made an ex gratia payment of R70 million in September this year targeting those pensioners with low pensions despite having long service. This takes the total ex gratia payments by Transnet to its most disadvantaged pensioners to R448 million since 2007.
"These payments continue to supplement the current statutory increase of the beneficiaries. They are also intended to ensure that our pensioners’ income tracks inflation," a spokesman said.