Johannesburg - Freedom Front Plus (FF Plus) preparations for a class action against Transnet and its two pension funds are \"at an advanced stage\", its parliamentary spokesman Anton Alberts said on Friday. <\/p>\n
\"We are still waiting for information from the pension funds to finalise the application,\" he said in a statement. <\/p>\n
The party planned to bring the application next month to force Transnet to implement annual increases equivalent to inflation, to compensate pensioners for a decade of below-inflation payments and to ensure the funds were sustainable. <\/p>\n
Earlier this week the FF Plus sent legal letters to Transnet for information about its two pension funds, said Alberts. <\/p>\n
The party sought the minutes of all meetings held since 1994, and all financial statements. <\/p>\n
Transnet has two pension funds: the Transnet Pension Fund and the Transnet Second Defined Benefit Pension Fund. <\/p>\n
These were created in 2000 from a predecessor fund with a history of financial hardship. <\/p>\n
Since their inception, the pension funds had increased benefits by just 2% per year, well below the inflation rate. Over the years many pensioners had fallen into poverty as a result of the low increases. <\/p>\n
\"We are... working as fast as possible on the case given the desperate position of the pensioners,\" Alberts said. <\/p>\n
\"As soon as the application has been submitted we will be informing everybody, and also launch public protest action (on behalf) of the pensioners.\" <\/p>\n<\/p>\n
Read the original: <\/p>\n
Freedom Front Plus to take on Transnet<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Johannesburg - Freedom Front Plus (FF Plus) preparations for a class action against Transnet and its two pension funds are \"at an advanced stage\", its parliamentary spokesman Anton Alberts said on Friday. Continue reading