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 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 as it was from 22 May 1991 to 31 October 2000.]
- [Amended by Transnet Limited Amendment Act, 1991 (Act 52 of 1991) on 22 May 1991]
1. Definitions
In this Act, unless the context indicates otherwise—"Company" means the company Transnet Limited, formed and incorporated in terms of section 2 of the Legal Succession to the South African Transport Services Act, 1989;“employer” means the Company or any other company of which an employee is a member of the Fund;[definition of “employer” substituted by section 39(b) of Act 52 of 1991]“Fund” means the Transnet Pension Fund established in terms of section 2 of this Act;[definition of “Fund” substituted by section 39(a) of Act 52 of 1991]“Minister” means the Minister of Mineral and Energy Affairs and Public Enterprises;“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.2. Disestablishment of the New Fund and the Pension Fund and establishment of the Fund
3. Obligations payable from revenue
Obligations which, in terms of regulations promulgated in terms of the Railways and Harbours Pensions Act, 1971, and the Railways and Harbours Pensions for Non-Whites Act, 1974, read in conjunction with section 36(7) of, and item (10)(a) of Schedule 2, Part 7, to, the Legal Succession to the South African Transport Services Act, 1989, are payable out of the revenue of the employer, shall continue to be payable out of such revenue.[section 3 substituted by section 40 of Act 52 of 1991]4. Rights and obligations of members and beneficiaries of the New Fund and the Pension Fund
Members, pensioners and other beneficiaries of the New Fund and the Pension Fund shall become members, pensioners and beneficiaries of the Fund and shall be subject to all the obligations and entitled to all the rights that would have been applicable had they, or the members through whose membership they became entitled to benefits, been contributors to the Fund from the date from which their contributions to the New Fund or the Pension Fund commenced.5. Rules
6. Actuarial evaluation of the Fund
7. Benefits from the Fund not assignable or executable
No pension or lump sum from the Fund, or right to such a benefit, or right in respect of contributions made by a member or on his behalf, shall be capable of being assigned or transferred or otherwise ceded, or of being pledged or hypothecated, or be liable, subject to the provisions of section 7 of the Divorce Act, 1979, to be attached or subjected to any form of execution under a judgment 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 Fund so determines, provided that the 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 dependants of the beneficiary or to a trustee for such dependant or dependants during such period as it may direct.8. How pensions from the Fund are affected by insolvency
9. Recovery of certain debts due to employer from benefits payable to members on their dismissal or retirement
If a member—10. Application of benefits in liquidation of debts in respect of dwelling-houses
If in any agreement between the employer and a member in terms of which the member purchases from the employer any dwelling-house or in terms of which the member is to receive any loan from the employer 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 Fund is 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) in terms of the Transmed Rules and to pay such money to Transmed.12. Guarantee
The obligations of the Company and the State in respect of the New Fund and the Pension Fund in terms of section 3(2) and section 16 of the Legal Succession to the South African Transport Services Act, 1989, shall be deemed to be obligations towards the Fund.13. Registration and application of Pension Funds Act, 1956
14. Employees of companies forming part of group of companies
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.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 amendment not yet applied
Amended by
Transnet Pension Fund Amendment Act, 2007
01 November 2000 amendment not yet applied
Amended by
Transnet Pension Funds Amendment Act, 2000
22 May 1991 this version
Amended by
Transnet Limited Amendment Act, 1991
01 October 1990
Commenced by
Transnet Pension Fund Act, 1990: Commencement
29 June 1990
21 June 1990
Assented to
Cited documents 0
Documents citing this one 19
Gazette 18
- South Africa Government Gazette Regulation Gazette dated 1993-01-22 number 14536
- South Africa Government Gazette Regulation Gazette dated 1993-04-16 number 14735
- South Africa Government Gazette Regulation Gazette dated 1993-07-23 number 15000
- South Africa Government Gazette Regulation Gazette dated 1999-12-24 number 20719
- South Africa Government Gazette dated 1990-09-28 number 12764
- South Africa Government Gazette dated 1992-02-14 number 13767
- South Africa Government Gazette dated 2000-05-29 number 21214
- South Africa Government Gazette dated 2000-12-01 number 21817
- South Africa Government Gazette dated 2000-12-15 number 21918
- South Africa Government Gazette dated 2006-09-01 number 29181
- South Africa Government Gazette dated 2006-10-12 number 29303
- South Africa Government Gazette dated 2007-07-13 number 30067
- South Africa Government Gazette dated 2007-09-07 number 30270
- South Africa Government Gazette dated 2010-12-24 number 33899
- South Africa Government Gazette dated 2011-12-08 number 34829
- South Africa Government Gazette dated 2016-02-08 number 39665
- South Africa Government Gazette dated 2017-07-13 number 40977
- South Africa Government Gazette dated 2020-10-02 number 43758 part 1