Transnet Pension Funds Amendment Act (No. 6 of 2007)

27th September 2007

To amend the Transnet Pension Fund Act, 1990, so as to
• delete or amend certain definitions and to define certain expressions;
• provide for the continued existence of the fransnet Pension Fund under the new name of the Transport Pension Fund;
• reflect the new status of the Transport Pension Fund as a multi employer defined benefit fund;
• enable the continued membership of the Transnet Retirement Fund for those of its members who ceased to be employed by a Transnet employer and become employed by an alternative employer;
• provide for the creation of sublunds in the Transport Pension Fund;
• provide that general rules will determine the governance and manage¬ment of the Transport Pension Fund;
• provide that special rules will determine contributions, obligations and benefits applicable to members of a subfund;
• provide for the establishment of subfund boards;
• provide for the valuation of each subfund;
• provide for the deduction from benefits of amounts payable in terms of maintenance orders;
• protect the special tax status of the Transport Pension Fund; and
• empower the Minister to make regulations; and to provide for matters