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FSB clarifies which authority has the relevant oversight over the Transnet Employees’ Pension Fund

Following recent  media articles  about  Transnet Employees’ Pension Fund, the Financial Services Board (“FSB”) deems it necessary to clarify that certain public sector retirement funds, including three funds established under Transnet, are not regulated under the Pension Funds Act, 1956 and, therefore, are not under the supervision of the FSB. These funds are established in terms of separate Acts of Parliament.

Transnet currently has three retirement funds established for its employees, namely, Transnet Pension Fund, Transnet Retirement Fund and Second Defined Benefit Pension Fund. These funds are governed and supervised in terms of the Transnet Pension Funds Act, 1990.

Members and pensioners who belong to the three Transnet funds should approach the individual funds for any disputes or complaints, and if a person is not satisfied with the outcome of the complaint or disputes, such person may approach the Office of the Public Protector for assistance. Plese note that Complainants currently cannot approach the Pension Funds Adjudicator because these three funds are not under the Pension Fund Act (PFA).

The contact details of the Transnet funds and Public Protector are as follows:

Source: FSB