1. The cost/surplus required of two bonuses of 10% for the Transnet Second Defined Benefit Fund is R326m, and R43m for the Transport Pension Fund respectively. The trustees determine bonus payouts.
2. The respective Board of Trustees of both Funds have not given consideration to pay more than 2 bonuses per year. The current policy of the Funds aims to pay 2 bonuses per financial year.
3. The payment of bonuses is non-vesting in terms of the Rules of the Funds, and is considered on an annual basis subject to actuarial certification and the overall risk environment facing the Funds at the time (including the pending class action). The class action is not the only factor considered in the payment of bonuses. The other factors that play a critical role in the consideration of paying bonuses are, amongst others, the following:
Mogokare Richard Seleke Lynne Brown, MP
Director-General Minister of Public Enterprises
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