Prior to 1990 Transnet had the Railways and harbours pension Fund for Black employees and the Railways and Harbours Superannuation Fund for white employees. In 1990 these two funds were merged into the Transnet Pension Fund which was established under the Transnet Pension Fund Act of 1990 (Act 62 of 1990). Prior to the merger the two pension funds were controlled by the state and had an actuarial deficit of R17.1 billion. The fund has 79 467 members and the average pension received by the members is R2 833 per month, and 40% of the pensioners received less that the State's social pension of R940,00 per month (as in 2008).