utilisation:
ENTITY |
REF |
DATE |
SURPLUS |
UTILISATION |
Transport Pension Fund |
31 March 2010 |
R1605m |
- |
|
aa |
31 March 2011 |
R1739m |
- |
|
bb |
31 March 2012 |
R1548m |
R120m as a Transnet 8.333% bonus |
|
cc |
31 March 2013 |
R1453m |
R62m as a Transnet 8.333% bonus, and extra 2.47% pension increase for SAA and PRASA respectively |
|
dd |
31 March 2014 |
R2903m |
R68m as two Transnet 8.333% bonuses, and extra 2.42% pension increase for SAA and PRASA respectively |
|
ee |
31 March 2015 |
R3644m |
R73m as two Transnet 8.333% bonuses, and extra 1.02% pension increase for SAA and PRASA respectively |
|
31 March 2016 |
R4325m |
R72m as two Transnet 8.333% bonuses, an extra 2.42% pension increase, and 13th cheque bonus for SAA and PRASA respectively |
||
31 March 2017 |
- |
R70m* |
||
Transnet Second Defined Benefit Fund |
31 March 2010 |
R2835m |
- |
|
aa |
31 March 2011 |
R2733m |
R335m as two Transnet 8.5% and 8.333% bonuses |
|
bb |
31 March 2012 |
2346m |
R520m as a Transnet 10% and two 8.333% bonuses respectively |
|
cc |
31 March 2013 |
R2167m |
R155m as a Transnet 8.333% bonus |
|
dd |
31 March 2014 |
R2983m |
R305m as two Transnet 8.333% bonuses respectively |
|
ee |
31 March 2015 |
R3145m |
R300m as two Transnet 8.333% bonuses respectively |
|
31 March 2016 |
R3807m |
R294m as two Transnet 8.333% bonuses respectively |
||
31 March 2017 |
- |
R360m** |
Notes:
* Uses after 31 March 2016 were two Transnet bonuses of 10% and 11% respectively, and an extra 2.07% pension increase and 13th cheque bonus for SAA and PRASA respectively
** Uses after 31 March 2016 were 10% and 11% bonuses respectively
(2)(a) The surpluses have been used to pay bonuses to beneficiaries of the Transnet Pension Fund and Transnet Second Defined Pension Fund.
(b) The expected future uses a mixture of bonuses and pension increases above 2%, should the Rules be amended to allow this.