View Document - Parliament of South Africa

895 FRIDAY, 7 NOVEMBER 2008
896
a pensioner’s annual income. The fund
trustees have the discretion to pay the
bonuses depending upon the Fund’s
financial performance, affordability
(3)
and other considerations.
In terms of section 2 of the Transnet
Pension Fund Act, the fund is vested
with its own legal personality which is
distinct from Transnet or the department.
The mandate of the department is
to provide shareholder oversight over
the state-owned enterprises, it is therefore
not within its mandate to fund the
pension fund.