Transnet Retirement Fund

Transnet Retirement Fund is a private sector pension fund based in Johannesburg, South Africa. Transnet has two other pension funds, which are both defined benefit, Transport Pension Fund and Transnet Second Defined Benefit Fund. The fund was transferred from the former South African Transport Services to Transnet Ltd. In April 1990, the date of transfer, the fund was actuarially determined to have a shortfall of 17.18 billion ZAR. The South African government identified the resolution of the Transnet debt as being necessary. Within this context, the Transnet Pension Fund Amendment Act was passed into legislation to establish three funds; Transnet Retirement Fund became the defined contribution pension fund for active members, the Transnet Pension Fund became the defined benefit pension fund for active members who did not convert and the Transnet Second Defined Benefit Fund was created for pensioners (TSDBF). Transnet is fully owned by the South African government but operates as a corporate entity.Read more ⏷