OPINION - The SA Railways and Harbours pensioners have been treated very shabbily by the board running this pension scheme. There seem to be two pension funds, one of which is the first and is closed - that is, no new members are accepted.
At the last count, there were about 4 000 members of all races living on a pittance. These people were once well looked after, and Entabeni Hospital was used almost exclusively for the sick members of the pension fund.
There are billions of rand in this account. When the most recent report came out late in 2018, I worked out that if the board paid all this money over to the existing members, each pensioner would get a payout of R90 million. Remember this is a closed fund, so as a pensioner dies, the money remains in the fund, which gets bigger.
The pensioners battle to get an annual increase, which is pegged at 2%. They struggle to get bonuses.
They can’t afford food, electricity, or money for transport to the poorly run government hospitals.
Even if each member got R10m, or even R1m each, there would still be billions left over.
This money does not belong to Transnet and it does not belong to the board. It belongs to the pensioners. Businessman Terry Crawford-Browne launched a class action lawsuit on behalf of these pensioners, which was granted.
When is this matter going to go to court and get some relief for these people who are well into their seventies, eighties and nineties?
What’s wrong with Maria Ramos and Trevor Manuel, who permitted billions to be siphoned off to start a cellphone company?
The pensioners are dying. They need their money. Why aren’t these two individuals in jail for maladministration of the fund? What is the board waiting for?
This money can’t be used for any purpose other than to pay the pensions of the pensioners. Is Transnet hoping the last member dies so they can get their hands on the loot? Pay back the money: R90m each! So what if they blow it? It belongs to the old people.
I am not a Transnet pensioner.
Linda Korte Umbilo