{"id":88365,"date":"2024-03-10T08:11:42","date_gmt":"2024-03-10T08:11:42","guid":{"rendered":"http:\/\/courses24.co.za\/?page_id=68193"},"modified":"2024-03-10T08:11:42","modified_gmt":"2024-03-10T08:11:42","slug":"transnet-retirement-fund","status":"publish","type":"page","link":"https:\/\/uni1.co.za\/articles\/transnet-retirement-fund\/","title":{"rendered":"Transnet Retirement Fund"},"content":{"rendered":"\n<div class=\"advads-atf\" style=\"margin-top: 15px;margin-bottom: 20px;\" id=\"advads-2530934312\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-9198760278752355\"\n     crossorigin=\"anonymous\"><\/script>\n<!-- Responsive ads atf -->\n<ins class=\"adsbygoogle\"\n     style=\"display:block\"\n     data-ad-client=\"ca-pub-9198760278752355\"\n     data-ad-slot=\"8381596201\"\n     data-ad-format=\"auto\"\n     data-full-width-responsive=\"true\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/div><p>Transnet Retirement Fund is a defined contribution fund. Transnet has two other pension funds, which are both defined benefit, Transport Pension Fund and Transnet Second Defined Benefit Fund.<\/p>\n\n\n\n<p>The fund will be transferred from the former South African Transport Services to Transnet Ltd. The fund will actuarially determine to have a shortfall of 17.18 billion ZAR.<\/p>\n\n\n\n<p>IF YOU ARE A MEMBER OF THE TRANSNET SECOND DEFINED BENEFIT FUND (TSDBF) OR THE TRANSPORT PENSION FUND (TPF) (both will be collectively referred to as the \u201cFUNDS\u201d), PLEASE READ THIS NOTICE AS THE IMPLEMENTATION OF THE SETTLEMENT AFFECTS YOU.<\/p>\n\n\n\n<p><strong>THE MEMBERS OF THE FUNDS INCLUDE:<\/strong><\/p>\n\n\n\n<p>\u2022 EVERYONE WHO RECEIVES A PENSION FROM ONE OF THE FUNDS<br \/>\u2022 EVERYONE WHO IS AN ACTIVE MEMBER OF THE TPF (EACH EMPLOYEE OF TRANSNET SOC LIMITED, SOUTH AFRICAN<br \/>AIRWAYS SOC LIMITED (\u201cSAA\u201d) OR THE PASSENGER RAIL AGENCY OF SOUTH AFRICA (\u201cPRASA\u201d) WHO CONTRIBUTES TO<br \/>THE TPF).<\/p>\n\n\n\n<p><a href=\"https:\/\/www.gov.za\/sites\/default\/files\/gcis_document\/201409\/218170.pdf\">Access Transnet Pension Fund Act: Pension Fund Rules here<\/a><\/p>\n\n\n\n<p>If you are a person with an interest in the proposed settlement (an \u201cInterested Party\u201d), then you should also read this notice. Geyser &amp; Coetzee Attorneys is the Class Legal Representative of the members of the TSDBF and the TPF (including the PRASA sub-fund of the TPF and the SAA sub-fund of the TPF) in the Class Action Litigation against those two Funds and Transnet SOC Ltd (Transnet).<\/p>\n\n\n\n<p>The Class Action was initiated for claims arising from:<\/p>\n\n\n\n<p>\u2022 An allegation that a representative of Transnet\u2019s predecessor and the predecessors of the Funds made a promise to the members of<br \/>the Funds in 1989. The alleged promise was that pensions would increase each year by a rate of at least 70% of inflation;<br \/>\u2022 An allegation that Transnet took over its predecessors\u2019 obligation to pay an amount into the old pension funds (these are the funds<br \/>that were ultimately replaced by the Funds) that were necessary to maintain the old pension funds in a sound financial position; and<br \/>\u2022 An alleged unlawful donation made by one of the new pension funds to Transnet.<\/p>\n\n\n\n<p>The Class Action Litigation was certified (authorised) by the High Court on 31 July 2014 (Certification Date). Pensioners and other<br \/>members of the TSDBF and the TPF are members of the Class. No current members of the Funds elected to opt out of the Class<br \/>Action Litigation.<\/p>\n\n\n\n<p>The Class Legal Representative has negotiated and signed a settlement agreement with the Funds and Transnet. The Class<br \/>Representatives, Mr JPH Pretorius and Mr MD Kwapa, have also signed the settlement agreement. The parties to the settlement<br \/>agreement have applied to the High Court for a court order that the settlement agreement should be binding on the parties to the<br \/>Class Action Litigation, including all of the members of the Class.<\/p>\n\n\n\n<p>The relevant terms of the settlement agreement are summarised as follows:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Conditions<\/strong><\/h2>\n\n\n\n<p>The settlement agreement must be made an order of the High Court.<br \/>The Minister of Public Enterprises and the Minister of Finance have to approve rule amendments in respect of the TSDBF and the<br \/>Transnet Sub-Fund of the TPF (TSF) to allow the pension increases mentioned in the settlement agreement to be implemented.<br \/>The TSDBF and TSF must adopt pension increase policies that allow the pension increases mentioned in the settlement agreement to<br \/>be implemented.<\/p>\n\n\n\n<p>The PRASA sub-fund of the TPF and the SAA sub-fund of the TPF must obtain necessary approvals for the benefit enhancements<br \/>proposed in the settlement agreement relating to those two sub-funds. Certain of these Conditions might be wholly or partly fulfilled as at the date of this Notice.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Lump sum payments<\/strong><\/h2>\n\n\n\n<p>The parties agreed that within two months of the settlement agreement being signed by them, even if all the conditions above were<br \/>not yet met, each Pensioner would be paid an amount of R10 000.00 (ten thousand Rand). That amount was paid in December 2019.<br \/>The exception is SAA Pensioners, who will be paid after the company approvals required for the payment have been given.<br \/>Approximately one year later (around December 2020), each Pensioner will be paid a second amount of R10 000.00 (ten<br \/>thousand Rand).<\/p>\n\n\n\n<p>Approximately one year later (around December 2021), each Pensioner will be paid a third amount of R10 000.00 (ten<br \/>thousand Rand). Each lump sum payment must be made by the relevant fund less such tax as the relevant fund is obliged to deduct or withhold in respect of each Pensioner.<\/p>\n\n\n\n<p>The Funds retain discretion to grant bonuses in addition to these amounts subject to their rules and policies if that is affordable.<br \/>If a person who was a Pensioner has passed away, or passes away between the Certification Date and the date on which any lump<br \/>sum payment becomes due, then one of two things will happen, depending on the Pensioner\u2019s circumstances:<\/p>\n\n\n\n<p>\u2022 If the late Pensioner leaves any dependents whom the relevant Fund\u2019s rules recognise as a surviving spouse pensioner or as a child<br \/>pensioner, then each of those \u2018new\u2019 pensioners will become entitled to the benefits set out in the settlement agreement, from the<br \/>Pensioner\u2019s date of passing going forward, including where applicable one or more pension increases and\/or one or more special<br \/>lump sum awards, and the deceased estate will not receive the lump sum(s).<br \/>\u2022 If the late Pensioner leaves no dependants who qualify for pensions from one of the Funds or sub-funds themselves, then the late<br \/>Pensioner\u2019s estate will not have a claim against the TSDBF or the TPF or any sub-fund of the TPF or Transnet under the settlement<br \/>agreement or otherwise.<\/p>\n\n\n\n<p>In future, after the 3 lump sum payments have been made, the board of trustees of each Fund will have the power to grant lump sum<br \/>payments as and when they consider it to be affordable, in such amounts as they consider to be affordable.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pension enhancements<\/h2>\n\n\n\n<p>TSDBF and TPF shall continue to grant a minimum pension increase of 2% each year, at the usual time.<br \/>Pensioners will receive different pension increases depending on whether that pensioner is a member of (i) the TSDBF, the TSF or the<br \/>PRASA sub-fund of the TPF; or (ii) the SAA sub-fund of the TPF.<\/p>\n\n\n\n<p>These special pension increases will be granted in addition to the minimum pension increase of 2% granted each year. Special increases for TSDBF, TSF and PRASA sub-fund pensioners:<\/p>\n\n\n\n<p>Within two months of all the Conditions being met the funds will grant a special, across-the-board pension increase of<br \/>11% (eleven percent).<\/p>\n\n\n\n<p>Approximately one year later, the funds will grant a second across-the-board pension increase of 7% (seven percent).<br \/>Approximately one year after the 7% increase, the funds will grant a third across-the-board pension increase of 4% (four percent).<br \/>Note that the PRASA sub-fund will need to amend its rules in order to be able to grant and pay the special increases to its Pensioners,<br \/>and therefore the special increases to be granted by the PRASA sub-fund will not take effect unless and until such time as the relevant employer and Ministerial approval in respect of such rule amendments has been obtained by the fund.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Special increases for TSDBF, TSF and PRASA sub-fund pensioners:<\/h2>\n\n\n\n<p>Within two months of all the Conditions being met the Funds will grant a special, across-the-board pension increase of<br \/>11% (eleven percent).<br \/>Approximately one year later, the funds will grant a second across-the-board pension increase of 7% (seven percent).<br \/>Approximately one year after the 7% increase, the funds will grant a third across-the-board pension increase of 4% (four percent).<br \/>Note that the PRASA sub-fund will need to amend its rules in order to be able to grant and pay the special increases to its Pensioners,<br \/>and therefore the special increases to be granted by the PRASA sub-fund will not take effect unless and until such time as the<br \/>relevant employer and Ministerial approval in respect of such rule amendments has been obtained by the fund.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Special increases for SAA sub-fund pensioners<\/h2>\n\n\n\n<p>Within two months of all the Conditions being met the SAA sub-fund of the TPF will grant a special pension increase to each of its<br \/>Pensioners to an amount determined by its valuator as the pension to which that Pensioner would have been entitled on the date<br \/>the increase takes effect had that Pensioner received an annual pension increase, since the pension was first paid, equal to 70% of<br \/>inflation (year-on-year changes in CPI).<\/p><div class=\"advads-content\" id=\"advads-1945827664\"><div style=\"width: 300px; padding: 20px; margin: 0 auto; border: 1px solid #ddd; border-radius: 8px; background-color: #f9f9f9; text-align: center; font-family: Arial, sans-serif;\">\r\n    <p style=\"font-size: 16px; margin: 0 0 10px;\">Need Information or Confused about Something ? <\/p>\r\n    <a href=\"https:\/\/onlineapplications.co.za\/ask\/\" style=\"display: inline-block; padding: 10px 20px; background-color: #007BFF; color: #fff; text-decoration: none; border-radius: 4px; transition: background-color 0.3s;\">Ask a Question<\/a>\r\n<\/div>\r\n<\/div><div class=\"advads-btf\" style=\"margin-top: 15px;margin-bottom: 20px;\" id=\"advads-3532949024\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-9198760278752355\"\n     crossorigin=\"anonymous\"><\/script>\n<!-- Responsive ads btf -->\n<ins class=\"adsbygoogle\"\n     style=\"display:block\"\n     data-ad-client=\"ca-pub-9198760278752355\"\n     data-ad-slot=\"5513273173\"\n     data-ad-format=\"auto\"\n     data-full-width-responsive=\"true\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/div>\n<div class=\"advads-cpc\" id=\"advads-1172047328\"><p>&nbsp;<\/p>\n<hr \/>\n<p>Sponsored Guide<\/p>\n<hr \/>\n<p><strong>Complete Guide to NSFAS Online Loan Application for South African Students (2025)<\/strong><\/p>\n<p>If you are a South African student looking to pursue higher education but are facing financial difficulties, the <strong>National Student Financial Aid Scheme (NSFAS)<\/strong> is one of the most accessible funding options available. NSFAS provides financial aid in the form of <strong>bursaries and loans<\/strong> to qualifying students at public universities and TVET colleges in South Africa.<\/p>\n<p>This guide will walk you through <strong>everything you need to know about the NSFAS loan application process<\/strong>, from eligibility requirements to application steps and frequently asked questions.<\/p>\n<hr \/>\n<h2>\ud83d\udccc What is NSFAS?<\/h2>\n<p>The <strong>National Student Financial Aid Scheme (NSFAS)<\/strong> is a government-funded financial aid scheme aimed at helping students from low- and middle-income households to access tertiary education without the burden of upfront fees.<\/p>\n<p>NSFAS <strong>offers both bursaries and income-contingent loans<\/strong>:<\/p>\n<ul>\n<li><strong>Bursaries<\/strong>: For eligible students who meet academic and household income criteria (especially for TVET and university students).<\/li>\n<li><strong>Loans<\/strong>: For students who do not meet all bursary criteria or who are pursuing postgraduate qualifications not funded under bursary schemes.<\/li>\n<\/ul>\n<hr \/>\n<h2>\u2705 Who Qualifies for an NSFAS Loan?<\/h2>\n<p>To qualify for an NSFAS loan (especially for postgraduate students or programs not funded under the bursary system), you must:<\/p>\n<ul>\n<li>Be a <strong>South African citizen<\/strong>.<\/li>\n<li>Be <strong>financially needy<\/strong>, with a household income of <strong>less than R350,000 per year<\/strong>.<\/li>\n<li>Have a <strong>valid South African ID<\/strong>.<\/li>\n<li>Be <strong>enrolled or accepted<\/strong> to study at a <strong>public university or TVET college<\/strong>.<\/li>\n<li>Not be funded through another bursary program that covers all expenses.<\/li>\n<li>Maintain satisfactory <strong>academic progress<\/strong> (returning students).<\/li>\n<\/ul>\n<hr \/>\n<h2>\ud83d\udcda Courses Funded by NSFAS<\/h2>\n<p>NSFAS primarily funds <strong>undergraduate qualifications<\/strong>, but certain <strong>postgraduate programs (e.g., PGCE, postgraduate diplomas in education, and professional courses like LLB)<\/strong> may be considered under the <strong>NSFAS loan scheme<\/strong>, not bursaries.<\/p>\n<p>If you\u2019re studying:<\/p>\n<ul>\n<li><strong>Undergraduate degree or diploma<\/strong>: You are likely eligible for a full NSFAS bursary.<\/li>\n<li><strong>Postgraduate study<\/strong>: You may qualify for a loan, depending on the course and funding availability.<\/li>\n<\/ul>\n<hr \/>\n<h2>\ud83d\udcc4 Required Documents for NSFAS Application<\/h2>\n<p>When applying, make sure you have the following documents scanned and ready:<\/p>\n<ol>\n<li><strong>Certified copy of your South African ID or Smart Card<\/strong>.<\/li>\n<li><strong>Parent(s) or guardian(s) ID documents<\/strong>.<\/li>\n<li><strong>Proof of income<\/strong> (latest payslips, UIF, or affidavit if unemployed).<\/li>\n<li><strong>Consent Form<\/strong> signed by your parent(s)\/guardian(s) to allow NSFAS to verify income.<\/li>\n<li><strong>Proof of registration or acceptance at a public institution<\/strong>.<\/li>\n<li><strong>Academic transcripts<\/strong> (for continuing or postgraduate students).<\/li>\n<\/ol>\n<hr \/>\n<h2>\ud83d\udda5\ufe0f How to Apply for an NSFAS Loan Online<\/h2>\n<h3>Step-by-Step NSFAS Online Application Process (2025)<\/h3>\n<ol>\n<li>\n<h3><strong>Visit the NSFAS Website<\/strong><\/h3>\n<p>Go to: <a href=\"https:\/\/www.nsfas.org.za\/\">https:\/\/www.nsfas.org.za<\/a><\/li>\n<li>\n<h3><strong>Create an Account<\/strong><\/h3>\n<ul>\n<li>Click on <strong>\u201cMyNSFAS\u201d<\/strong> and register your profile.<\/li>\n<li>You\u2019ll need a <strong>valid email address<\/strong> and <strong>South African cellphone number<\/strong>.<\/li>\n<li>Choose a strong password and verify your account via email or SMS.<\/li>\n<\/ul>\n<\/li>\n<li>\n<h3><strong>Login and Start the Application<\/strong><\/h3>\n<ul>\n<li>After registration, log in to your <strong>MyNSFAS<\/strong> account.<\/li>\n<li>Click on <strong>\u201cApply\u201d<\/strong> to begin a new application.<\/li>\n<\/ul>\n<\/li>\n<li>\n<h3><strong>Fill in Your Personal Details<\/strong><\/h3>\n<ul>\n<li>Input your <strong>ID number<\/strong>, name, surname, and other details exactly as they appear on your ID.<\/li>\n<li>Provide <strong>household income information<\/strong> and living arrangements.<\/li>\n<\/ul>\n<\/li>\n<li>\n<h3><strong>Upload Required Documents<\/strong><\/h3>\n<ul>\n<li>Upload all supporting documents in <strong>PDF or JPEG format<\/strong>.<\/li>\n<li>Each document must be clear and under the size limit specified.<\/li>\n<\/ul>\n<\/li>\n<li>\n<h3><strong>Submit Your Application<\/strong><\/h3>\n<ul>\n<li>Review your application for accuracy.<\/li>\n<li>Click <strong>\u201cSubmit\u201d<\/strong> and wait for a confirmation message.<\/li>\n<\/ul>\n<\/li>\n<li>\n<h3><strong>Track Your Application<\/strong><\/h3>\n<ul>\n<li>Log in regularly to check your application status.<\/li>\n<li>You will be notified via SMS and email at each stage of the process.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<hr \/>\n<h2>\ud83d\uddd3\ufe0f Important NSFAS Dates (2025)<\/h2>\n<ul>\n<li><strong>Application Opening Date<\/strong>: September 1, 2025<\/li>\n<li><strong>Application Deadline<\/strong>: January 31, 2026<\/li>\n<li><strong>Appeals Period<\/strong>: February 2026 (if rejected)<\/li>\n<li><strong>Disbursement<\/strong>: After registration and approval<\/li>\n<\/ul>\n<p><em>Note: Dates are subject to change; always confirm on the official NSFAS website.<\/em><\/p>\n<hr \/>\n<h2>\ud83d\udcb8 What Does the NSFAS Loan Cover?<\/h2>\n<p>NSFAS funding typically includes:<\/p>\n<ul>\n<li><strong>Tuition fees<\/strong><\/li>\n<li><strong>Registration fees<\/strong><\/li>\n<li><strong>Accommodation (if living away from home)<\/strong><\/li>\n<li><strong>Meals and transport<\/strong><\/li>\n<li><strong>Learning materials (e.g., textbooks)<\/strong><\/li>\n<\/ul>\n<p>For <strong>loans<\/strong>, repayment is only required <strong>once you start working and earn above a threshold<\/strong> (around R30,000 annually, but subject to change).<\/p>\n<hr \/>\n<h2>\ud83d\udd04 NSFAS Loan Repayment<\/h2>\n<p>Repayments are:<\/p>\n<ul>\n<li><strong>Income-contingent<\/strong> \u2013 you only repay when you can afford to.<\/li>\n<li>Administered by <strong>DHET (Department of Higher Education and Training)<\/strong>.<\/li>\n<li><strong>Interest-bearing<\/strong>, but interest rates are low and favorable.<\/li>\n<\/ul>\n<p>You can also apply for a <strong>partial loan conversion to a bursary<\/strong> if you perform well academically.<\/p>\n<hr \/>\n<h2>\ud83d\udd01 How to Appeal a Rejected NSFAS Application<\/h2>\n<p>If your application is rejected, you may submit an appeal via your MyNSFAS portal:<\/p>\n<ol>\n<li>Log into your MyNSFAS account.<\/li>\n<li>Click on <strong>\u201cTrack Funding Progress\u201d<\/strong>.<\/li>\n<li>If rejected, click on <strong>\u201cSubmit Appeal\u201d<\/strong>.<\/li>\n<li>Upload any missing or corrected documents.<\/li>\n<li>Provide a clear explanation or motivation.<\/li>\n<\/ol>\n<hr \/>\n<h2>\ud83d\udcf1 NSFAS Contact Information<\/h2>\n<ul>\n<li><strong>Website<\/strong>: <a href=\"https:\/\/www.nsfas.org.za\/\">https:\/\/www.nsfas.org.za<\/a><\/li>\n<li><strong>Email<\/strong>: <a href=\"mailto:info@nsfas.org.za\">info@nsfas.org.za<\/a><\/li>\n<li><strong>Toll-Free Number<\/strong>: 08000 67327 (Monday\u2013Friday, 8 AM\u20135 PM)<\/li>\n<li><strong>Twitter<\/strong>: <a href=\"https:\/\/twitter.com\/myNSFAS\">@myNSFAS<\/a><\/li>\n<li><strong>Facebook<\/strong>: <a href=\"https:\/\/www.facebook.com\/myNSFAS\">NSFAS<\/a><\/li>\n<\/ul>\n<hr \/>\n<h2>\ud83d\udcdd Final Tips Before Applying<\/h2>\n<ul>\n<li>Apply <strong>early<\/strong> to avoid system overload near the deadline.<\/li>\n<li>Use <strong>your own email and cellphone number<\/strong> (do not use someone else\u2019s).<\/li>\n<li>Double-check that all your documents are <strong>certified and legible<\/strong>.<\/li>\n<li>Keep a <strong>copy of your submission confirmation<\/strong> for reference.<\/li>\n<\/ul>\n<hr \/>\n<p>By following this guide, you can confidently apply for NSFAS funding and move one step closer to achieving your academic and career dreams\u2014without the burden of immediate financial pressure.<\/p>\n<p>&nbsp;<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Transnet Retirement Fund is a defined contribution fund. Transnet has two other pension funds, which are both defined benefit, Transport Pension Fund and Transnet Second Defined Benefit Fund. The fund will be transferred from the former South African Transport Services to Transnet Ltd. The fund will actuarially determine to have a shortfall of 17.18 billion\u2026 <span class=\"read-more\"><a href=\"https:\/\/uni1.co.za\/articles\/transnet-retirement-fund\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-88365","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/uni1.co.za\/articles\/wp-json\/wp\/v2\/pages\/88365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uni1.co.za\/articles\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/uni1.co.za\/articles\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/uni1.co.za\/articles\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/uni1.co.za\/articles\/wp-json\/wp\/v2\/comments?post=88365"}],"version-history":[{"count":0,"href":"https:\/\/uni1.co.za\/articles\/wp-json\/wp\/v2\/pages\/88365\/revisions"}],"wp:attachment":[{"href":"https:\/\/uni1.co.za\/articles\/wp-json\/wp\/v2\/media?parent=88365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}