Thank you, Madam Deputy Speaker. In view of the current disposal process of Transnet's noncore assets to government and the private sector, the MF finds this Bill crucial in protecting the interests and rights of employees and pensioners who are being transferred due to this process, as well as to allow them to exercise the option to retain their current membership of the fund.
The Bill correctly makes available provisions for subfunds that shall cater for the transfer of liabilities to the new employer. This will secure Transnet's commitment to guarantee the benefit of its funds to its members.
We are, however, interested in the impact this will have on new employees of Transnet as well as the state-owned enterprise employers that have taken over Transnet's noncore business, and the efficacy of the process.
We also express our concerns about the new section 10(b) in respect of which clarity is needed in the event of death. However, we believe that the multi-employer pension fund housed by the Transnet Pension Fund is certainly a good means to extend the risks carried by Transnet and to protect the interests of older members of the fund.
The MF supports the Transnet Pension Fund Amendment Bill. Thank you, Madam Chair.