Chairperson, this Bill is an important one because it affects the lives of thousands of Transnet workers and pensioners, whose membership of the Transnet Pension Fund is their sole lifeline in their old age and in times of disability. It is thus no wonder that when the selling off of noncore assets out of Transnet was announced, employees were extremely concerned about their vested pension fund rights and hence an extended strike until those concerns were addressed in an agreement with management. The Bill then results from and gives effect to that agreement.
However, it is not only current employees of Transnet and its subsidiaries that are concerned about their vested pension fund rights. The thousands of existing pensioners are equally concerned and thus the evidence before the committee. Perhaps they are even more concerned because they already rely on their vested rights in the fund for their survival. Thus it is not surprising that they find any structural change threatening. Consequently, it is only right that in this debate we dispel also the misgivings and fears of existing pensioners regarding the possible effect of the fund's restructuring.
Upon analysis of the Bill, pensioners can rest assured that their rights, benefits and risks are not affected either for bad or, regrettably, for better. Indeed, the guiding principle of the Bill is to allow the selling off of Transnet's noncore assets without affecting members' vested rights or future benefits.
We fully realise that this does not address the present issue many pensioners have regarding the paucity of their annual pension increases, but that is not the subject matter of, nor is it influenced by, this Bill. Those issues will be dealt with separately and substantively in this House in the near future. Although there are some wording changes to be discussed and probably made and some details to be clarified, the outcome will not be materially altered. On those premises, the DA supports the first reading of the Bill. I thank you.