South African Section

Contents

This page is devoted to explaining the IBM Pensions situation in South Africa.

In South Africa, the Defined Benefit pension fund members are quite well mobilised and have formed a Pension Fund Action Group (PFAG). Their aim is to protect the interests of approximately 500 beneficiaries of the fund.

By South African law, at least 50% of Trustees have to be members elected by members. Some of the PFAG Committee Members have been elected as Member Elected Trustees and are in conflict with the Company Appointed Trustees during Trustee Meetings.

There is currently much discussion in the South African press and parliament about proposed new legislation relating to pension funds.

For more information see the following:

Chronology (Contents in reverse date order)

• Newsletter Number 12 - news from South Africa, December 2001
• He has conquered a giant - From Sunday Times Metro 2 December
• South African retirees to get their share of surplus by right - articles from Personal Finance, 24 November 2001
• Immoral or Illegal? articles from Personal Finance, 10 November 2001
• A slice of surplus cake for everyone - Progress on Legislation
• Ups and downs in surplus jungle - news about the Pensions Fund Draft Bill from "Personal Finance Magazine", 2 September 2001
• Govt consulted over surpluses Item from Saturday Star, 31 March 2001
• The Law is largely to Blame Letter to Financial Mail, 9 March 2001
• Even sand is at risk Letter to Financial Mail, 9 March 2001
• The South African Pension Fund Scandal Letter to The Sowetan, 6 March 2001
• Preliminary comment on the proposed legislation for the apportionment of surpluses (78K)
• Pension Funds Second Amendment Bill 2001 (560K)
• THE BATTLE HOTS UP - Financial Mail, 2nd March 2001
  The draft Pensions Fund Bill
• Swords crossed over workers' pension losses by Ann Crotty, Business Report 27/02/01

• Letter from Elected Trustees - January 2001
• All IBM pension fund trustees need to account to members
• Newsletter No 9. - good explanation but lengthy
• South African Resolution for the Shareholders Meeting 2001
• IBM Pensionsers in South Africa lodge Complaint
• Strip away pensions' veneer to find ugly face of capitalism
  from "Business Report" - South Africa
• Mistakes, recalcitrance, bureaucracy E and pensioners
  - from Business Report (South Africa). By David Gleason

Contacts

• Rudi Goldschmidt - SA Pension Fund Action Group
• Peter Smith - C-Plan(UK) South African Representative