Numsa pleads ignorance over Dunlop Pension Fund
by Karl Gernetzky,
2016-03-03 06:08:07.0
THE National Union of Metalworkers of SA (Numsa) said on Wednesday it had no knowledge of a multimillion-rand pension fund belonging to former Dunlop employees who sought to take the union to court this week.
Numsa said it had handed over all documents in its possession regarding the mergers between Dunlop Tyres and Apollo Tyres to the former members and would welcome its day in court should they persist in "tarnishing" the name of the union.
A group of 600 ex-Dunlop employees threatened on Tuesday to take Numsa to court seeking access to documents and records that could relate to the status of surplus benefits and pension monies in a fund they estimate could be worth up to R780m.
The allegations come amid claims by the Congress of South African Trade Unions (Cosatu) that up to R92bn is going unclaimed in pension funds.
Committee chairman Bhekikhaya Ngongoma said on Wednesday Numsa legal representatives had proposed handing over documents, which the committee would begin studying on Thursday.
Numsa KwaZulu-Natal secretary Mbuso Ngubane said on Wednesday the union was willing to hand over any information it had should the former members request it.
"Whatever information is needed by the workers…. We could have availed if we had it in our possession," Mr Ngubane said.
The information on acquisition held by unions was normally limited, he said. Unions were not privy to such proceedings, beyond ensuring the rights and conditions of service were preserved if transferred as a going concern, he said.
Apollo Tyres Africa had entered voluntary business rescue proceedings in 2014, with the employees belonging to entities that were subsequently shut down.
Mr Ngongoma said on Wednesday the employees, representing some 2,000 beneficiaries who lost their jobs in 2014, have only seen partial unaudited financial statements of the fund.
He said the court action had only followed after numerous other avenues were exhausted, including a meeting with Old Mutual, which is administering the fund.
Old Mutual said on Wednesday it was studying a memorandum received this week, and would continue to engage with the affected parties. This engagement had been ongoing for several months and included provision of financial statements. Old Mutual said the firm had three prior retirement funds, while the liquidation of the Dunlop Pension Fund, administered by Old Mutual, had begun in 2008.
It was deregistered in 2012. Employees along with the funds had been transferred to a provident fund between 1998 and 2001.
Old Mutual was "investigating the historical information to better understand the financial flows and to respond to the memorandum", the company said.
Picture: THINKSTOCK
THE National Union of Metalworkers of SA (Numsa) said on Wednesday it had no knowledge of a multimillion-rand pension fund belonging to former Dunlop employees who sought to take the union to court this week.
Numsa said it had handed over all documents in its possession regarding the mergers between Dunlop Tyres and Apollo Tyres to the former members and would welcome its day in court should they persist in "tarnishing" the name of the union.
A group of 600 ex-Dunlop employees threatened on Tuesday to take Numsa to court seeking access to documents and records that could relate to the status of surplus benefits and pension monies in a fund they estimate could be worth up to R780m.
The allegations come amid claims by the Congress of South African Trade Unions (Cosatu) that up to R92bn is going unclaimed in pension funds.
Committee chairman Bhekikhaya Ngongoma said on Wednesday Numsa legal representatives had proposed handing over documents, which the committee would begin studying on Thursday.
Numsa KwaZulu-Natal secretary Mbuso Ngubane said on Wednesday the union was willing to hand over any information it had should the former members request it.
"Whatever information is needed by the workers…. We could have availed if we had it in our possession," Mr Ngubane said.
The information on acquisition held by unions was normally limited, he said. Unions were not privy to such proceedings, beyond ensuring the rights and conditions of service were preserved if transferred as a going concern, he said.
Apollo Tyres Africa had entered voluntary business rescue proceedings in 2014, with the employees belonging to entities that were subsequently shut down.
Mr Ngongoma said on Wednesday the employees, representing some 2,000 beneficiaries who lost their jobs in 2014, have only seen partial unaudited financial statements of the fund.
He said the court action had only followed after numerous other avenues were exhausted, including a meeting with Old Mutual, which is administering the fund.
Old Mutual said on Wednesday it was studying a memorandum received this week, and would continue to engage with the affected parties. This engagement had been ongoing for several months and included provision of financial statements. Old Mutual said the firm had three prior retirement funds, while the liquidation of the Dunlop Pension Fund, administered by Old Mutual, had begun in 2008.
It was deregistered in 2012. Employees along with the funds had been transferred to a provident fund between 1998 and 2001.
Old Mutual was "investigating the historical information to better understand the financial flows and to respond to the memorandum", the company said.
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