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MET
MET
MET - Metropolitan Consortium secures major new Retirement Fund Administration
Contracts and acquires Administration Division of Transnet
METROPOLITAN HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2000/031756/06
ISIN: ZAE000050456
JSE Share Code: MET
NSX Share Code: MTD
("Metropolitan")
Metropolitan consortium secures major new retirement fund administration
contracts and acquires administration division of Transnet
A consortium led by Metropolitan Employee Benefits has been appointed to provide
employee benefit administration services to the three Transnet Pension Funds
i.e. the Transnet Retirement Fund, the Transnet Pension Fund and the Transnet
Second Defined Benefit Pension Fund.
The consortium, comprising Metropolitan and Kagiso Trust Investments, also
purchased the assets and will employ the staff of Transnet Pension Fund
Administrators (TPFA), a division of Transnet Limited. TPFA will be housed in a
newly formed group subsidiary to be known as Metropolitan Retirement Fund
Administrators.
All of the aforementioned is subject to regulatory approval which, if obtained,
is expected to enable implementation from April next year.
Collectively, the Transnet funds have approximately 70 000 active members and 85
000 pensioners.
Wilhelm van Zyl, chief executive of Metropolitan Employee Benefits, says "This
is an extremely exciting opportunity for Metropolitan in an industry where
economies of scale and reduced unit costs are becoming increasingly important.
The new business is particularly well positioned to succeed in a reforming
retirement fund industry where both governance and the quality and cost of
administration are key success factors."
As Van Zyl points out Metropolitan Retirement Fund Administrators will have the
critical mass and the credentials as well as the infrastructure to provide top
quality administration services to retirement funds across South Africa.
End
ISSUED BY SUE SNOW
FINANCIAL MEDIA SPECIALIST
METROPOLITAN HOLDINGS LIMITED
TEL 021 9406119 OR 0833009745
DATE 13 DECEMBER 2006
QUERIES WILHELM VAN ZYL
CHIEF EXECUTIVE
METROPOLITAN EMPLOYEE BENEFITS
TEL 021 9406637 OR 0825753841
JOHN MELVILLE
GENERAL MANAGER: OPERATIONS
METROPOLITAN EMPLOYEE BENEFITS
TEL 021 9405664 OR 0828560349
SPONSOR
MERRILL LYNCH SOUTH AFRICA (PTY) LIMITED
Date: 13/12/2006 08:45:02 Produced by the JSE SENS Department.
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