A Denel proposal to go the individual annuity route for employees, current and retired, belonging to its medical benefit trust will no longer be opposed.
This is according to a statement issued this week by the beleaguered State-owned defence and technology group providing background to calls for legal action.
“On 9 November Denel received a notice with intention to oppose from the DMBT (Denel Medical Benefit Trust) trustees as well as UASA (United Association of SA).
“Following legal and actuarial consultation the DMBT trustees decided not to oppose the application. They provided court with an affidavit containing their views and issues for its consideration. No opposing papers were filed by UASA by the last date (22 November) provided by the Court for such opposition. Therefore, no affidavits opposing the application were filed by any interested parties,” the statement reads.
To date 405 DMBT beneficiaries have accepted the individual annuity offer, described earlier this month by a Denel pensioner as “a good one” with no chance of funds “being spirited away”.
The Irene, Centurion-headquartered SOE is extending the date for individual annuity application to 9 December following “numerous requests” from beneficiaries for further information or to consult financial advisors.