Pensioners delighted over R64m BMW payout

Some 1 390 former employees of BMW are delighted after the Gauteng High Court (Pretoria) ruled that BMW must pay them R64m in surplus pension money they did not receive. A Cape Argus report says this comes after the pension fund did not pay them their entire pensions in 2008. Each employee was supposed to have been paid R28 000. They received much less. BMW will now have to pay the employees with interest, which amounts to the R64m – part of the BMW Surplus Apportionment Scheme. According to Thandiwe Moshabane from Moshabane Attorneys, who represented the group in court, the employees only received between R13 and R1 000 – instead of R28 000 each in 2008. The court also issued a warrant of execution.

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