West Coast Pelagic Fishers
Supplementary Pension Fund
West Coast Pelagic Fishers Supplementary Pension Fund (WCPFSPF) assists qualifying retired former pelagic fishermen and -women with a supplementary pension with the amount depending on their years of service and most senior position held on a vessel in the pelagic fishing sector.
The benefit is paid for a maximum term of 14 years. For members who had passed away, his/her surviving spouse will receive 50% of the benefit for the remainder of the original 14-year term. This 50% benefit falls away when the surviving spouse passes away.
Supplementary Pension (non-contributing fund)
- To members who joined the Pelagic Fisheries industry before October 1988.
- To members who joined after October 1988, but before 1 January 2007 and had left the industry whilst the member must have at least 10 years of service to qualify.
West Coast Fishers Co-operative
The Co-op exists for the benefit of its shareholders and not for private gain. The shareholders are those active pelagic fishers, as well as retired pelagic fishers who had been active in the pelagic fishing industry for at least 10 years, and had done a once-off purchase of shares (R400). All shareholders enjoy the benefit of an annual bonus in applicable years and for qualifying shareholders, as well as up to 14 years of supplementary pension assistance.
The Co-op also provide active medical support to qualifying seagoing fishers, whether they are shareholders or not.
For shareholders who had passed away on/after 4 June 2021, his/her surviving spouse will remain a shareholder in the deceased’s stead for the remainder of the surviving person’s life and will receive the same benefit as the original shareholder. This benefit falls away when the surviving spouse passes away.
To acquire shares in the Co-operative
- The member must be a Pensioner and a member of the Supplementary Pension Fund or
- The member must be an active Pelagic Fisherman / woman.
Medical Assistance Fund
The West Coast Fishers Co-operative also assists seagoing pelagic fishers with a yearly contribution of R3,000 each for medical expenses not otherwise covered through their employers or medical aids.
This is an annual Medical Contribution to members who are actively fishing with the quantum of the contribution based on the tonnage of fish caught on the member’s watch during the previous book year. For example, in the case for the year 2025, awards are made to fishermen who were actively catching fish during the 2024 season.
Management Vision
Dynamic, Transformed and Visionary
VISION:
- To be the role model of sustainable employee benefits for industry, nationwide
- To grow existing Pensioners Benefits through increased business efficiencies and turnover
- To grow the Pension Fund & Medical Cover to all Pelagic Fishers on the West Coast who qualify
Vision Execution:
- Public Officer in charge of operations
- Board of Trustee’s focused on governance and transformation
- Investment commitment to business success
- Growth orientated Investment Strategy
Vision Commitment
January 2021
Weskus Vissers Koöp, through Tiradeprops 153, increases shareholding in boat owning company MFV Atlantic Enterprise Fishing,from 5% to 75%
- Owns the means of fishing,
- Manages quota fulfilment
- Controls revenues
- Increases employment
- Supports Saldanha Industries and Communities
Leases new Co-op and Pension Fund offices in Main Street location
- Administration efficiencies
- Beneficiary centric – Focus on easy access for improved pensioner support
February 2021
Renegotiates long term relationships
- JV term with Oceana / Lucky Star to catch a portion of the Anchovy quota
- JV term with Pioneer Fishing / Glenryck to purchase the balance of the Anchovy quota and catch and purchase the Pilchard quota
Funds generated from the sale of Pelagic Fish (caught & sold by Tiradeprops) gets paid to the Weskus Vissers Kooperasie, which in turn is distributed through dividends into the Pension Fund for onwards distribution to its members. If funds remain after membership benefits are paid out, then bonuses are paid to each member of the Co-op – directly increasing the monetary benefit for members.
All of the above benefits are funded by the income derived from the harvesting and sales of anchovy and pilchard in an allocated right. The West Coast Fishers Co-operative again has as its ONLY source of income, a dividend received from its fully owned subsidiary Tiradeprops 153 (Pty)Ltd, a commercially active fishing company with a Pelagic fishing quota for anchovy and pilchard which fish are caught and delivered to all three processors on the West Coast.
April 2024
Weskus Vissers Koöp, through Tiradeprops 153, purchases a further 15% share in boat owning company MFV Atlantic Enterprise Fishing, taking the total investment in the vessel owning company to 90%
July 2024
Weskus Vissers Koöp, through Tiradeprops 153, purchases 7/64 shares in pilchard boat MFV Viva and contracts the MFV Viva to catch the Pilchard quota, with Pioneer Fishing / Glenryck to purchase the catch.
Contributions and payment
Supplementary pensions from the Fund are paid to qualifying members from age 60 for a period of 14 years. The trustees of the Fund grant annual pension increases to ensure that members’ pensions increase over time and keep at least track with inflation.
The table below shows the increases granted by the Supplementary Pension Fund over the recent years:
|
Increase date |
Inflation |
Increase granted |
% of inflation |
|
1 Jan 2008 |
6.7% |
6.0% |
90% |
|
1 Jan 2009 |
13.0% |
6.0% |
46% |
|
1 Jan 2010 |
6.1% |
5.0% |
82% |
|
1 Jan 2011 |
3.2% |
8.0% |
250% |
|
1 Jan 2012 |
5.7% |
8.0% |
140% |
|
1 Jan 2013 |
5.5% |
8.0% |
145% |
|
1 Jan 2014 |
6.0% |
7.0% |
117% |
|
1 Jan 2015 |
5.9% |
8.0% |
136% |
|
1 Jan 2016 |
4.6% |
8.0% |
174% |
|
1 Jan 2017 |
6.1% |
8.0% |
131% |
|
1 Jan 2018 |
4.7% |
8.0% |
170% |
|
1 Jan 2019 |
4.9% |
8.0% |
163% |
|
1 Jan 2020 |
4.1% |
8.0% |
195% |
|
1 Jan 2021 |
3.0% |
8.0% |
266% |
|
1 Jan 2022 |
7.5% |
8.0% |
6.67% |
|
1 Jan 2023 |
7.2% |
11.1% |
54.16% |
|
1 Jan 2024 |
5.4% |
5.4% |
100% |
|
1 Jan 2025 |
3.8% |
3.8% |
100% |
It is very important to note that is through the special contributions to the Fund by Tiradeprops that the Fund has been able to provide these good increases that are well in excess of inflation over the recent years. These special contributions are made possible by the quota rights awarded to TiradeProps for this purpose.
The contributions made by Tiradeprops to the Fund over the last 14 years are as follows:
|
Date of employer contribution |
Contribution (R) |
|
January 2010 |
1 058 000 |
|
February 2011 |
1 260 000 |
|
September 2012 |
2 400 000 |
|
September 2013 |
2 200 000 |
|
December 2013 |
350 000 |
|
November 2014 |
3 750 000 |
|
December 2015 |
2 040 000 |
|
November 2016 |
1 660 000 |
|
December 2017 |
4 100 000 |
|
December 2018 |
2 500 000 |
|
December 2019 |
2 665 600 |
|
December 2020 |
3 200 000 |
|
December 2021 |
3 200 000 |
|
December 2022 |
800 000 |
|
Total |
31 183 600 |
The current monthly pension amounts paid by the Fund to the different categories of members in 2025 are as follows:
|
Category of member |
Pension per month in Rand |
|
“Skipper” |
3 525 |
|
“Mate & 1st Driver ” |
1 514 |
|
“Bosun & 2nd Driver” |
1 245 |
| “Deckhand” | 1 209 |
IMPORTANTLY: From its inception 19 years ago, the West Coast Pelagic Fishers Supplementary Pension Fund has paid a total of R46,683 million of pensions to members up until the end of 2024.