ASSETS

As at 31 March 2009 the total market value of the assets of the Fund amounted to R37 739 million.
These assets were held in the following types of investments (per market values as set out in the Audited Annual Financial Statements).

ACTUARIAL REVIEW AS AT 31 MARCH 2008

INTRODUCTION

The Actuaries of the Fund are Messrs. Simeka Actuaries (previous Sanlam Actuaries) who undertook an Actuarial Review of the Fund as at 31 March 2008.

The objectives of the Valuation are to assess the financial position of the Fund with respect to benefits payable, to assess the adequacy of the Employers’ contribution rate and to make recommendations to the Board of Management on pension increases.

ACTUARIAL CONCLUSION

The Fund was in a sound financial position as at 31 March 2008 and the contribution rate was deemed to be adequate. 

The Actuary has not released the final Actuarial Valuation Report.  This is due to the fact that the Actuary, in conjunction with the Trustees and the Financial Services Board, are still finalising the Surplus Apportionment Scheme as at 31 March 2008 in terms of the Pension Funds Second Amendment Act 2001. Once the 2008 Valuation has been finalized and the Surplus Apportionment Scheme approved by the Financial Services Board, the Actuary will release the March 2009 valuation.