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ASSETS
As at 31 March 2008 the total market value of the assets of the Fund amounted to R47 920 million.
These assets were held in the following types of investments (per market values as set out in the Audited Annual Financial Statements).
The Investments department of MIBFA managed 48.28% of the investment portfolio, the balance being managed
by external managers.
ACTUARIAL REVIEW AS AT 31 MARCH 2007
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 2007.
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 2007 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 Trustees, in conjunction with the Financial Services Board, are still finalising the Surplus apportionment date of the Fund in terms of the Pension Funds Second Amendment Act 2001. The Pension Funds Act was amended in
September 2007, which will result in Bargaining Council Funds falling under the Pension Funds Act in 2008.
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