|
ACTUARIAL REVIEW AS AT 31 MARCH 2006
INTRODUCTION
An actuarial review by Simeka Actuaries (previously Sanlam Actuaries) was carried out as at 31 March 2006 to assess the financial position of the Fund and to recommend an interest rate to be declared on your fund credits.
ASSETS
As at the 31 March 2007 the assets of the Fund amounted to R22 323m . The assets were held in the following types of investments, per market values, as set out in the notes to the Financial Statements
INTEREST DECLARATION ON MEMBERS' FUND CREDITS
The Board of Management in consultation with the Actuary to the Fund declared an interest rate of 27,7 % for the period ended 31 March 2007.
PERIOD |
FUND INTEREST |
01/05/91 – 30/06/92 |
15% |
01/07/92 – 28/02/93 |
13% |
01/03/93 – 31/12/93 |
11% |
01/01/94 – 31/12/94 |
22% |
01/01/95 – 31/12/95 |
19% |
01/01/96 – 31/12/96 |
21% |
01/01/97 – 31/12/97 |
15% |
01/01/98 – 31/12/98 |
9% |
01/01/99 – 31/12/99 |
8% |
01/01/00 – 31/12/00 |
9% |
01/01/01 – 31/12/01 |
15% |
01/01/02 – 31/03/03 |
0% |
01/04/03 – 31/03/04 |
15% |
01/04/04 - 31/03/05 |
15% |
01/04/05 – 31/03/06 |
21% |
01/04/06 -31/03/07 |
27,7% |
It was further declared that the interim interest rate from 1 April 2007 would be 10% .
|