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ACTUARIAL REVIEW AS AT 31 MARCH 2008
INTRODUCTION
An actuarial review by Simeka Actuaries (previously Sanlam Actuaries) was carried out as at
31 March 2008 to assess the financial position of the Fund and to recommend an interest rate to be declared on your fund credits.
ACTUARIAL CONCLUSION
The actuary certified that the Fund was in a sound financial position as at 31 March 2008.
ASSETS
As at the 31 March 2008 the assets of the Fund amounted to R23 801m. 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 10 % for the period ended 31 March 2008.
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% |
01/04/07 - 31/03/08 |
10% |
It was further declared that the interim interest rate from 1 April 2008 would be 0% .
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