Frequently asked Questions
Question 1: Please provide a copy of the signed statutory actuarial valuation report as at 30 June 2009. If the report has not yet been completed please provide the date on which it is expected to be completed and provide a copy as soon as it is completed.
Answer 1: Actuarial Valuation Report
An interim valuation as at 30 June 2008 was performed. This report is also attached.
The next statutory actuarial valuation of the Fund will be performed as at 30 June 2009. This valuation can only commence after finalization of the annual financial statements for the financial year ended 30 June 2009.
It should be completed and ready for distribution 8 weeks after the actuary has received all outstanding information required to perform the actuarial valuation of the Fund.
Question 2: Please provide the current required contribution rates for the insured death benefits and the funeral benefits
Answer 2: Current required contribution rates of insured death benefits and funeral benefits
A fixed percentage is allocated towards the costs of risk benefits and expenses relating to the management and administration of the Fund – currently 6% of pensionable salaries.
The cost of Group Life Cover (lump sums as per Rules in addition to Member Shares) for the period 01/01/2010 to 31/12/2010 is 5.41% of pensionable salaries and the cost of Funeral Life Cover for the period 01/01/2010 to 31/12/2010 is R 31.00 per member per month.