Download the Annual report 2011 - Unisa

UNISA ANNUAL REPORT 2011
The University expects R45,4 million in contributions to be paid to the funded defined benefit plan of which
employee contributions are R15,3 million and employer contribution is R30,1 million.
12.4 Former Vista University Distance Education Centre (Vudec)
The assets of the Vista University Pension and Provident Funds are held independently of the University of
South Africa’s assets in a separate fund administered by SANLAM. The Vista University Pension and Provident
Funds are defined contribution funds. Employer contributions for active members are credited against the
Provident Fund and employee contributions to the Pension Fund.
The liability in respect of the pensioners has been outsourced to Quantum Pensions, a Sanlam insurance product.
The Vista University Pension and Provident Funds are valued by independent actuaries every three years. The
last actuarial valuation was carried out on 31 December 2010 and the Funds were fully funded.
The University expects R5,8 million in contributions to be paid to the funded defined contribution plan of which
employee contributions are R1,9 million and employer contribution is R3.9 million.
NOTE 13: ACCUMULATED LEAVE LIABILITY
| 103 |
2011 2010
R’000 R’000
Balance at beginning of the year 122 123 100 123
Net current year charge to profit and loss 21 757 22 000
Balance at end of year 143 880 122 123
Accumulated leave liability 117 631 109 354
Amounts payable within one year, included in current liabilities
Accumulated leave liability 26 249 12 769