omnia holdings annual report 2010 omnia holdings annu

114 OMNIA ANNUAL REPORT 2010 FINANCIAL STATEMENTS continued
NOTES TO THE GROUP FINANCIAL STATEMENTS continued
for the year ended 31 March 2010
32 RETIREMENT BENEFIT INFORMATION continued
The actual return on plan assets was R12 million (2009: R2 million)
2010 2009 2008 2007 2006
As at 31 March Rm Rm Rm Rm Rm
Present value of defined benefit
obligation 3 205 194 173 152
Fair value of plan assets (3) (205) (258) (240) (183)
Surplus – – (64) (67) (31)
Experience adjustment on plan assets 4 (22) 11 43 24
Experience adjustment on plan liabilities – 4 (7) (11) (4)
Estimated asset composition as at 31 March 2010 2009
Cash 99,55% 99,53%
Equity – –
Bonds 0,45% 0,47%
Property and other – –
International – –
Total 100,00% 100,00%
Expected return on assets
The Fund is invested in the old Mutual Absolute Stable Growth Fund which offers an 80% guarantee level on capital and a growth
objective of CPI +5,5%.
In setting these assumptions the actuaries made use of the asset split as at 31 March 2010. The expected long-term rate of return
on bonds was set at the same level as the discount rate. This implies a yield on government bonds of 9,00% per annum. The
expected long-term rate of return on equities was set at a level of 3% above the bond rate, whilst the expected long-term rate of
return on cash was set at a level of 2% below the bond rate.
Adjustments were made to reflect the effect of expenses.
The expected contributions, premiums and benefit payments for the period 1 April 2009 to 31 March 2010 are nil.
Omnia provident fund
The provident fund is also registered in terms of the Pension Funds Act, 1956 as amended and is a defined contribution plan with
374 members at 31 March 2010 (2009: 361). The assets of the provident fund are invested in a guaranteed and market-related
portfolio and their fair value at 30 June 2010, the fund’s year end, was R68 million (2009: R61 million).
Protea Chemicals pension fund
The pension fund is run under an Umbrella Fund arrangement which is registered in terms of the Pension Funds Act, 1965
amended and is a defined contribution plan with 1 529 members at 31 March 2010 (2009: 1 287). The assets of the pension
fund are invested in market-related portfolios and their fair value at 31 March 2010, the fund’s year end, was R302 million
(2009: R54 million).
Protea Chemicals provident fund
The provident fund is also run under an Umbrella Fund arrangement registered in terms of the Pension Funds Act, 1956 amended
and is a defined contribution plan with 1 529 members at 31 March 2010 (2009: 1 287). The assets of the pension fund are invested
in market-related portfolios and their fair value at 31 March 2010, the fund’s year end, was R198 million (2009: R152 million).
Protea Chemicals Union provident fund
The provident fund is also registered in terms of the Pension Funds Act, 1956 amended and is a defined contribution plan with
142 members (2009: 154). The assets of the provident fund are invested in a guaranteed and market-related portfolio and their fair
value at 28 February 2010, the fund’s year end, was R15 million (2009: R12 million).