Entire Document - Chris Hani District Municipality

DEFINED CONTRIBUTION SCHEMESCape Joint Pension Fund:The scheme is subject to an annual actuarial valuation. The last statutory valuationwas performed as at 30 June 2011.CHRIS HANI DISTRICT MUNICIPALITY ANNUAL REPORT 2011 / 2012The statutory valuation performed as at 30 June 2011 revealed that the investmentreserve of the fund amounted to R15 285 (30 June 2010: R7 311) million, with afunding level of 104,1% (30 June 2010: 102,0%). The contribution rate paid by themembers (9,00%) and the municipalities (18,00%) is sufficient to fund the benefitsaccruing from the fund in the future.Cape Joint Retirement Fund:The scheme is subject to an annual actuarial valuation. The last statutory valuationwas performed as at 30 June 2011.The statutory valuation performed as at 30 June 2011 revealed that the assets ofthe fund amounted to R9 869 (30 June 2010: R8 220) million, with funding levelsof 100,3% and 116,9% (30 June 2010: 99,9% and 100,3%) for the Share Accountand the Pensions Account respectively. The contribution rate paid by the members(9,00%) and the municipalities (18,00%) is sufficient to fund the benefits accruingfrom the fund in the future.Municipal Councillors Pension Fund:The scheme is subject to a tri-annual actuarial valuation. The last statutory valuationwas performed as at 30 June 2010.The statutory valuation performed as at 30 June 2010 revealed that the the assetsof the fund amounted to R1 483,8 (30 June 2006: R1 483,8) million, with a fundingratio of 94,0% (30 June 2006: 106,5%). The contribution rate paid by the members(13,75%) and Council (15,00%) is sufficient to fund the benefits accruing from thefund in the future.Liberty Life Pension Fund:No details could be provided for the fund and of any valuation performed. However,the municipality does not contribute to the Fund anymore.SAMWU (South African Municipal Workers Union) National Provident Fund:The scheme is subject to an tri-annual actuarial valuation. The last statutory valuationwas performed as at 30 June 2005.The statutory valuation performed as at 30 June 2005 revealed that the fund had afunding ratio of 100.0% (30 June 2002: 100,0%). The contribution rate paid by themembers (not less than 5,00%) and Council (not less than 12,00%) is sufficient tofund the benefits accruing from the fund in the future.208