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NOTES TO THE ANNUAL FINANCIAL STATEMENTS (continued) for the year ended 31 March 2016 15 EMPLOYEE RETIREMENT BENEFIT ASSET The Fund makes contribution to a defined benefit plan that provides retirement and disablement benefits for the Fund’s permanent employees upon retirement. The plan was established in 1999 and is being administered by the Swaziland Royal Insurance Corporation (SRIC) 2016 2015 E E Retirement benefit asset - 2 450 652 The amount of employee retirement benefit obligation recognised in the statement of financial position is determined as follows: FV of plan assets - 4 524 470 Present value of obligation - (2 277 213) - 2 247 257 Unrecognised actuarial gains/(loss) - 203 395 Asset recognised in the statement of financial position - 2 450 652 The registrar approved the conversion of the fund from a defined benefit to a defined contribution with an effective date of 31 January 2015. The surplus asset previously held in the statement of financial position was subsequently derecognised at E2 450 652 (Note 5) to the statement of comprehensive income effective 1 April 2015 using the administration data as provided by the administrators of the Fund. MVA with the approval of the registrar approved the distribution of the surplus to the active members of the Fund at each of the previous valuation dates. The movement in the fair value of plan assets over the period is as follows: Opening balance 4 524 470 3 440 755 Employee contributions - 343 691 Employer contributions - 687 372 Benefit payments - (1 038 478) Expected return on plan assets - 1 028 145 Actuarial gain - 62 985 Derecognition of plan assets (4 524 470) - - End of period - 4 524 470 56 ANNUAL REPORT 2017
Movement in the defined benefit obligation over the period is as follows: 2016 2015 E E Opening balance 2 277 213 1 910 838 Current service cost - 764211 Employee contributions - 343 691 Benefit payments - (1 038 478) Interest cost - 152 312 Actuarial gain - 144 639 Derecognition of defined benefit obligation (2 277 213) - End of period - 2 277 213 The amounts recognised in the statement comprehensive income over the period are as follows: Current service cost - 764211 Interest cost - 152 312 Expected return on plan assets - (1 028 145) Amortisation of unrecognised net gains - (1 136 628) Net periodic pension gain - (1 248 250) The principal actuarial assumptions for defined benefit obligations as at statement of financial position date (expressed as weighted averages): Discount rate - 9.61% Expected return on plan assets - 9.61% Future salary increases - 8.00% Future pension increases - 6.00% Inflation - 6.00% Remaining working lives of employees - 21 years Retirement age - 60 years SINCEPHETELO MVA FUND 57
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RT MOTOR VEHICLE ACCIDENT SINCEPHET
Page 3 and 4:
SINCEPHETELO MVA FUND SINCEPHETELO
Page 5 and 6: 06 Vision, Values, Mission Statemen
Page 7 and 8: SMVAF PROFILE The Motor Vehicle Acc
Page 9 and 10: MR. MARTIN SIMELANE CHIEF FINANCIAL
Page 11 and 12: has indeed yielded positive results
Page 13 and 14: the Fund as it entered into additio
Page 15 and 16: SINCEPHETELO MVA FUND SINCEPHETELO
Page 17 and 18: INCOME + INVESTMENT INCOME VS TOTAL
Page 19 and 20: 2014 2015 2016 ASSETS LIABILITIES A
Page 21 and 22: ANNUAL FINANCIAL STATEMENTS for the
Page 23 and 24: BANKERS INVESTMENT MANAGERS Postal
Page 25 and 26: We have audited the annual financia
Page 27 and 28: REPORT OF THE BOARD OF DIRECTORS fo
Page 29 and 30: STATEMENT OF FINANCIAL POSITION at
Page 31 and 32: STATEMENT OF CASH FLOWS for the yea
Page 33 and 34: continue to be different from US GA
Page 35 and 36: on the present value of expected cl
Page 37 and 38: is impaired. The amount of the prov
Page 39 and 40: pension fund exceed the contributio
Page 41 and 42: Test Discounted outstanding claims
Page 43 and 44: Profit or loss and/or Equity 2016 2
Page 45 and 46: NOTES TO THE ANNUAL FINANCIAL STATE
Page 47 and 48: NOTES TO THE ANNUAL FINANCIAL STATE
Page 49 and 50: Motor vehicle Freehold land and bui
Page 51 and 52: Newera Bonds The E35 832 876.71 bon
Page 53 and 54: Gratuity Gratuity is provided for i
Page 55: eserves are held, be consistent wit
Page 59 and 60: Designated at fair value Available
Page 61 and 62: Less than 1 month or available/paya
Page 63 and 64: 18.2 Year end balances arising from
Page 65 and 66: SINCEPHETELO MVA FUND 65
Page 67 and 68: SINCEPHETELO MVA FUND 67
Page 69 and 70: Designed and Produced by: BrandIn S
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