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for the year ended 30 June
18. RETIREMENT BENEFIT INFORMATION
Valuation in terms of the Financial Services Board guidelines
A valuation of the defined benefit fund was carried out on 1 July 2007, the group’s surplus
apportionment date, by an independent firm of consulting actuaries.
The group carries out statutory actuarial valuations every three years. The valuation effective 1 July
2010 is currently in process.
NOTES TO THE GROUP FINANCIAL STATEMENTS continued
Present value of funded obligations (271) (271)
Fair value of fund assets 507 507
Surplus before contingency reserve 236 236
Contingency reserve (96) (96)
Surplus 140 140
IAS 19 valuation
The surplus calculated in terms of IAS 19: Employee Benefits is presented below. It should be noted
that this valuation is performed on a different basis to the valuation in terms of the FSB guidelines.
The amount recognised in the statement of financial position is determined as follows:
Present value of funded obligations (249) (237)
Balance at beginning of year (237) (281)
Current service cost (5) (8)
Interest cost (22) (30)
Contributions by plan participants (2) (3)
Actuarial gain 3 13
Benefits paid 5 14
Transfers out of fund 9 58
Fair value of plan assets 454 396
Balance at beginning of year 396 452
Expected return on plan assets 36 48
Actuarial gain/(loss) 33 (48)
Employer contributions 1 7
Contributions by plan participants 2 3
Benefits paid (5) (14)
Transfers out of fund (9) (52)
Present value of retirement benefit surplus 205 159
Less: application of asset ceiling (175) (128)
Pension fund asset 30 31
In applying the asset ceiling, the present value of the retirement benefit surplus that may be recognised as an asset is limited to the lower of
the amount as determined above or the present value of any economic benefits available in the form of refunds from the plan or reductions
in future contributions to the plan plus any cumulative unrecognised net actuarial losses and past service costs.
2010
Rm
2009
Rm
167