Notes to the Group annual financial statements continued for the year ended 30 September 2013
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1 10. Retirement benefit obligations and post-retirement medical aid surplus and provident fund benefits The used to operate or was a participating employer in twenty-three retirement funds, prior to a fund consolidation project which commenced in the 2006 financial year. There are currently two dormant funds. Both are provident funds and in different stages of fund closure. The currently contributes to four funds: two defined benefit pension funds, a defined contribution pension fund and a defined contribution provident fund. The two defined benefit funds are closed to new members. New employees have the choice of dual fund defined contribution membership or membership of the provident fund only. Any new group of employees as a result of a business acquisition who were defined contribution pension fund members join the defined contribution pension fund. The assets of all the funds, whether they are defined benefit or defined contribution, are held and administered separately from the s assets. The assets are administered on behalf of the funds by external financial services companies. All the funds are governed by the s Act of The active pension and provident funds require triennial statutory financial reviews. Financial reviews are, however, carried out annually to determine the solvency of the plans. Defined contribution funds are not guaranteed by the employer. The following actuarial assumptions were applied in the valuation of the defined benefit funds as required by IAS 19: Discount rate (%) Consumer price inflation (%) Expected return on assets (%) DB The long-term investment return assumption is based on the expected long-term returns on equities, cash and bonds. In setting these assumptions the actual asset split of the various funds is used. The expected long-term rate of return on bonds is set at the same level as the discount rate and the return on equities is set at a level of 1% above the bond rate and the long-term rate of return on cash is set at a level of 1% above the bond rate. Compensation increase rate (%) DB increase rate (%) DB Rates of mortality The last statutory actuarial valuations for the funds were: DB 30 June 2012 The statutory valuation reports for 1 April 2001 and 1 April 2004 have both been submitted to the Registrar. Once both of these reports have been accepted, the 2007 and 2010 reports will follow. 53
2 The s obligation in respect of retirement benefits as measured in terms of IAS 19 are tabled below. Components of net periodic cost 2013 Current service cost 11 1 Interest cost 39 3 Expected return on assets (65) (10) Amortisation: Net actuarial gain recognised in the year (50) Unrecognised due to limit 5 Recognition in terms of Paragraph 58A 2 Net periodic income (65) 1 Components of net periodic cost 2012 Current service cost 10 1 Interest cost 37 4 Expected return on assets (60) (11) Amortisation: Net actuarial loss recognised in the year (19) Unrecognised due to limit 4 Recognition in terms of Paragraph 58A 2 Net periodic cost (32) Actual return on plan assets Reconciliation of defined benefit obligation 2013 Defined benefit obligation at 30 September Service cost 11 1 Member contributions 4 Interest cost 39 3 Actuarial loss 40 7 Benefits paid (47) (4) Net transfers in/(out) 29 Defined benefit obligation at 30 September Reconciliation of defined benefit obligation 2012 Defined benefit obligation at 30 September Service cost 10 1 Member contributions 4 Interest cost 37 4 Actuarial loss 30 1 Benefits paid (34) (8) Risk premiums (1) Defined benefit obligation at 30 September
3 Reconciliation of fair value of plan assets 2013 Assets at fair market value as at 30 September Expected return on assets Contributions 13 1 Benefits paid (47) (4) Actuarial gain 90 6 Net transfers in/(out) 29 Assets at fair market value as at 30 September Reconciliation of fair value of plan assets 2012 Assets at fair market value as at 30 September Expected return on assets Contributions 13 1 Benefits paid (34) (8) Actuarial loss 49 (2) Assets at fair market value as at 30 September Defined benefit fund asset/liability 2013 Asset as at 1 October Net periodic cost 65 (1) Company contributions 9 1 Asset as at 30 September Asset recognised on the statement of financial position 321 Defined benefit fund asset/liability 2012 Asset as at 1 October Net periodic cost 33 Company contributions 9 Asset as at 30 September Asset recognised on the statement of financial position 247 Actuarial value of defined benefit obligation and funded status 2013 Defined benefit obligation (523) (53) Assets at fair market value ed status Asset as at 30 September Unrecognised due to Paragraph 58 limit (77) Asset recognised on the statement of financial position 321 Actuarial value of defined benefit obligation and funded status 2012 Defined benefit obligation (447) (45) Assets at fair market value ed status Asset as at 30 September Unrecognised due to Paragraph 58 limit (72) Asset recognised on the statement of financial position
4 Actuarial value of defined benefit obligation and funded status 2011 Defined benefit obligation (401) (48) Assets at fair market value ed status Asset as at 30 September Unrecognised due to Paragraph 59 limit (68) Asset recognised on the statement of financial position 205 Actuarial value of defined benefit obligation and funded status 2010 Defined benefit obligation (388) (53) Assets at fair market value ed status Asset as at 30 September Unrecognised due to Paragraph 59 limit (61) Asset recognised on the statement of financial position 203 Actuarial value of defined benefit obligation and funded status 2009 Defined benefit obligation (377) (51) Assets at fair market value ed status Unrecognised net loss (43) Asset as at 30 September Unrecognised due to Paragraph 59 limit (64) Asset recognised on the statement of financial position 100 Composition of plan assets 2013 Cash (%) Equity instruments (%) Bonds (%) Property (%) Other (%) Composition of plan assets 2012 Cash (%) Equity instruments (%) Bonds (%) Property (%) Other (%)
5 Expected contributions to the benefit plans for the year ended 30 September 2014 Member contributions 4 Company contributions 10 1 Risk premiums (1) Benefit payments (50) 3 Increase Decrease The effect of a 1% movement in the assumed net discount rate: Effect on the defined benefit obligation 12 (25) Post-retirement medical aid benefit has a liability arising as a result of a post-retirement employer subsidy of healthcare benefits. Members of certain medical aid plans, who joined the Company before 1 November 1996 and remain in the employment of until retirement, are eligible for a post-retirement subsidy of their medical contributions. The still carries a liability for post-retirement medical benefits in respect of 17 employees and 55 pensioners, who have not accepted the alternative benefit offer made by the Company during the 2013 financial year. The alternative benefit offer was made on a voluntary basis and a small number of employees and pensioners chose not to accept the offer. The total cost of the liability in respect of these employees and pensioners is R13 million. The total assets as at the end of September 2013 to cover its remaining liability amount to R29 million. is liable to make good on any shortfalls in the fund. The benefit fund meets the definition of a defined benefit plan and has been disclosed in accordance with IAS 19. The plan represents the market value of the assets. The defined benefit fund is actuarially valued using the projected unit credit method. The benefit fund is a closed fund. The following actuarial assumptions were applied: Discount rate (%) Consumer price inflation (%) Expected return on assets (%) cost inflation (%) Compensation increase rate (%) Average retirement age Rates of mortality The expected return on planned assets of 8.6% (2012: 9.75%) per annum is based on a nominal allocation of the plan assets, expected return on the underlying asset classes and expected expenses. 57
6 The s obligation in respect of post-retirement medical aid benefit as measured in terms of IAS 19 is tabled below Components of net periodic cost Current service cost 2 Interest cost 1 6 Expected employer benefit payments (1) (2) Expected benefit payments from plan assets 1 2 Actuarial loss 2 Effect of curtailment or settlement (6) Disinvestment from plan assets 8 Net periodic cost Defined benefit fund asset surplus Asset as at 30 September Growth in market value Net periodic cost (12) (7) (5) (1) Net asset as at 30 September Actuarial value of defined benefit obligation and funded status Defined benefit obligation (13) (68) (67) (65) (69) Assets at fair market value ed status Net asset as at 30 September Post-retirement medical aid benefits Plan assets comprise: Equity instruments 99.7% 58.7% 49.2% 99.3% Cash 0.3% 41.3% 50.8% 0.7% 100.0% 100.0% 100.0% 100.0% There are no expected contributions to the post-retirement benefit plan as the fund is fully funded. Increase Decrease The effect of a 1% movement in the assumed medical cost trend rate is as follows: Effect on the defined benefit obligation 2 (1) 58
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