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Labour Relations Act, 1995 (Act No. 66 of 1995)

Bargaining Council for the South African Road Passenger (SARPBAC)

Rules Retirement Fund (Provident)

Certificate by a Valuator in Support of an Application for Exemption in Terms of Board Notice 61 of 2011

 

 

CERTIFICATE BY A VALUATOR IN SUPPORT OF AN APPLICATION FOR EXEMPTION IN TERMS OF BOARD NOTICE 61 OF 2011

 

The SARPBAC Retirement Fund (Provident) ("the FUND")

 

I, Alan Martin, certify that as at 1 January 2013:

1.        The FUND complies with the following conditions:
(a) All existing pension payments and any future pension that becomes payable in terms of the RULES are fully secured through the purchase of an annuity policy from a registered insurer;
(b) All MEMBERS of the FUND, other than pensioners, belong to defined contribution categories of the FUND;
(c) Where any benefit payable to a MEMBER exceeds the value of the MEMBER'S individual account, the excess is fully insured with one or more registered insurers;
(d) Where the FUND has a contingency reserve account, such account can never be in deficit; and
(e) The FUND does not have an investment reserve account.

 

2.        All reserve accounts are provided for in the RULES of the FUND.

 

3.        In my opinion:
3.1 the value of the assets equals or exceeds the value of the liabilities at the level of each MEMBER'S individual account and at fund level;
3.2 the assets are appropriate considering the liabilities of the FUND;
3.3 without referring to individual calculations, the method used in allocating funds to MEMBERS' individual accounts is based on sound principles; and
3.4 the appointment of a valuator and triennial statutory actuarial, valuations, as contemplated in sections 9A and 16 of the ACT repectively, are unnecessary.

 

 

 

Signed:        ......................................................................................

Name:                Alan Martin, BSc FASSA FIA

         In my capacity as a valuator

 

 

Date:                ..............................................