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

Bargaining Council for the South African Road Passenger (SARPBAC)

Purchase

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: ..............................................