Pension Funds Act, 1956 (Act No 24 of 1956)

Board Notices

Notice on Report by a valuator in relation to a Statutory Actuarial Valuation, 2010

1. Definitions

Purchase

In this Schedule—

"Act" means the Pension Funds Act, 1956 (Act No. 24 of 1956), as amended, and any word or expression to which a meaning is assigned in the Act has the meaning so assigned to it;

"accrued liabilities"

means—

(a)

where a fund includes a defined benefit category, the actuarial liabilities in respect of past service benefits (including accrued bonus service) of active members, with due allowance for future salary increases where these affect the benefits in respect of past service, and with due allowance for increases in pensions in line with the pension increase policy and the reasonable benefit expectations of members;

(b)	where a fund includes a defined contribution category, the members' individual accounts;

(c)	the actuarial liabilities in respect of pensioners and deferred pensioners, with due allowance for increases in pensions in line with the pension increase policy and the reasonable benefit expectations of pensioners and deferred pensioners; and

(d)	any other accrued liability, in terms of the rules of the fund.

"inter-valuation period"

means the period between successive statutory actuarial valuations in terms of section 16(1) of the Act;

"notional pensioner accumulation amount"

means the amount contemplated in section 14B(4)(b)(i) of the Act;

"pension increase policy"

means the policy contemplated in section 14B(3)(a) of the Act; and

"report"

means the report relating to the statutory actuarial valuation of a registered fund, as contemplated in section 16(7) of the Act.