Regulatory Alerts2018-04-01
Valuation of Lucas South Africa Pension Fund as at 30 June 2002
Actuaries appointed by the Fund’s Curator and Liquidator issued this statutory valuation to assess the financial soundness of the Lucas South Africa Pension Fund as at 30 June 2002 following unlawful asset misappropriations and subsequent recoveries. The report confirms the Fund maintains a 132% funding level with a R9.064 million distributable surplus after accounting for purchased pensioner annuities, settlement provisions for the Prestolite Fund, and liquidation expenses. This valuation establishes the mandatory baseline for developing a Surplus Apportionment Scheme under the 2001 Surplus Act to distribute recovered assets to former members and other stakeholders.
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