Regulatory Alerts2018-04-01
Statutory Actuarial Valuation Report: Cortech Pension Fund 7696 as at 1 March 2004
Appointed actuaries Sellems Actuaries & Statisticians issued this statutory valuation to determine the surplus available for apportionment under Section 15B of the Pension Funds Act following the Cortech Pension Fund’s placement under curatorship. The report confirms a 624.7% funding ratio as of 1 March 2004, identifying a pre-expense surplus of R18.514 million derived primarily from recovered misappropriated assets and discounted Old Mutual annuity purchases for seventeen pensioners. It further establishes that no statutory minimum pension increase is payable as of the valuation date and outlines the methodology for discounting future asset recoveries and allocating joint recovery expenses across related group funds.
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