Regulatory Alerts2018-04-01
Valuation - Sable Industries Pension Fund 20317
Independent actuaries appointed by the Fund's Curator issued this statutory valuation report to assess the financial soundness of the Sable Industries Pension Fund as at 30 June 2003 and establish the baseline for distributing its surplus under the Surplus Act. The valuation confirms a 182% funding level with a R28.6 million surplus, noting that the fund holds no active members or future contribution obligations and that pensioner liabilities are fully backed by an Old Mutual annuity policy. The report details significant post-valuation asset recoveries pursued by the Curator, establishes contingency reserves for closure and apportionment expenses, and mandates the development of a formal Surplus Apportionment Scheme to allocate remaining funds to former stakeholders.