Regulatory Alerts2018-03-31
PF Circular 72: Valuator Reporting Requirements for Underwritten Pension Fund Assets
The Office of the Pension Funds Administrator requires valuator reports for underwritten pension funds to explicitly assess the fund's asset structure and its adequacy in matching assets to liabilities. Developed jointly with South African actuarial organizations, this standardized reporting mandate applies to all non-exempt funds undergoing triennial valuations and must accompany the statutory valuation submission. Valuator statements must be unqualified or detail specific reasons for dissatisfaction, with initial compliance required by 1 November 1990.
OFFICE Private Bag X23a C12C::L.2.3 2.7. EQ. 72
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PEZSION ETu39S .l.CT, 1156 : EPSET BY I?E V?LLUATOR It? RFSPECT 02 THZ ILNVESTXENT OF THZ ASSZTS OF UI?DERWRITTEN PENSION E'UNDS -- - .. . 1. U~CISTX~~L~EI pension funds zre in terms c5 section
~(3)(a)(ii) 05 the Pension Funds Act, 1956, ccn6iticnzlS
exezgted fro.7. the 2pulication o: certain ~rovisions cf t.i.5 Act. Whers however underwritten funds zre subject to zctcarial iz-~esti~stions, such :unds musc com2ly with t?:s ~rovisiors of section 16 of the Act and he vzlued st 15252 cncs every three yezrs. In futnre this Offlcs reqcirss . -. . .- . . calc?tor of z fund, that is not esempte8 from the ?rorls:crs
of section 15 of the Act, when submitting hLs triecnl~l
Y^, ,--' ~-LZ~-LGP. report 21so to report on the structure of t';-.*.. - Eund's assrts 2nd their zppro?riateness 2s regzrds r.~ic:-.ic: Lii.lc 1iaSil:ties of ths fucd.
... 2. -.~neI-or, cf t5e v;lua;or sh~llhe subritte5 to~et:?sr ;r:z: Llrc -LA- ..-vcl~iti~~ report of the vzlcator rey2i;e5 in ttr7.s cf SC ;r . . -CL: --(I) of Act 2nd within tho ??rizd gres=~l>sl ir sl~k.sscki;n (2). 3. -.ina :irst z-?,orts shall be ~2d2 in res7szt c): :'lads ~:-.ic:-. ssc+-ioh~lSi-,?j of ths ~ct-am 1 November 1:?0. . . .. ,.~
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- . . his Office has in conjunction with the Actnzrial Society of Ssu;h Africa and the South African Association of Ccnsxlting
.ctuariss, coz.piled the report required of vaiuators 2nd . - shall be ghrased as :3llows:~. Your referencz : 12/8/ ..... /2 Our reference : .......... PENSION FUNDS ACT, 1056 : REPORT BY THE VALUATOR IN RESPECT OF THE ASSETS OF AN LEDEXWRITTEN PENSION EVNJ :/ice certify that I/xs am/are satisfied with tne assscs siructure of the ABC Pension Fund 2nd that the matchlnq of rhs assets with the liabilities of the Fund is, in my/our =?inion, sdequate. -- . 5. ~r <he vzluzkor is cr-cble to sign the report in the abcvemer-tioned form xithout qualification, he must issve z rt2ort cozling with ;he matters referred to, in3icatlrq - () that he is not satisfied; (t) why hs is not sztisfied;