"actuarial surplus"
in relation to a fund which is—
| a) | subject to actuarial valuation, means the difference between- |
| i) | the value, calculated in accordance with the prescribed basis, if any, that the valuator has placed on the assets of the fund less any credit balances in the member and employer surplus accounts; and |
| ii) | the value that the valuator has placed on the liabilities of the fund in respect of pensionable service accrued by members prior to the valuation date plus the amounts standing to the credit of those contingency reserve accounts which are established or which the board deems prudent to establish on the advice of the valuator, calculated in accordance with the prescribed basis, if any; |
| b) | valuation exempt, means the difference between— |
| i) | the fair value of the assets of the fund less any credit balances in the member and employer surplus accounts; and |
| ii) | the sum of the values of the amounts standing to the credit of all the accounts held for individual members, whether contributory or paid-up, plus the value of any other liabilities plus the amounts standing to the credit of any investment reserve account set up to facilitate the smoothing of fund return credited to member accounts and such contingency reserve accounts which are established or which the board deems prudent to establish: |
Provided that, for the purpose of quantifying the actuarial surplus in terms of section the surplus utilised improperly by the employer in terms of section 15B (6) shall be added to the difference calculated in paragraph (a) or (b), as the case may be;
[Definition amended by section 1(a) and (b) of Act No. 45 of 2013]