Regulations > Schedules > Schedule J : Form of Summary of Report of Valuator

SCHEDULE J

[In terms of regulation 15(1)]

FORM OF SUMMARY OF REPORT OF VALUATOR

Name of fund ................................................................................................................................

Financial year ................................................................................................................................

Valuator ........................................................................................................................................

Particulars of financial condition of the fund

1.	The fair value of the net assets of the fund, after deduction of current liabilities and any liabilities arising from the pledging, hypothecation or other encumbering of the assets of the fund

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2.	The acturial value of assets of the fund, for purposes of comparison with the accrued liabilities of the fund

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3.	A brief description of the basis employed in calculating the actuarial value of the assets

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4.	The accrued liabilities* of the fund

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5.	Any other particulars deemed necessary by the valuator for the purposes of this summary

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6.	A statement as to whether the fund was in a sound financial condition for the purposes of the Pension Funds Act, 1956

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Prepared by me:

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Signature of valuator

................................................

(Date)

REMARKS

* For the purposes of this Schedule "accrued liabilities", in relation to the fund in question, means—

(a)

the actuarial liabilities in respect of past service benefits (including accrued bonus service) of active members, with due allowance for future salary increases where these affect the benefits in respect of past service, and with due allowance for increases in pension and deferred pensions at rates consistent with past practice, the current policy and the reasonable benefit expectations of members;

(b)	the actuarial liabilities in respect of pensions in course of payment and deferred pensions, with due allowance for increases at rates consistent with past practice, the current policy and the reasonable benefit expectations of pensioners; and

(c)	any other accrued actuarial liabilities.

[Schedule J inserted by Notice No. R. 2324 of 1993]

Pension Funds Act, 1956 (Act No 24 of 1956)

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Schedule J : Form of Summary of Report of Valuator