Post and Telecommunication-related Matters Act, 1958 (Act No. 44 of 1958)Chapter IB : Staff and Pension Matters10A. Actuarial evaluation of pension funds |
| (1) | The postal pension fund and the telecommunications pension fund shall each be valued by an actuary, appointed by the Minister within three years from the date on which the fund concerned was established, and thereafter each fund shall be valued by such actuary at intervals not exceeding three years, as the Minister may determine. |
| (2) | The report of the actuary shall comply with the requirements of section 16(7) of the Pension Funds Act, 1956 (Act No. 24 of 1956), and shall be submitted by the actuary to the Minister and to the Minister of Finance. |
| (3) | A copy of the report shall be submitted by the actuary to the employer concerned. |
| (4) | In addition to complying with the requirements of section 16(7) of the Pension Funds Act, 1956, the actuary shall calculate, and mention in his report, what amounts are necessary to maintain the pension fund concerned in a sound financial position. |
| (5) | The postal employer shall guarantee the financial obligations of the postal pension fund. |
[Subsection (5) substituted by section 5(a) of Act No. 11 of 1997]
| (6) | The State shall guarantee the obligations of the postal employer in terms of subsection (5). |
[Subsection (6) substituted by section 5(a) of Act No. 11 of 1997]
(7)
| (a) | The guarantee of the State in terms of subsection (6) shall be limited to the difference between the amount paid in terms of section 8(5)(e) to the postal pension fund and the amount of the actuarial liability on the date of employment of an officer or employee by the postal employer, of the pension fund referred to in section 8(5)(c) in respect of those officers or employees of the department who in terms of section 8(5)(d) become members of the postal pension fund, plus interest on that amount calculated at the rate which shall subject to paragraph (c) from time to time be determined by the chief actuary. |
[Paragraph (a) substituted by section 5(b) of Act No. 11 of 1997]
| (b) | For the purposes of paragraph (a) ‘actuarial liability’ shall have the meaning assigned to it in section 8(6)(a). |
| (c) | The rate referred to in paragraph (a) shall not be less than 12 percent per annum on the outstanding balance. |
| (d) | The guarantee of the State in terms of subsection (6) shall decrease to the extent to which the postal company pays the amounts plus interest referred to in paragraph (a) to the postal pension fund, in terms of its obligations under subsection (5) and shall be extinguished when the obligations have been fully discharged. |
[Paragraph (d) substituted by section 5(b) of Act No. 11 of 1997]
[Section 10A inserted by section 7 of Act No. 85 of 1991]