actuarial value

"actuarial value"

means the value placed at any particular date, on the assets and liabilities—

(a)	of a retirement fund, as the case may be—

(i)

by the valuator appointed to the fund in terms of section 9A of the Pension Funds Act, 1956 (Act No. 24 of 1956), in terms of the latest actuarial report with a valuation date before the commencement of the relevant tax period, particulars of which shall be lodged with the Financial Services Board before the end of such tax period and found acceptable by such Board;

(ii)

by the actuary responsible for the valuation of the assets and liabilities of a pension fund contemplated in section 2(1) of the last-mentioned Act, in terms of the latest valuation made in respect of such pension fund with a valuation date before the commencement of the relevant tax period, particulars of which shall be lodged with the Commissioner before the end of such tax period and found acceptable by the Commissioner in consultation with the Chief Actuary of the Financial Services Board; or

(iii)

by the actuary responsible for the valuation of the assets and liabilities of a fund or scheme contemplated in paragraph (a) or (b) of the definition of "pension fund" in section 1 of the Income Tax Act, in terms of the latest statutory valuation made in respect of such fund or scheme with a valuation date before the commencement of the relevant tax period—

(aa)	which valuation shall be on the basis as is required in terms of the relevant statutory requirements; and

(bb)	particulars of which shall be lodged with the Commissioner before the end of such tax period and found acceptable by the Commissioner in consultation with the Chief Actuary of the Financial Services Board; or

(b)

in the case of an untaxed policyholder fund, by the insurer's actuary appointed in terms of section 20 of the Long-term Insurance Act, 1998 (Act No. 52 of 1998), in terms of the latest valuation on the basis as required for the purposes of the definition of 'value of liabilities' in section 29A of the Income Tax Act, 1962, with a valuation date before the commencement of the relevant tax period;