registrar of pension funds fifty-fourth annual report 2012 issued

2013

ANNUALREPORTREGISTRAR OF P E N S I O NF U N d S

we are the FSB

Table Page

Message from the Registrar of Pension Funds ................................................................................................ 02

Vision, Mission and Values ................................................................................................................................ 03

Report by the Registrar of Pension Funds to the Minister of Finance ......................................................... 05

Number of retirement funds in SA ................................................................................................................... 1 14

Number of members of retirement funds in SA ............................................................................................. 2 15

Membership by fund category of retirement funds in SA ............................................................................. 3 16

Aggregate assets of retirement funds in SA ..................................................................................................... 4 17

Aggregate assets by fund category of retirement funds in SA ....................................................................... 5 18

Contributions received by retirement funds in SA ......................................................................................... 6 19

Contributions by fund category ........................................................................................................................ 7 20

Benefits paid by all retirement funds in SA ..................................................................................................... 8 21

Benefits by fund category of all retirement funds in SA ................................................................................ 9 22

Investment pattern of FSB registered funds .................................................................................................... 10 23

Funds in default for non-submission of 2013 financial statements by the FSB’s cut-off date of 05 November 2014 ............................................................................................... 11 25

Cost-to-income ratios of FSB registered funds ............................................................................................... 12 26

Top 100 FSB registered funds ranked by total assets ...................................................................................... 13 28

Top 100 FSB registered funds ranked in order of membership .................................................................... 14 31

FSB registered administrators as at 05 November 2014 ................................................................................. 15 34

Statement of net assets and funds of FSB registered funds ............................................................................ 16 39

Statement of changes in net assets and funds of FSB registered funds ........................................................ 17 41

Notes to the financial statements of FSB registered funds ............................................................................. 18 42

Schedule IB - assets held in compliance with Regulation 28 ......................................................................... 19 48

Staff of the office of the registrar of pension funds ......................................................................................... 20 54

ContentsReport of the Registrar of

Pension Fundsto the Minister of Finance

01 Annual Report of the Registrar of Pension Funds for the year ended 31 December 2013

Dube TshidiRegistrar of Pension Funds


02Annual Report of the Registrar of Pension Funds for the year ended 31 December 2013

I wish to express my appreciation to the management of the Post Office, Telkom SA Limited, Transnet Limited and the Government Employees Pension Fund for their assistance in furnishing the statistical information required to complete the information in this report.

I also appreciate the co-operation received from retirement funds, administrators, insurers, trade unions, the Actuarial Society of South Africa, South African Revenue Service, Association for Savings and Investments South Africa, Institute of Retirement Funds Africa, Principal Officers’ Association, South African Institute of Chartered Accountants, Independent Regulatory Board for Auditors and other bodies in the retirement industry.

A special thank you to National Treasury for its guidance.

Finally, I wish to thank the staff of the Pensions department in assisting me to fulfil my regulatory and supervisory mandate.

Adv DP TshidiRegistrar of Pension FundsDecember 2014

Message from the Registrar of Pension Funds


VisionThe FSB’s vision is to promote and maintain a sound financial investment environment in South

Africa.

MissionThe FSB’s mission is to promote the:

• fair treatment of consumers of financial services and products;• financial soundness of financial institutions;• systemic stability of financial services industries; and• the integrity of financial markets and institutions.

ValuesAt the FSB we will act professionally at all times in all that we say and do. To this end we undertake to:

• demonstrate the highest level of technical competence;• conduct all our business at the highest level of confidence;• collaborate effectively as team members to deliver effective services;• enhance stakeholder synergy through collaboration;• apply the regulatory framework in a consistent and fair manner; and• treat all people with respect and empathy.


IntroductionIn terms of section 34 of the Pension Funds Act, 24 of 1956 as amended (“the Act”), I hereby submit the Annual Report for the 2013 calendar year, which report is the 55th annual report issued by my Office.

Retirement funds in South Africa comprise pension funds, provident funds, retirement annuity funds, unclaimed benefit funds and beneficiary funds (also known as preservation funds). Funds are classified either as defined contribution funds, defined benefit funds or hybrid funds (defined contribution funds containing a category of members entitled to a defined benefit underpin). The nature and extent of the supervision of these funds by the Registrar of Pension Funds is as follows:

(a) Funds that are not supervised under the Act

There are a number of funds that are not subject to regulation and supervision in terms of the Pension Funds Act. These are specifically established in terms of other statutes and include:

• Government Employees Pension Fund (GEPF) established in terms of the Government Employees Pension Law, 1996. This fund can be contacted at the following address:

Government Pensions Administration Agency (GPAA)

Private Bag X63

Pretoria, 0001

www.gepf.co.za

• Associated Institutions Pension Fund established in terms of the Associated Institutions Pension Fund Act, 1963. This fund can be contacted at the following address:


Private Bag X63

Pretoria, 0001

www.gepf.co.za

• Associated Institutions Provident Fund established in terms of the Associated Institutions Provident Fund Act, 1971


Private Bag X63

Pretoria, 0001

www.gepf.co.za

Report by the Registrar of Pension Funds to the Minister of Finance


• Temporary Employees Pension Fund established in terms of the Temporary Employees Pension Fund Act


Private Bag X63

Pretoria, 0001

www.gepf.co.za

• Members of Statutory Bodies Pension Scheme established in terms of the Members of Statutory Bodies Pension Act 94 f 1969


Private Bag X63

Pretoria, 0001

www.gepf.co.za

• Closed Pension Fund established in terms of the Closed Pension Fund Act no 197 of 1993

This fund transferred into the Associated Institutions Provident Fund. It had only six pensioners who are still receiving their pensions.

• Transport Pension Fund, Transnet Retirement Fund and Transnet Second Defined Benefit Pension Fund established in terms of the Transnet Pension Funds Act, 1990. These funds can be contacted at the following address:

P.O. Box 72501

Parkview, 2122

South Africa

www.transnet.co.za

• Telkom Pension Fund established in terms of section 9(1) of the Post Office Act No. 44 of 1958. This fund can be contacted at the following address:

Private Bag X780

Pretoria, 0001

www.telkom.co.za

• Post Office Pension Fund established in terms of section 9(1) of the Post Office Act No. 44 of 1958, This fund can be contacted at the following address:

497 Jacob Mare Street

Pretoria, 0001

www.sapo.co.za


Funds subject to regulation and supervision in terms of the Pension Funds Act

All retirement funds other than those listed above, and foreign funds that do not meet the conditions in section 2 of the Act for exemption from compliance with it, are subject to regulation and supervision in terms of the Act.

There are different kinds of funds subject to the Act.

OCCUPATIONAL (COMPULSORY) FUNDThis is a fund to which a member belongs in terms of his or her conditions of employment.Pension fund A retirement fund that pays a retired member an annuity (also called a ‘pension’) for the

remainder of his or her life in quarterly or monthly installments. It may also pay an annuity to the member’s surviving spouse or child, if applicable. The fund may allow a member who is about to retire to elect to take up to one third of the capital value of the member’s pension at retirement in the form of a lump sum but it will not allow the whole of the capital value to be used in this way. Instead the balance must be paid in the form of an annuity.

Provident fund A retirement fund that pays only a lump sum benefit (instead of a pension and maybe also a lump sum) to a member when he or she reaches retirement age.

Defined benefit fund

A retirement fund which provides a benefit on retirement that is determined as an amount equal to a percentage of the member’s final average salary multiplied by the years of his or her membership of the fund. The rate at which the member contributes to the fund is usually fixed as a percentage of that portion of his or her remuneration which is treated in the rules of the fund as ‘pensionable’. The employer’s rate of contributions is usually determined on a ‘balance of cost’ basis. This means that the fund’s valuator works out the rate at which the employer will need to contribute to the fund over the next three years if the fund is to remain financially sound and thus able to meet its benefit liabilities as and when they arise.

Defined contribution fund

A retirement fund which provides a benefit on retirement which is determined on the basis of the accumulated contributions made to the fund by the member (and/or, if applicable, the member’s employer) increased by returns earned on the investment of those contributions less deductions made from those contributions to meet the costs of running the fund and providing for death and disability benefits. The rates at which the member and employer contribute to the fund are fixed or defined as a percentage of the member’s remuneration and the member carries the risks and rewards of the fund’s investment performance.

Stand-alone fund A stand-alone fund has as its members only employees who are employed by one employer, or by a group of employers related to each other by shareholding. Members of the fund must be given the right to elect at least half of the members of the board of such a fund and the balance will be appointed by the employers or former employers of those members.

Umbrella fund Also known as a multi-employer fund, this is a fund to which employees of a number of employers belong. The members of the board of the fund are usually appointed by the fund’s sponsor or creator (usually a fund administrator. insurer, bargaining council or union) rather than by the members and their employers. The rates at which contributions are made in respect of members employed by specific employers and the benefits to which such members are entitled may be captured in what are known as ‘special rules’ which form annexures to the main body of rules that provide for the governance, operation and management of the fund.Employer group fund

This is a fund established for the benefit of employees of employers related to each other by shareholding eg a holding company and its subsidiaries.

Union fund This is a fund established by a trade union for the benefit of its members and to which its members (and possibly other employees as well) belong in terms of collective agreements concluded between the union and an employer or an employer organization. The rules of the fund may provide that all members and all employers will make contributions to the fund at the same rate or at rates determined by agreement between the union and each employer in respect of its employees who are members of the fund.


OCCUPATIONAL (COMPULSORY) FUND (continued)Bargaining council fund

This is a fund established in terms of a collective agreement between one or more trade unions and one or more employers’ associations. and to which the employees of the employers who are members of the employers’ association are required to belong in terms of that collective agreement. In terms of the Labour Relations Act, if the unions between them represent, and the employers between them employ, more than 50% of the employees employed in a defined sector, the Minister of Labour may make the collective agreement binding even on those employees employed in the sector who are not members of the union(s) and those employers conducting business in the sector who are not members of the employers’ organization(s).

Sectoral determination fund

This is a fund established in terms of a sectoral determination issued by the Minister of Labour in terms of the Basic Conditions of Employment Act and to which all employees employed in the sector are required by law to belong and to which those employees and their employers are required to contribute.

Trade or occupational fund

This is a fund (such as the Dental Technicians fund) established by a body (usually a conduct standard setting and supervising body) for members of a particular trade, profession or occupation and to which such members may be required to belong in terms of their contracts of employment.

‘Commercial’ umbrella fund

This is a fund established by a provider of financial services or products and to which employees of numerous unrelated employers may be required to belong in terms of their contracts of employment.

Wholly underwritten fund

The only assets of this type of fund are policies of insurance. Contributions paid to the fund are used as premiums which are paid to one or more insurers which then undertake to pay to fund benefits as and when they become payable by the fund. The amounts paid by the insurer may be paid to the fund for onward payment to the member or beneficiary or paid to the member or beneficiary directly.

Self-administered fund

This is a fund which owns and invests assets such as shares, bonds, cash and property in order to provide for benefits as and when they become payable in terms of the rules.

Contributory fund This is a fund to which a member and/or the member’s employer makes regular contributions until the member becomes entitled to a benefit. (Note that the term ‘non-contributory fund’ is sometimes used to refer to a fund to which only employers, and not members, contribute).

Paid-up fund This is a fund to which a member and/or his or her employer has contributed in the past but to which neither is now contributing for the benefit of the member at the moment. The member will be entitled to receive a benefit from the fund either on retirement or on termination of employment before then.

VOLUNTARY FUNDThis is a retirement fund which a member joins of his or her own accord and to which the member alone makes contributions. The fund may be a retirement annuity fund (to which the member may make regular or lump sum contributions) or a preservation fund to which the member’s previous fund has transferred the member’s retirement savings in that fund. Once the member has joined the fund, no benefit will be payable until the member reaches his or her specified retirement age.Preservation fund This is a fund to which a ‘contribution’ is made for a member in the form of his or her transferred

savings from another retirement fund on termination of the member’s membership of that fund. Those retirement savings are then kept and invested by the preservation fund until the member reaches retirement age (any date after the member reaches 55 years of age) although the rules may allow a member to make one withdrawal from it before then unless a deduction was made by the previous fund from the member’s benefit before the residue was paid to the preservation fund.Pension preservation fund

This is a preservation fund to which benefits may be transferred from a member’s pension fund and preserved until he or she reaches retirement age.


VOLUNTARY FUND (continued)Provident preservation fund

This is a preservation fund to which benefits may be transferred from a member’s pension fund and preserved until he or she reaches retirement age.

Retirement annuity fund

This is a fund to which a member may make a single or several contributions during his or her working life. It is a pension fund which means that the maximum share of the members’ retirement capital that may be paid in the form of a lump sum is one-third. The balance must be paid as an annuity for life.

UNCLAIMED BENEFIT FUNDThis is a species of preservation fund but a member’s membership of it is not voluntary. It is a fund to which a fund which has accumulated unclaimed benefits may pay those benefits for preservation until claimed by their beneficiaries.BENEFICIARY FUNDThis is a fund to which shares of benefits payable on the deaths of fund members may be paid in certain circumstances. For example, if the retirement fund decides that there is no suitable guardian or caregiver to administer the share of a death benefit allocated to an orphan, it may pay the share to a beneficiary fund which will then be obliged to invest that money and pay out amounts of it to the orphan or for the benefit of the orphan as and when required until he or she reaches the age of 18.

StatisticsTables 1 to 19 in this report contain statistical information summarised from financial statements and other statutory returns submitted to this office by funds in respect of the 2013 calendar year, submitted by funds to my Office. The tables summarise membership, assets, revenue and expenditure for both underwritten and privately administered funds.

The financial statements information contained in Table 15 to 19 in this report exclude information for foreign funds and funds not subject to regulation and supervision by the FSB

Regulation and supervisionThe following licensing and supervisory activities took place during the year:

12 MONTHS ENDED 31 DECEMBER2013 2012

New registrations of funds 17 38Consolidated or amended rules registered 2 508 1 716Umbrella schemes: registration of participating employers 3 959 5 774On-site visits 205 281Liquidations and terminations of funds 1 463 4 350Transfers between registered funds 2 443 3 302Financial statements analysed 4 337 4 734

Notes:1. This table only includes cases linked to a service fee as contained in regulation.2. The table does not include pending cases worked on, but not yet approved due to queries raised by the Registrar.


Regulatory issuesInspections

Three inspections were requested during the review period. Two are on-going. In the third, the inspectors found that an employer collected pension funds contributions from its employees but did not pay these over to a pension fund and that the employer was operating an unregistered pension fund.

On-site Visits

In terms of section 25 of the Act and the risk-based supervisory plan, 181 on-site and four theme visits were conducted on funds. Two further on-site visits were conducted on administrators. Significant supervisory issues identified included:

• Boards were not properly constituted as required under section 7A of the Act and the fund’s rules. The registrar directed that the funds reconstitute proper boards within 90 days.

• Backdating administration agreements.

• Administration agreements did not stipulate the manner in which fees were to be charged.

• Identifying monitoring officials of funds who failed to adhere to regulation 33 of the Act.

• Funds failed to timeously renew their fidelity guarantee and professional indemnity policy.

• Delays in benefit payments after terminating and administration agreement.

• Rebuild of member data due to maladministration by the previous fund administrator.

• Rules did not set out remuneration of the principal officer and independent board members.

• A section 7B exemption expired without a request for extension being submitted.

• The administration system of an administrator could not calculate late-payment interest.

• Abuse by trustees of remuneration per meeting attended.

• Funds failed to timeously submit annual financial statements and valuation reports.

• The term of office of the employer-appointed board members was not defined in the rules.

• Delegation documents to subcommittees of the board were not signed.

• Delays in issuing benefit statements.

Appeals to the FSB Appeal Board and High Court Litigation

The Registrar also attends to appeals by aggrieved persons to the FSB appeal board and to litigation instituted in the high courts. During the period four new appeals were lodged against decisions of the registrar and ten appeals were finalised. Two important appeal board decisions are reported below:

• A fund appealed the registrar’s decision to reject its statutory actuarial valuation report as at 30 September 2007 because it did not properly reflect the fund’s financial position. This was because the fund had allocated section 15B surplus to members and former members and the scheme was approved, but the fund subsequently reduced the section 15B surplus amount because it had a deficit after the surplus apportionment date. The fund submitted that in terms of section 15H it could reduce the member surplus account to fund the deficit, while the registrar contended that the fund had to implement its section 15B surplus apportionment scheme as communicated to stakeholders and as approved.


The appeal board found that section 15D, dealing with reductions in the member surplus account, is not subject to section 15H of the Act. section 15H was intended to deal with a deficit after the initial section 15B scheme was implemented. Secondly, section 15D deals not only with the purpose but also with the quantum of funds in the member surplus account. If a section 15B scheme provides for the use of the surplus amounts identified, as the Fund’s scheme did, then that amount had to be used for the specified purpose. Therefore, the fund incorrectly reduced the section 15B surplus amount that was parked in the member surplus account and the registrar was correct in rejecting the Fund’s 2007 valuation report. The appeal was dismissed with costs. The fund has subsequently instituted proceedings in the high court to review the appeal board’s decision.

• A pensioner of a fund appealed against the registrar’s decision to approve a transfer of business from the fund to various insurers in terms of section 14 of the Act. The appellant submitted that the scheme failed to guarantee the annual pension increases which a certain category of members of the fund were entitled to. Further, the scheme failed to accord to the full reasonable benefit expectations in that annual pension increases were not guaranteed in excess of the inflation rate as required by the fund’s pension increase policy. Lastly, the scheme was not reasonable since the transfer entitled them to lower benefits than they would be entitled to had the fund been liquidated.

The appeal board held that the 3% pension guaranteed increase is a right which the category of members is entitled to and is not a benefit subject to improvement at the discretion of the trustees under section 15D of the Act. The appellant’s second point was dismissed by the appeal board on account that the fund’s pension increase policy was subject to affordability. Lastly on the reasonable and equitable consideration of the scheme, it held that the fact that the ultimate intention was to liquidate, and the fund had to consider benefit expectations taking into account what the pensioners’ benefits would be in a liquidation compared to their benefit entitlement in a section 14 transfer. Since in a liquidation the pensioners would have been entitled to proportionate shares in the employer surplus account, the section 14 scheme was therefore not equitable. The appeal succeeded and the section 14 approval was set aside.

High Court Litigation

The registrar received seven new high court applications and eight cases were finalised during the period. Some significant cases during this period included:

• The registrar applied to the court to review and set aside certain rule amendments that were erroneously registered. These were submitted by the funds involved despite a pending appeal before the FSB appeal board. The application was opposed by the funds. The court decided in favour of the registrar and the rule amendments were set aside.

• A fund applied to set aside the FSB appeal board’s decision dismissing an appeal against the registrar’s decision not to approve the fund’s section 15F application to transfer the credit balance in an employer reserve account to an employer surplus account because it circumvented the surplus legislation. The court dismissed the fund’s application and confirmed the appeal board and registrar’s decision. It also dismissed the fund’s leave to appeal to the Supreme Court.


PF circulars, information circulars, directives, etcInformation Circulars

The following information circulars were issued during the year:

• Information circular PF 2 of 2013 - section 15G of Act : right to share of surplus accounts on exit.

• Information circular PF 3 of 2013 – section 15C: apportionment of future surplus by funds.

• Information circular PF 4 of 2013 – service level commitment between registrar and retirement funds industry.

• Information circular PF 5 of 2013 - exemption of investment administrators from compliance with section 13B(1) of the Act.

• Information circular PF 6 of 2013 – implementation of revised annual financial statements.

• Information circular PF 7 of 2013 - payment of prescribed fees in terms of Regulation 24(a)(iv) for alteration of rules brought about by street name changes.

Notices

Notices and directives issued during the review period

• Board Notice 179 of 2013 - notice of registrar’s intention to cancel the registration of inactive funds and participating employers in umbrella funds.

• Board Notice 270 of 2013 - assumptions for the determination of minimum individual reserve of a member of a defined benefit category of a pension fund.

• Directive PF 7 of 2013 - submission of prescribed annual financial statements under section 15 of the Act.

LegislationAmendments to the Act formed part of the Financial Services Laws General Amendments Act of 2013.

OutlookThe retirement funds division is currently working on the following broad regulatory issues:

• Aligning retirement funds regulation and supervision with the Treating Customers Fairly principles and twin peaks legislation.

• Consulting with the National Treasury and retirement fund stakeholders about retirement reform, good governance and amendments to the Act.

• Revised conditions for retirement fund benefit administrators and contribution collectors, such as introducing minimum capital adequacy requirements; increased liquidity requirements, and quarterly reporting.

• Prescribing good governance standards to retirement funds by incorporating principles reflected in the King III Code, the Code for Responsible Investing in South Africa (Crisa) and Treating Customers Fairly principles

• Prescribing minimum requirements for retirement fund rules.

• Revising the accounting framework in line with the new revised annual financial statements of funds.


• Introducing a new supervisory framework, specifically to supervise beneficiary and unclaimed benefit funds.

• Internationally, the department continues to play a role in the activities of International Organisation of Pension Supervisors (IOPS), the OECD working party on private pensions, and SADC’s Committee of Insurance, Securities and Non-banking financial authorities (CISNA).

Pension Funds AdjudicatorAs at the date of this annual report, the Pension Funds Adjudicator is Ms Muvhango Lukhaimane.

The determinations of the Adjudicator have an important influence on the retirement industry and can be viewed on the Adjudicator’s website at www.pfa.org.za and the FSB’s web-site at www.fsb.co.za.

The Pension Funds Adjudicator’s Office issues an Annual Report. The office can be reached at the following addresses or telephone numbers:

Physical address Postal address Contact details4th FloorRiverwalk Office ParkBlock A, 41 Matroosberg RoadAshlea Gardens, Extension 60081

PO Box 580Menlyn0063

Tel: 012 346 1738Fax: 086 693 7472e-mail: [email protected]


Table 1Number of Retirement Funds in South Africa

FUND TYPE 2012 ADDITIONS CANCELLATIONS CONVERSIONS 2013

1. Privately administered funds

3 128 15 (215) (11) 2 917

2. Underwritten funds 3 444 2 (1 248) 20 2 2183. GEPF 1 14. The Associated Institutions

Pension Fund (AIPF)1 1

5. The Temporary Employees Pension Fund (TEPF)

1 1

6. Transnet funds 3 37. Telkom Pension Fund 1 18. Post Office Retirement

Fund1 1

9. Foreign funds 1 1TOTAL 6 581 17 (1 463) 9 5 144

Note: The three Transnet funds are the Transnet Pension Fund, the Transnet Retirement Fund and the Transnet Second Defined Benefit Fund


Table 2Number of Members of Retirement Funds in South Africa (Note 1, 2 &3)

2013 2012

1. PRIVATELY ADMINISTERED FUNDS 9 588 066 9 079 355(a) Contributing members 5 806 758 5 490 081(b) Deferred benefit members 265 448 220 063(c) Pensioners in receipt of regular payments 277 299 298 075(d) Dependants and nominees 161 903 130 752(e) Persons entitled to unclaimed Benefits 3 076 658 2 940 384

2. UNDERWRITTEN FUNDS 3 855 956 4 128 182(a) Active members 3 247 316 3 544 119(b) Deferred pensioners 166 708 165 027(c) Pensioners in receipt of regular payments 77 766 80 190(d) Dependants and nominees 395 691 (e) Unclaimed Benefits 363 771 338 155

3. GEPF 1 651 015 1 637 160(a) Active members 1 275 206 1 276 361(b) Pensioners 375 809 360 799

4. TRANSNET FUNDS 138 068 137 654(a) Active members 67 100 63 265(b) Pensioners 70 968 74 389

5. TELKOM PENSION FUND 159 175(a) Active members 97 100(b) Unclaimed benefits 62 75

6. POST OFFICE RETIREMENT FUND 22 011 22 183(a) Active members 14 022 14 324(b) Pensioners 7 989 7 859

7. FOREIGN FUNDS 600 597(a) Active members 600 597

TOTAL 15 255 875 15 005 306

Notes: 1. This table reflects the number of individuals who are pension fund members. However, there is some double counting because

some individuals belong to more than one retirement fund. 2. Table 11, dealing with non-submission rates, needs to be taken into consideration when interpreting this table. 3. The statistics include only South African residents.4. The three Transnet funds are the Transnet Pension Fund, the Transnet Retirement Fund and the Transnet Second Defined Benefit

Fund


Table 3Membership by Fund Category of Retirement Funds in South Africa (Note 1)

Underwritten: 25.3%

GEPF: 10.8%

Privately administered 62.8%

Transnet/Telkom/PO/Foreign Funds: 1.1%

Total members: 15 255 875

Underwritten: 27.5%

GEPF: 10.9%



Total members: 15 005 306

Membership of Funds - 2013

Membership of Funds - 2012

Note:

1. Table 11, dealing with non-submission rates, needs to be taken into consideration when interpreting this table.


Table 4Aggregate Assets of Retirement Funds in South Africa (Note 1, 2 &3)

FUND TYPE2013R’m

2012R’m

1. Privately administered funds 1 483 955 1 290 4182. Underwritten funds (Note 2) 375 903 323 4803. GEPF 1 263 299 1 057 3254. Transnet funds 74 155 66 2985. Telkom Pension Fund 369 3126. Post Office Retirement Fund 13 101 11 1227. Foreign funds 235 190

TOTAL 3 211 017 2 749 145

Notes: 1. Table 11 dealing with non-submission rates needs to be taken into consideration when interpreting this table.2. These funds represent the estimated value of the assets held by insurers to cover their liabilities to the underwritten funds.3. Foreign funds furnish guarantees to cover their liabilities to South African resident members4. The three Transnet funds are the Transnet Pension Fund, the Transnet Retirement Fund and the Transnet Second Defined Benefit

Fund


Table 5Aggregate Assets by Fund Category of Retirement Funds in South Africa

Underwritten: 11.71%

GEPF: 39.34%



Total assets: R3 211 billion

Underwritten: 11.77%

GEPF: 38.46%



Total assets: R2 749 billion

Aggregate Assets of all Funds - 2013

Aggregate Assets of all Funds - 2012


Table 6Contributions Received by Retirement Funds in South Africa (Note 1)

FUND TYPE2013R’m

2012R’m

1. PRIVATELY ADMINISTERED FUNDS (Note 1) 93 038 83 546Members 41 775 36 445Employers 51 263 47 101Benefit fund

2. UNDERWRITTEN 31 650 29 005Members 20 555 19 244Employers 11 095 9 761

3. GEPF 47 003 45 494Members 17 129 15 762Employers 29 874 29 732

4. TRANSNET FUNDS (Note 3) 2 713 2 338Members 1 056 907Employers 1 657 1 431

5. TELKOM PENSION FUND (Note 2) 2 2Members 2 2

6. POST OFFICE RETIREMENT FUND 391 364Members 139 129Employers 252 235

7. FOREIGN FUNDS 19 20Members 7 7Employers 12 13

TOTAL 174 816 160 769

Notes: 1. Table 11, dealing with non-submission rates, needs to be taken into consideration when interpreting this table2. Telkom Pension Fund: The employer has been on a contribution holiday since 1 December 2007. The contributions offset against

the Fund’s surplus amounted to R3 005 588 (2012: R2 962 300).3. The three Transnet funds are the Transnet Pension Fund, the Transnet Retirement Fund and the Transnet Second Defined Benefit

Fund


Table 7Contributions by Fund Category (Note 1)

CONTRIBUTIONS (R million)

180 000

160 000

140 000

120 000

100 000

80 000

60 000

40 000

20 000

0

Privately administered

Underwritten GEPF Transnet/Telkom/PO

Foreign Total

2013 2012

Table 6 shows a summary of contributions received by all pension funds. The total contributions received increased by 8.74% from R160 769 million in 2012 to R174 816 million in 2013. Contributions to GEPF, Transnet, Telkom and Post Office funds increased by 3.97%, whilst total contributions to privately administered, underwritten and bargaining council funds in the private sector increased by 10.78%.

Note:1. Table 11, dealing with non-submission rates, needs to be taken into consideration when interpreting this table

93 0

33

83 5

46

31 6

50

29 0

05 47 0

03

45 4

94

3 10

6

2 70

4

19 20

174

816

160

769


Table 8Benefits Paid by all Retirement Funds in South Africa (Note 1)

FUND TYPE2013R’m

2012R’m

1. PRIVATELY ADMINISTERED FUNDS 111 375 94 381(a) Pensions 20 260 18 851(b) Lump sum payments 91 115 75 530

• On retirement or death 40 368 35 432• Resignations and terminations 39 233 33 595• Other 11 514 6 503

2. UNDERWRITTEN FUNDS 30 003 26 685(a) Pensions 527 188(b) Lump sum payments 29 476 26 497


3. GEPF 40 526 36 463(a) Pensions 21 889 19 964(b) Lump sum payments 18 637 16 499


4. TRANSNET FUNDS (Note 2) 6 451 6 059(a) Pensions 2 259 2 294(b) Lump sum payments 4 192 3 765

• On retirement or death 2 652 2 296• Other (transfer out) 1 540 1 469

5. TELKOM PENSION FUND 2 4(a) Pensions - -(b) Lump sum payments 2 4

• On retirement or death 2 4

6. POST OFFICE RETIREMENT FUND 622 567(a) Pensions 362 324(b) Lump sum payments 260 243

• On retirement or death 93 82• Resignations and terminations 160 153• Other 7 8

7. FOREIGN FUNDS 14 23(a) Pensions - -(b) Lump sum payments 14 23

• On retirement or death 11 4• Resignations and terminations 3 19

TOTAL 188 993 164 182

Notes: 1. Table 11, dealing with non-submission rates, needs to be taken into consideration when interpreting this table.2. The three Transnet funds are the Transnet Pension Fund, the Transnet Retirement Fund and the Transnet Second Defined Benefit Fund.


Table 9Benefits by Fund Category of all Retirement Funds in South Africa (note 1)

BENEFITS (R million)

200 000

180 000

160 000

140 000

120 000

100 000

80 000

60 000

40 000

20 000

0

Privately administered

Underwritten GEPF Transnet/Telkom/PO

Foreign Total

2013 2012

Table 8 shows a summary of benefits paid by all pension funds. The benefits paid increased by 15.1%, from R164 182 million in 2012 to R188 993 million in 2013.

Note:1. Table 11, dealing with non-submission rates, needs to be taken into consideration when interpreting this table.

111

375

94 3

81

30 0

03

26 6

85

40 5

26

36 4

63

7 07

5

6 63

0

14 23

188

993

164

182


Table 10 Investment Pattern of FSB Registered Funds (Note 2)

Table 10.1

ASSETS2013R’m

% of Total Assets

2012R’m

% of Total Assets

1. Immovable properties (Note1) 11 421 0.6 10 575 0.72. Bills and bonds 142 300 7.8 127 967 8.13. Participating mortgage bonds 47 - 2 -4. Debentures 16 207 0.9 8 586 0.55. Loans 2 178 0.1 235 -6. Equities (Note 3) 330 050 18.1 283 813 187. Collective investment schemes 150 215 8.2 132 116 8.48. Insurance policies 813 028 44.5 707 995 44.89. Deposits and Kruger rands 64 416 3.5 78 800 510. Foreign Investments (Note 4) 277 636 15.2 206 038 1311. Other assets (Note 5) 19 903 1.1 24 535 1.5

TOTAL 1 827 401 100 1 580 662 100

Notes: 1. Property, plant and equipment, housing loan facilities, surplus improperly utilized receivable, transfers receivable, accounts

receivable, contributions receivable and cash at bank are not included above (see Table 18). 2. Table 11, dealing with non-submission rates, needs to be taken into consideration when interpreting this table.3. Equities comprise of local listed equities, equity index-linked instruments preference shares and unlisted equities.4. Foreign investment includes listed foreign equities and unlisted equities.5. Other assets represent a combination of derivative market instruments and investments not listed on the table.

Table 10.2

50

40

30

20

10

0

Immovable properties

Bills and bonds

Participating mortgage

bonds

Debentures Loans Equities Collective Investment Schemes

Insurance policies

Deposits and Krugerrands

Foreign investments

Other

2013 2012


Table 10.3 Return on Investments

The return made by pension funds on the value of investments shown in Table 10.1 is calculated by using the following formula:

R =2i

A + B - i

Where R = Return on investmentsA = Initial value of investmentsB = End value of investmentsi = Interest, dividends, rent, policy income, net profit or losses on realisation of investments and the

amount by which investments were written up or down to fair value. Funds are required to disclose in their financial returns the method used for determining accrued, vested or provisional income from insurance policies. Non-vested policy income is included in or excluded from the revenue account at the discretion of funds.

By applying this formula to the total investments of all the self-administered funds, the return on investments for the past five years is calculated as follows:

Calendar Year 2009 (Notes 1, 2 and 3) 2010 (Notes 1, 2 and 3) 2011 (Notes 1, 2 and 3) 2012 (Notes 1, 2 and 3) 2013 (Notes 1, 2 and 3)

% returns 0.9 14.2 9.9 12.1 17.3

Notes: 1. The statistics for 2009, 2010, 2011, 2012 and 2013 are for all types of retirement funds registered with the FSB.2. The sample of funds for 2012 is 2 236, whilst for 2013, it is based on 2 285 submissions (Incudes 577 of the largest funds

comprising 95% of total assets and membership). 3. The effects of the economic recession felt largely in September 2008 affected investor confidence, though South Africa lagged the

global recession. The equity and derivative markets in South Africa began showing increased volatility, especially during the latter part of 2008 and during 2009.


Table 11Funds in Default for Non-Submission of 2013 Financial Statements by the FSB Cut-Of Date Of 05 November 2014

Total Number of funds required to

submit returnsNumber of returns

submitted

Number of funds in default of

submitting returnsNon-submission

ratePrivate 2310 1667 643 27.84%Underwritten 1439 618 821 57.05%Total 3749 2285 1464 39.05%

The following points need to be taken into consideration when interpreting tables 1 and 11:

1. Submissions include 577 of the largest 600 funds comprising 95% of total assets and membership.

2. The defaulting funds are mainly smaller funds with assets below R20 million, and include funds that have not informed the Registrar that they are terminating, have ceased to operate, or are transferring to umbrella funds, funds lacking good governance or funds facing other challenges in finalising their financial returns.

Reconciliation between Table 1 and Table 11

FSB registered Funds

(Table 1) Terminations ( Table 11 )

Active funds as at 05 November 2014

(Table 11) Private (Table 1) 2917Underwritten (Table 1) 2218Foreign fund (Table 1) 1Total as per Table 1 5136Pending terminations 1387Total funds required to submit financials as per Table 11

3749

3. Pending section 27 terminations include funds that responded to circulars and notified the Registrar of pending terminations, full section 14 transfers and terminations in terms of the registered rules of the funds.

4. There were 1194 funds with non-active boards (orphan funds) for which the Registrar appointed interim boards in terms of section 26 of the Act. These funds are still active and are required to submit returns. They have been included in this table.

5. Seven funds under curatorship during the periods under review have been included in this table.

6. The annual financial statements of Funds for the 2013 calendar year were due six months after the Fund year ends, unless extensions were obtained.

Regulatory interventions by the Registrar included sending monthly reminders to the funds for the submissions of financial statements, office visits, workshops, on-sites visits with recommendations for improving fund governance, inspections on funds and issuing of penalties.


Table 12

Cost-to-Income Ratios of FSB Registered Funds

Description 2013 Fund CountCosts /

Income * 100

Costs / Contribution

* 100Total

MembersTotal Assets

(Million)Funds With Members < 20 486 8.67% 54.81% 2 566 4 083Funds With Members < 50 198 5.82% 25.05% 6 381 3 824Funds With Members < 100 172 5.05% 19.87% 12 435 7 611Funds With Members < 200 216 4.68% 16.65% 31 744 16 932Funds With Members < 500 321 3.99% 13.16% 105 936 38 242Funds With Members < 1000 256 3.44% 11.46% 183 362 69 302Funds With Members < 5000 394 3.65% 11.69% 938 337 276 287Funds With Members < 10000 112 3.59% 11.78% 818 198 239 515Funds With Members > 10000 130 2.84% 8.72% 11 352 596 1 205 026Total funds sample 2 285


Income * 100


* 100Total

MembersTotal Assets

(Million)Funds With Members < 20 329 11.82% 57.51% 2 941 4 120Funds With Members < 50 233 6.82% 31.99% 7 535 4 552Funds With Members < 100 189 7.35% 24.41% 13 837 6 635Funds With Members < 200 241 6.04% 15.62% 35 614 14 692Funds With Members < 500 341 5.20% 13.34% 113 299 36 664Funds With Members < 1000 275 4.44% 11.79% 199 264 63 150Funds With Members < 5000 389 4.47% 11.40% 910 358 239 604Funds With Members < 10000 115 4.69% 12.43% 799 680 205 581Funds With Members > 10000 124 3.37% 8.17% 11 130 959 1 040 198Total funds sample 2236


Income * 100


* 100Total

MembersTotal Assets

(Million)Funds With Members < 20 1155 12.63% 84.23% 4 850 5 519Funds With Members < 50 315 10.40% 31.19% 10 386 4 364Funds With Members < 100 274 7.73% 22.12% 19 902 7 314Funds With Members < 200 287 6.77% 16.50% 41 580 13 893Funds With Members < 500 385 6.27% 14.06% 125 526 37 301Funds With Members < 1000 289 5.61% 12.57% 208 420 62 631Funds With Members < 5000 400 5.43% 11.08% 925 256 210 844Funds With Members < 10000 96 5.76% 12.67% 659 049 167 544Funds With Members > 10000 114 3.58% 7.92% 9 999 986 905 912Total funds sample 3315


Table 12

Cost-to-Income Ratios of FSB Registered Funds (cont.)


Income * 100


* 100Total

MembersTotal Assets

(Million)Funds With Members < 20 1618 10.12% 73.48% 6 806 6 008 Funds With Members < 50 430 13.14% 40.90% 13 833 4 990Funds With Members < 100 317 9.97% 26.49% 22 703 7 081Funds With Members < 200 341 5.86% 16.36% 48 584 13 413Funds With Members < 500 422 5.12% 13.36% 140 195 35 948 Funds With Members < 1000 308 3.85% 8.15% 218 364 60 998 Funds With Members < 5000 408 4.515 11.67% 943 086 214 686 Funds With Members < 10000 70 3.90% 10.81% 498 119 140 533 Funds With Members > 10000 116 2.96% 8.20% 8 707 557 830 610 Total funds sample 4030

Notes: 1. Costs include reinsurance premiums, retirement fund tax, expenses incurred in managing investments and all items disclosed in

note 11 to the financial statements e.g. actuarial fees, administration fees, audit fees, consulting fees, levies, penalties, trustees’ fees and remuneration, principal officer expenses.

2. They do not include amounts allocated to unclaimed benefits, as these costs have already been offset against unclaimed benefits in note 7 to the financial statements.

3. Funds with assets in aggregate of less than R 6 million are not required to submit audited financial statements to the registrar.


Table 13

Top 100 FSB Registered Funds Ranked by Total Assets (Note 1)

No Fund No Fund Name

Total Assets (R'm) Type of Fund

1 3904 SOUTH AFRICAN RETIREMENT ANNUITY FUND 95 797 Private2 564 ESKOM PENSION AND PROVIDENT FUND 92 738 Private3 4038 CENTRAL RETIREMENT ANNUITY FUND 84 306 Underwritten4 5040 ENGINEERING INDUSTRIES PENSION FUND 65 575 Private5 6776 LIFESTYLE RETIREMENT ANNUITY FUND 64 228 Underwritten6 1215 SENTINEL RETIREMENT FUND 47 539 Private7 25718 METAL INDUSTRIES PROVIDENT FUND 36 742 Private8 31505 TELKOM RETIREMENT FUND 36 041 Private9 37434 MOMENTUM RETIREMENT ANNUITY FUND 35 363 Underwritten10 7697 SASOL PENSION FUND 33 319 Private11 404 PROFESSIONAL PROVIDENT SOCIETY RETIREMENT ANNUITY

FUND32 279 Private

12 1373 STANDARD BANK GROUP RETIREMENT FUND 29 879 Private13 23053 MINEWORKERS PROVIDENT FUND 25 039 Private14 34766 ALEXANDER FORBES RETIREMENT FUND (PROVIDENT

SECTION)24 915 Underwritten

15 27324 ABSA PENSION FUND 23 599 Private16 3130 FNB PENSION FUND 22 195 Private17 1216 MINE EMPLOYEES PENSION FUND 21 703 Private18 34768 ALEXANDER FORBES RETIREMENT FUND (PENSION SECTION) 17 032 Underwritten19 29256 MUNICIPAL GRATUITY FUND 15 149 Private20 32689 CAPE RETIREMENT FUND FOR LOCAL GOVERNMENT 13 928 Private21 998 AECI PENSION FUND 13 011 Private22 559 DE BEERS PENSION FUND 12 995 Private23 27024 CORPORATE SELECTION UMBRELLA RETIREMENT FUND 12 362 Underwritten24 37186 ALLAN GRAY RETIREMENT ANNUITY FUND 12 140 Private25 32783 AUTO WORKERS PROVIDENT FUND 11 656 Private26 909 CAPE MUNICIPAL PENSION FUND 11 546 Private27 20246 OLD MUTUAL SUPERFUND PROVIDENT FUND 11 465 Private28 19727 SOUTH AFRICAN LOCAL AUTHORITIES PENSION FUND 10 938 Private29 32435 DURBAN PENSION FUND 10 929 Private30 37435 MOMENTUM PENSION PRESERVATION FUND 10 494 Underwritten31 5625 MUNICIPAL EMPLOYEES PENSION FUND 10 101 Private32 1070 SABC PENSION FUND 9 880 Private33 32083 FUNDSATWORK UMBRELLA PROVIDENT FUND 9 867 Underwritten34 30878 NATIONAL TERTIARY RETIREMENT FUND 9 792 Private35 30624 DENEL RETIREMENT FUND 9 424 Private36 36438 CORPORATE SELECTION UMBRELLA RETIREMENT FUND NO 2 9 391 Underwritten37 32820 FAIRBAIRN CAPITAL PENSION PRESERVATION FUND 8 949 Private




38 33661 OLD MUTUAL STAFF RETIREMENT FUND 8 769 Private39 36666 MOTOR INDUSTRY PROVIDENT FUND 8 624 Private40 27974 LIFESTYLE RETIREMENT PRESERVER PENSION PLAN 8 149 Underwritten41 363 ARCELORMITTAL SOUTH AFRICA PENSION FUND 7 991 Private42 29493 NEDGROUP DEFINED CONTRIBUTION PROVIDENT FUND 7 950 Private43 32082 FUNDSATWORK UMBRELLA PENSION FUND 7 948 Underwritten44 553 NATAL JOINT MUNICIPAL PENSION FUND - (SUPERANNUATION) 7 651 Private45 35100 PERSONAL PORTFOLIOS PRESERVATION PENSION FUND 7 548 Private46 20237 OLD MUTUAL SUPERFUND PENSION FUND 7 526 Private47 37184 ALLAN GRAY PENSION PRESERVATION FUND 7 429 Private48 2134 ANGLO AMERICAN CORPORATION PENSION FUND 7 178 Private49 35064 NATIONAL FUND FOR MUNICIPAL WORKERS 7 151 Private50 36983 KZN MUNICIPAL PENSION FUND 6 922 Private51 385 UNILEVER SA PENSION FUND 6 703 Private52 36828 SANLAM UMBRELLA PENSION FUND 6 644 Private53 17781 METROPOLITAN RETIREMENT ANNUITY FUND 6 520 Underwritten54 35099 PERSONAL PORTFOLIOS RETIREMENT ANNUITY FUND 6 481 Private55 36813 SANLAM UMBRELLA PROVIDENT FUND 6 358 Private56 29609 INVESTEC INVESTMENT LINKED PRESERVATION PENSION

PLAN6 335 Private

57 22622 INVESTEC INVESTMENT LINKED RETIREMENT ANNUITY FUND 6 210 Private58 37436 MOMENTUM PROVIDENT PRESERVATION FUND 6 112 Underwritten59 27975 LIFESTYLE RETIREMENT PRESERVER PROVIDENT PLAN 6 111 Underwritten60 3720 ALTRON GROUP PENSION FUND 6 097 Private61 37185 ALLAN GRAY PROVIDENT PRESERVATION FUND 5 955 Private62 16669 MOTOR INDUSTRY PENSION FUND (2005) 5 931 Private63 31217 SACCAWU NATIONAL PROVIDENT FUND 5 911 Private64 429 NEDGROUP PENSION FUND 5 870 Private65 31796 SOUTH AFRICAN MUNICIPAL WORKERS`UNION NATIONAL

PROVIDENT FUND5 673 Private

66 36006 CORPORATE SELECTION UMBRELLA PENSION FUND 5 533 Underwritten67 29607 INVESTEC INVESTMENT LINKED PRESERVATION PROVIDENT

FUND5 384 Private

68 23803 PRINTING INDUSTRY PENSION FUND FOR SATU MEMBERS 5 373 Private69 17068 PROTEKTOR PRESERVATION PENSION FUND 5 316 Underwritten70 21267 CHEMICAL INDUSTRIES NATIONAL PROVIDENT FUND 5 200 Private71 16489 AMPLATS GROUP PROVIDENT FUND 5 180 Private72 29219 SAB PROVIDENT FUND 5 169 Private73 7394 DENEL PENSION FUND 4 968 Private74 35101 PERSONAL PORTFOLIOS PRESERVATION PROVIDENT FUND 4 934 Private75 32821 FAIRBAIRN CAPITAL PROVIDENT PRESERVATION FUND 4 761 Private76 37469 DISCOVERY RETIREMENT ANNUITY FUND 4 745 Underwritten77 31320 UNIVERSITY OF SOUTH AFRICA RETIREMENT FUND 4 732 Private


78 16350 MURRAY AND ROBERTS RETIREMENT FUND 4 647 Private79 15227 THE PRESERVATION PENSION FUND 4 614 Private80 28800 SANLAM PRESERVATION PENSION FUND 4 604 Underwritten81 35658 POLITICAL OFFICE-BEARERS PENSION FUND 4 578 Private82 35423 ARCELORMITTAL SOUTH AFRICA SELECTOR PROVIDENT FUND 4 556 Private83 27484 ISCOR EMPLOYEES UMBRELLA PROVIDENT FUND 4 461 Private84 32005 IMPALA WORKERS PROVIDENT FUND 4 288 Private85 26475 BIDVEST SOUTH AFRICA RETIREMENT FUND 4 247 Private86 29492 NEDGROUP DEFINED CONTRIBUTION PENSION FUND 4 237 Private87 10150 TFG RETIREMENT FUND 4 228 Private88 5410 ENGEN PENSION FUND 4 206 Private89 376 NESTLE DEFINED BENEFIT PENSION FUND 4 162 Private90 29161 THE PRESERVATION PROVIDENT FUND 3 977 Private91 34312 CLASSIC PRESERVATION PENSION PLAN 3 824 Private92 6255 PICK N PAY NON-CONTRIBUTORY PROVIDENT FUND 3 775 Private93 1278 CAPE JOINT PENSION FUND 3 748 Private94 37197 PRIVATE SECURITY SECTOR PROVIDENT FUND 3 692 Private95 31495 SOUTH AFRICAN RESERVE BANK RETIREMENT FUND 3 690 Private96 36961 EJOBURG RETIREMENT FUND 3 445 Private97 8900 NAMPAK GROUP PENSION FUND 3 235 Private98 6856 PROSURE RETIREMENT ANNUITY FUND 3 177 Underwritten99 327 TSHWANE MUNICIPAL PENSION FUND 3 085 Private100 1652 SAPPI PENSION FUND 3 051 Private

Note: This table includes funds which submitted as at the cut-off date of 05 November 2014.




Table 14Top 100 FSB Registered Funds Ranked in order of Membership (Note 1 & 2)


Number of

Members Type of Fund1 5040 ENGINEERING INDUSTRIES PENSION FUND 1 497 962 Private2 3904 SOUTH AFRICAN RETIREMENT ANNUITY FUND 1 329 161 Private3 4038 CENTRAL RETIREMENT ANNUITY FUND 881 543 Underwritten4 25718 METAL INDUSTRIES PROVIDENT FUND 698 052 Private5 6776 LIFESTYLE RETIREMENT ANNUITY FUND 643 344 Underwritten6 37434 MOMENTUM RETIREMENT ANNUITY FUND 378 167 Underwritten7 17781 METROPOLITAN RETIREMENT ANNUITY FUND 305 815 Underwritten8 37197 PRIVATE SECURITY SECTOR PROVIDENT FUND 290 589 Private9 23053 MINEWORKERS PROVIDENT FUND 236 692 Private10 20246 OLD MUTUAL SUPERFUND PROVIDENT FUND 214 772 Private11 7361 BUILDING INDUSTRY PENSION SCHEME (WESTERN

PROVINCE) 198 936 Private

12 36998 CONTRACT CLEANING NATIONAL PROVIDENT FUND 182 120 Private13 32783 AUTO WORKERS PROVIDENT FUND 181 539 Private14 34766 ALEXANDER FORBES RETIREMENT FUND (PROVIDENT

SECTION) 154 568 Underwritten

15 32083 FUNDSATWORK UMBRELLA PROVIDENT FUND 152 055 Underwritten16 36438 CORPORATE SELECTION UMBRELLA RETIREMENT FUND NO 2 140 824 Underwritten17 37988 RFLIPF UNCLAIMED BENEFIT PRESERVATION PROVIDENT

FUND 119 086 Private

18 27024 CORPORATE SELECTION UMBRELLA RETIREMENT FUND 117 064 Underwritten19 404 PROFESSIONAL PROVIDENT SOCIETY RETIREMENT ANNUITY

FUND 112 952 Private

20 31217 SACCAWU NATIONAL PROVIDENT FUND 106 701 Private21 37916 ALEXANDER FORBES UNCLAIMED BENEFIT PROVIDENT

PRESERVATION FUND 98 368 Underwritten

22 37815 NATIONAL BARGAINING COUNCIL FOR CLOTHING MANUFACTURING INDUSTRY WESTERN CAPE REGION PROVIDENT FUND

95 292 Private

23 37811 ROAD FREIGHT AND LOGISTICS INDUSTRY PROVIDENT FUND 94 817 Private24 37955 LIBERTY CORPORATE UNCLAIMED BENEFITS PROVIDENT


25 564 ESKOM PENSION AND PROVIDENT FUND 93 638 Private26 37469 DISCOVERY RETIREMENT ANNUITY FUND 84 956 Underwritten27 16489 AMPLATS GROUP PROVIDENT FUND 84 948 Private28 36813 SANLAM UMBRELLA PROVIDENT FUND 78 059 Private29 20697 NEW LIFE RETIREMENT ANNUITY FUND 74 794 Underwritten30 34768 ALEXANDER FORBES RETIREMENT FUND (PENSION SECTION) 66 991 Underwritten31 1215 SENTINEL RETIREMENT FUND 62 259 Private


32 37917 ALEXANDER FORBES UNCLAIMED BENEFIT PENSION PRESERVATION FUND

61 784 Underwritten

33 32082 FUNDSATWORK UMBRELLA PENSION FUND 61 766 Underwritten34 26475 BIDVEST SOUTH AFRICA RETIREMENT FUND 57 871 Private35 7705 MINES 1970 UNCLAIMED BENEFITS PRESERVATION

PROVIDENT FUND 56 409 Private

36 36666 MOTOR INDUSTRY PROVIDENT FUND 54 901 Private37 20237 OLD MUTUAL SUPERFUND PENSION FUND 53 399 Private38 6856 PROSURE RETIREMENT ANNUITY FUND 52 569 Underwritten39 20517 TOURISM, HOSPITALITY AND CATERING PENSION FUND

(THACSA) 51 123 Private

40 36006 CORPORATE SELECTION UMBRELLA PENSION FUND 47 483 Underwritten41 37186 ALLAN GRAY RETIREMENT ANNUITY FUND 46 635 Private42 27324 ABSA PENSION FUND 41 058 Private43 1216 MINE EMPLOYEES PENSION FUND 39 246 Private44 36828 SANLAM UMBRELLA PENSION FUND 38 790 Private45 36541 AGRICULTURAL SECTOR PROVIDENT FUND - UMBRELLA FUND 38 000 Private46 3130 FNB PENSION FUND 37 377 Private47 32689 CAPE RETIREMENT FUND FOR LOCAL GOVERNMENT 36 122 Private48 34971 SECURITY EMPLOYEES NATIONAL PROVIDENT FUND 35 617 Private49 32005 IMPALA WORKERS PROVIDENT FUND 35 533 Private50 31505 TELKOM RETIREMENT FUND 35 459 Private51 37882 NBC UNCLAIMED BENEFITS PROVIDENT PRESERVATION FUND 35 252 Private52 36651 CAREFREE LIFE RETIREMENT ANNUITY FUND 34 560 Underwritten53 35064 NATIONAL FUND FOR MUNICIPAL WORKERS 34 559 Private54 37846 LEATHER INDUSTRY PROVIDENT FUND (THE) 34 450 Private55 1373 STANDARD BANK GROUP RETIREMENT FUND 33 050 Private56 34855 ABSA SMALL BUSINESS PROVIDENT FUND 32 975 Private57 37995 ISCOR UNCLAIMED BENEFITS PENSION FUND 32 740 Private58 16271 BIDVEST SOUTH AFRICA PENSION FUND 32 630 Private59 37816 KWAZULU NATAL CLOTHING INDUSTRY PROVIDENT FUND 32 065 Private60 36719 BRIDGING PROVIDENT FUND 31 197 Private61 29256 MUNICIPAL GRATUITY FUND 30 754 Private62 26805 CONSTRUCTION INDUSTRY RETIREMENT BENEFIT FUND 29 566 Private63 37911 MOMENTUM UNCLAIMED BENEFIT PROVIDENT PRESERVATION

FUND 29 564 Private

64 27139 MASAKHANE PROVIDENT FUND (1998) 29 145 Private65 28359 THE HOSPITALITY AND GENERAL PROVIDENT FUND 28 539 Private66 7697 SASOL PENSION FUND 28 292 Private67 5625 MUNICIPAL EMPLOYEES PENSION FUND 27 966 Private68 21267 CHEMICAL INDUSTRIES NATIONAL PROVIDENT FUND 27 468 Private69 37902 THE UNCLAIMED BENEFITS PROVIDENT PRESERVATION FUND 25 811 Private


Number of

Members Type of Fund


70 36634 SANLAM FUTURA UMBRELLA RETIREMENT FUND 25 567 Underwritten71 19727 SOUTH AFRICAN LOCAL AUTHORITIES PENSION FUND 25 365 Private72 37972 NMG UNCLAIMED BENEFITS PENSION PRESERVATION FUND 24 761 Private73 5812 WOOLWORTHS GROUP RETIREMENT FUND 24 428 Private74 5707 PENSION AND LIFE ASSURANCE SCHEME FOR THE BUILDING

INDUSTRY (SOUTHERN- AND EASTERN CAPE) 24 245 Private

75 31796 SOUTH AFRICAN MUNICIPAL WORKERS`UNION NATIONAL PROVIDENT FUND

23 761 Private

76 38068 BRIDGING UNCLAIMED BENEFIT PROVIDENT PRESERVATION FUND

23 306 Private

77 27200 ABSA HOME EMPLOYEES PROVIDENT FUND 22 292 Private78 35555 BUILDING INDUSTRY PROVIDENT FUND (WESTERN PROVINCE) 21 590 Private79 7755 NORTH AND WEST BOLAND BUILDING INDUSTRY PENSION

SCHEME 21 157 Private

80 7394 DENEL PENSION FUND 20 504 Private81 14517 SMOLLAN GROUP PENSION FUND 20 394 Private82 4508 GAUTENG BUILDING INDUSTRY PENSION SCHEME 20 314 Private83 1057 RETAIL RETIREMENT FUND 20 051 Private84 36961 EJOBURG RETIREMENT FUND 19 945 Private85 27974 LIFESTYLE RETIREMENT PRESERVER PENSION PLAN 19 661 Underwritten86 31013 IMPERIAL GROUP PROVIDENT FUND 19 292 Private87 17068 PROTEKTOR PRESERVATION PENSION FUND 18 895 Underwritten88 37956 LIBERTY CORPORATE UNCLAIMED BENEFITS PENSION


89 37844 THE FURNITURE BARGAINING COUNCIL PROVIDENT FUND 18 713 Private90 27975 LIFESTYLE RETIREMENT PRESERVER PROVIDENT PLAN 18 246 Underwritten91 36036 NBC UMBRELLA RETIREMENT FUND 17 768 Private92 33661 OLD MUTUAL STAFF RETIREMENT FUND 17 661 Private93 29493 NEDGROUP DEFINED CONTRIBUTION PROVIDENT FUND 17 403 Private94 36361 NETCARE 1999 PROVIDENT FUND 17 360 Private95 37094 ALEXANDER FORBES CORE PLAN (PROVIDENT SECTION) 17 330 Underwritten96 37975 OLD MUTUAL SUPERFUND UNCLAIMED BENEFITS

PRESERVATION PROVIDENT FUND 17 328 Private

97 36983 KZN MUNICIPAL PENSION FUND 17 234 Private98 6255 PICK N PAY NON-CONTRIBUTORY PROVIDENT FUND 17 188 Private99 35093 J.I.C. RETIREMENT FUND (THE) 17 037 Private100 22622 INVESTEC INVESTMENT LINKED RETIREMENT ANNUITY FUND 16 902 Private

Notes: 1. This table includes funds which submitted as at the cut-off date of 05 November 2014.2. Membership relating to unclaimed benefits has been included in this table.


Number of

Members Type of Fund


Table 15

FSB-Registered Administrators As At 05 November 2014

Number Name Postal Address(A) BENEFIT ADMINISTRATORS24/70 ABSA CONSULTANTS & ACTUARIES (PTY) LTD PRIVATE BAG X43 HATFIELD 002824/246 ABSA INVESTMENT MANAGEMENT SERVICES (PTY) LTD PO BOX 974 JOHANNESBURG 200024/502 ABSA TRUST LIMITED PO Box 4167 FOURWAYS 205524/451 ADMINPEOPLE (PTY) LTD PO BOX 67528 HIGHVELD EXT 2 016924/371 ADVICEATWORK (PTY) LTD PO BOX 61454 MARSHALLTOWN 210724/352 AKANI RETIREMENT FUND ADMINISTRATORS (PTY) LTD PRIVATE BAG X36 KEMPTON PARK

162024/472 ALEXANDER FORBES FINANCIAL SERVICES

(PROPRIETARY) LTDPO BOX 787240 SANDTON 2146

24/458 ALEXANDER FORBES INDIVIDUAL CLIENT ADMINISTRATION (PROPRIETARY) LIMITED

PO BOX 787240 SANDTON 2146

24/331 ALEXANDER FORBES LIFE LIMITED PO BOX 787240 SANDTON 214624/403 ALLAN GRAY INVESTMENT SERVICES (PTY) LIMITED PO BOX 51318 WATERFRONT CAPE

TOWN 800224/392 ANGLO OPERATIONS PROPRIETARY LIMITED PO BOX 61587 MARSHALLTOWN 210724/237 AON CONSULTING SA (PTY) LTD PO BOX 1874 PARKLANDS 212124/462 AON SA PTY LTD PO BOX 1874 PARKLANDS 212124/263 ARCAY PRIVATE FINANCIAL SERVICES EMPLOYEE

BENEFITS (PTY) LTDPO BOX 1741 HOUGHTON 2041

24/416 ARLENTA TRANSACTIONAL SERVICES (PTY) LTD PO BOX 487 CENTURY CITY 744624/547 AUTOMATED OUTSOURCING SERVICES (PTY) LTD PO BOX 4769 RANDBURG 212524/346 BAMBANANI BENEFIT ADMINISTRATORS (PTY) LTD PO BOX 2832 MONTANA PARK 015924/474 BARGAINING COUNCIL FOR THE FURNITURE

MANUFACTURING INDUSTRY, KWAZULU - NATALPO BOX 1554 DURBAN 4000

24/226 BENSURE MANAGEMENT SERVICES (PTY) LTD PO BOX 3315 RANDBURG 212524/491 BOPHELO BENEFIT SERVICES (PTY) LTD POSTNET SUITE 173 PRIVATE BAG X31

ROSEBANK 213224/395 BORWA FINANCIAL SERVICES (PTY) LTD PO BOX 62244 MARSHALLTOWN 210724/218 BREFCO (PTY) LTD PO BOX 829 WILGEHEUWEL 173624/50 BROKSURE ADMINISTRATORS (PTY) LTD PO BOX 16254 VLAEBERG 801824/504 CADIZ LIFE LIMITED PO BOX 299 SIMON'S TOWN 799524/22 CASSIE NELL ATTORNEY NOTARY & CONVEYANCE PO BOX 699 EDENVALE 219524/441 CEDAR EMPLOYEE BENEFITS & CONSULTANTS (PTY)

LTDPO BOX 2140 HOUGHTON 2041

24/232 CHAMPAGNE TRUST (THE) PO BOX 74519 TURFFONTEIN 214024/361 CHANNEL LIFE LIMITED PO BOX 1273 PARKLANDS

JOHANNESBURG 212124/272 CITADEL ADMINISTRATION SERVICES (PTY) LTD PO BOX 23388 CLAREMONT 773524/389 DE WET'S INGELYF PO BOX 158 KRUGERSDORP 1740


24/298 DELOITTE & TOUCHE ACTUARIES AND CONSULTANTS (PTY) LIMITED

PRIVATE BAG X6 GALLO MANOR 2052

24/457 DISCOVERY LIFE INVESTMENT SERVICES (PROPRIETARY) LIMITED


24/374 DISCOVERY LIFE LIMITED PO BOX 3888 RIVONIA 212824/131 DU RAND JURGENS & ASSOCIATES (PTY) LTD PO BOX 855 SWELLENDAM 674024/402 DYNAM-IQUE SA CONSULTANTS AND ACTUARIES

(PROPRIETARY) LIMITEDPOSTNET SUITE 306 PRIVATE BAG X30500 HOUGHTON 2041

24/323 ENIGMA SOLUTIONS PO BOX 1659 RANDBURG 212524/645 ENSIMINI ADMINISTRATION SERVICES (PTY) LTD PO BOX 69439 BRYANSTON 202124/415 ETHEKWINI MUNICIPALITY PO BOX 828 DURBAN 400024/396 EVEREST CORPORATE BENEFITS (PTY) LTD PO BOX 92386 NORWOOD 211724/115 EVOLUTION CORPORATE BENEFITS (PTY) LTD PO BOX 1829 MILNERTON 743524/483 FAIRHEADS BENEFIT SERVICES (PTY) LTD PO BOX 4392 CAPE TOWN 800024/313 FAIRSURE ADMINISTRATION (PROPRIETARY) LIMITED PO BOX 8417 ROGGENBAAI 801224/343 FAME TRUST (PTY) LTD PO BOX 6717 WESTGATE 173424/493 FEDGROUP EMPLOYEE BENEFITS (PTY) LTD PO BOX 782823 SANDTON 214624/111 FEDGROUP FUND ADMINISTRATORS (PTY) LTD PO BOX 64 BUCCLEUCH 206624/505 FEDGROUP TRUST ADMINISTRATORS (PTY) LTD PO BOX 782823 SANDTON 214624/274 FINANCIAL ADMINISTRATION SOLUTIONS (PTY) LTD PO BOX 774 RONDEBOSCH 770124/318 FIRSTLIGHT ADMINISTRATION SERVICES (PTY) LTD POSTNET SUITE 96 PRIVATE BAG X3

PLUMSTEAD 780124/335 FUNDWISE MANAGEMENT SERVICES (PTY) LTD POSTNET SUITE 163 PRIVATE BAG X10

MUSGRAVE ROAD 406224/477 FURNITURE BARGAINING COUNCIL PO BOX 32789 BRAAMFONTEIN 201724/144 FUSSELL & ASSOCIATES EMPLOYEE BENEFITS (PTY)

LTDPO BOX 48 MELROSE ARCH 2076

24/760 FUTURA SA ADMINISTRATORS (PTY) LTD PO BOX 2853 BELLVILLE 753524/267 G I B FINANCIAL SERVICES (PTY) LTD PO BOX 3211 HOUGHTON 204124/80 GALLET RETIREMENT FUND ADMINISTRATORS (

PROPRIETARY) LIMITEDPO BOX 359 SAXONWOLD 2132

24/327 GLACIER FINANCIAL SOLUTIONS (PTY) LIMITED PRIVATE BAG X5 TYGER VALLEY 753824/63 GLENRAND MIB BENEFIT SERVICES (SOUTH) (PTY) LTD PO BOX 3529 RANDBURG 212524/476 GLOBAL INDEPENDENT ADMINISTRATORS (PTY) LTD POSTNET SUITE 208 PRIVATE BAG X9

BENMORE 201024/418 GM DE KLERK (PTY) LTD PO BOX 61750 MARSHALLTOWN 210724/223 GOLDING, TORR & DE DECKER (PTY) LTD PO BOX 786347 SANDTON 214624/449 GQM FUND ADMINISTRATORS (PTY) LTD POSTNET SUITE NO 277 PRIVATE BAG

X19 GARDENVIEW 204724/220 HIBISCUS FINANCIAL BROKERS (PTY) LTD PO BOX 849 MARGATE 427524/233 HOLLARD LIFE ASSURANCE COMPANY LTD PO BOX 87428 HOUGHTON 204124/414 INTEGRITY RETIREMENT FUND ADMINISTRATORS (PTY)

LTDPOSTNET SUITE 232 PRIVATE BAG X25723 MONUMENT PARK 0105

24/59 INVESTEC INVESTMENT MANAGEMENT SERVICES (PTY) LTD


Number Name Postal Address


24/439 INVESTEC PERSONAL FINANCIAL SERVICES (PTY) LTD PO BOX 78055 SANDTON 214624/248 INVESTEC PRIVATE TRUST LIMITED PO BOX 786800 SANDTON 214624/217 INVESTMENT SOLUTIONS LTD PO BOX 786055 SANDTON 214624/424 IRETIRE EMPLOYEE BENEFITS (PTY) LTD PO BOX 38839 FAERIE GLEN 004324/286 J.R. WINSON TRADING AND INVESTMENT (PTY)LTD 20 PITCHFORD ROAD NORTHCLIFF

JOHANNESBURG 219524/251 KEY TRENDS MANAGEMENT SERVICES PO BOX 25415 MONUMENT PARK 010524/209 KWAZULU NATAL MASTER BUILDERS & ALLIED

INDUSTRIES ASSOCIATIONPO BOX 582 WESTVILLE 3630

24/289 LANCE VAN DRIEL & ASSOCIATES CC PO BOX 16350 VEGANVIEW 161224/2 LIBERTY GROUP LIMITED PO BOX 10499 JOHANNESBURG 200024/55 LIFESENSE FINANCIAL SERVICES ADMINISTRATION

DIVISION (PTY) LTDPRIVATE BAG X135 BRYANSTON 2021

24/293 LION OF AFRICA ADMINISTRATION SERVICES (PROPRIETARY) LIMITED

PRIVATE BAG X1 MOWBRAY 7705

24/540 LSRC EMPLOYEE CONSULTANTS AND BENEFIT ADMINISTRATORS (PTY) LTD

PO BOX 44541 LINDEN 2104

24/159 M CUBED EMPLOYEE BENEFITS (PTY) LTD PO BOX 2305 BEDFORDVIEW 230524/142 METAL INDUSTRIES BENEFIT FUNDS ADMINISTRATORS PO BOX 7507 JOHANNESBURG 200024/90 MMI GROUP LTD PO BOX 7400 CENTURION 004624/453 MOMENTUM RETIREMENT ADMINISTRATORS (PTY) LTD PO BOX 2212 BELLVILLE 753524/486 MORITING WEALTH MANAGERS PO BOX 7972 JOHANNESBURG 200024/79 MULTILECT ADMINISTRATORS (PTY) LTD PO BOX 359 SAXONWOLD 213224/330 NBC FUND ADMINISTRATION SERVICES (PTY) LTD PO BOX 32528 BRAAMFONTEIN 201724/425 N-E- FG ADMINISTRATORS (PTY) LTD PO BOX 472 PARK SOUTH 191024/648 NEDGROUP BENEFICIARY SOLUTIONS LTD PO BOX 1144 JOHANNESBURG 200024/334 NEDGROUP LIFE ASSURANCE COMPANY LIMITED PO BOX 149175 EAST END 404824/42 NICOL LAIDLAW DYNES & ASSOCIATES CC PO BOX 5721 WALMER 606524/450 NMG ADMINISTRATORS (PROPRIETARY) LIMITED PO BOX 3075 RANDBURG 212524/307 NMG CONSULTANTS AND ACTUARIES

ADMINISTRATORS (PROPRIETORY) LIMITEDPO BOX 3075 RANDBURG 2125

24/766 NOVARE ACTUARIES AND CONSULTANTS (PTY) LIMITED PO BOX 4742 TYGERVALLY 253624/324 OASIS CRESCENT RETIREMENT SOLUTIONS (PTY) LTD PO BOX 1217 CAPE TOWN 800024/409 OLD MUTUAL ALTERNATIVE SOLUTIONS LIMITED PO BOX 67335 BRYANSTON 202124/161 OLD MUTUAL INVESTMENT ADMINISTRATORS (PTY)

LTDPO BOX 5408 CAPE TOWN 8000

24/151 OLD MUTUAL INVESTMENT SERVICES (PTY) LTD PO BOX 66 CAPE TOWN 800024/35 OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH

AFRICA) LIMITEDPO BOX 66 CAPE TOWN 8000

24/213 OVATION GLOBAL INVESTMENT SERVICES (PTY) LTD PO BOX 487 CENTURY CITY 744624/242 P & D FINANCIAL SERVICES CC PO BOX 13454 NORTHMEAD BENONI

151124/322 PENPRO ADMINISTRATORS (PTY) LIMITED PO BOX 14656 FARRAMERE 151824/535 PRESCIENT FUND SERVICES (PTY) LTD PO Box 31142 TOKAI 796624/266 PROVIDENCE RISK MANAGERS (PTY) LTD PO BOX 1672 PORT ELIZABETH 6000



24/397 PSG INVEST (PTY) LTD PO BOX 41259 CRAIGHALL 202424/448 PSG LIFE LTD PO BOX 1899 WITKOPPEN

JOHANNEBURG 206824/280 REGENT LIFE ASSURANCE COMPANY LTD PO BOX 674 EDENVALE 161024/21 RENTMEESTER ASSURANCE LTD PO BOX 403 PRETORIA 000124/275 RETFUND CONSULTANTS AND ADMINISTRATORS PO BOX 2313 WINGATEPARK 015324/469 RFS ADMINISTRATORS (PTY) LTD PO BOX 2832 MONTANA PARK 015924/499 RMBT CASH MANAGEMENT (PTY) LTD PO BOX 207 DURBAN 400024/112 ROBSON SAVAGE (PTY) LTD PO BOX 3041 HOUGHTON 204124/503 SALT EMPLOYEE BENEFITS (PTY) LTD PO BOX 17135 DOORNFONTEIN 202824/376 SANLAM DEVELOPING MARKETS LIMITED PO BOX 1941 HOUGHTON 204124/85 SANLAM LIFE INSURANCE LTD PO BOX 1 SANLAMHOF 753224/508 SANLAM TRUST (PTY) LTD PO BOX 1260 SANLAMHOF 753224/76 SANLAM UMBRELLA FUND ADMINISTRATORS (PTY) LTD PO BOX 18403 WYNBERG 782424/155 SCIENTIA ACTUARIES & CONSULTANTS (PTY) LTD PO BOX 589 BELLVILLE 753524/470 SESHEGO BENEFIT CONSULTING (PTY) LTD PO Box 412181 CRAIGHALL 202424/408 SHERNOL RETIREMENT ADMINISTRATOR (PTY) LTD PO BOX 84 MEYERTON 196024/381 SILICA FINANCIAL ADMINISTRATION SOLUTIONS (PTY)

LTDPOSTNET SUITE 361 PRIVATE BAG X9 BENMORE 2010

24/519 SILVER CREST RETIREMENT FUND ADMINISTRATORS (PTY) LTD

PO BOX 72413 PARKVIEW 2122

24/336 SME BENEFIT ADMINISTRATORS (PTY) LTD PO BOX 1252 LONEHILL 206224/359 SOUTHERN AFRICA QUANTUM EMPLOYEE BENEFITS

(PTY) LTDPO BOX 781687 SANDTON 2146

24/758 SQUIRREL BENEFIT ADMINISTRATORS (PTY) LTD PO BOX 9148 CENTURION 004624/500 STANDARD TRUST LIMITED PO BOX 61373 MARSHALLTOWN 210724/178 STANLIB WEALTH MANAGEMENT LIMITED PO BOX 202 MELROSE ARCH 207624/400 TABENG ADMINISTRATION SOLUTIONS (PTY) LTD PO BOX 35346 MENLO PARK 010224/495 TDF FUND ADMINISTRATORS (PTY) LTD PO BOX 44672 CLAREMONT 773524/510 TEBA LIMITED PO BOX 62251 MARSHALLTOWN 210724/431 TRANSPARENT FINANCIAL SERVICES (PTY) LTD PO BOX 12722 THE TRAMSHED 012624/71 TRILOGY BENEFITS GROUP (PTY) LTD PRIVATE BAG X87 BRYANSTON 202124/64 ULTIMATE FUND ADMINISTRATORS (PTY) LTD PO BOX 721 CRAMERVIEW 206024/308 UMBRELLA MANAGEMENT SERVICES COMPANY PO BOX 411589 CRAIGHALL 202424/292 VERSO FINANCIAL SERVICES (PTY) LTD PO BOX 4300 TYGER VALLEY 735624/134 VERSO FUNDS ADMINISTRATOR (PTY) LTD PO BOX 27313 GREENACRES 605724/54 VIC GLASSOCK & ASSOCIATES CC PO BOX 72280 PARKVIEW 212224/432 WA DAVIDSON CC PRIVATE BAG X 3060 RANDBURG 212524/562 WA DAVIDSON FINANCIAL SERVICES (PTY) LTD PRIVATE BAG X 3060 RANDBURG 212524/714 WEALTHPORT (PTY) LTD PRIVATE BAG X 108 BRYANSTON 202124/514 WSM EMPLOYEE BENEFIT ADMINISTRATORS (PTY) LTD PO BOX 3381 BENONI 150024/147 WYNNE-JONES & COMPANY EMPLOYEE BENEFITS

CONSULTANTS (PTY) LTDPO BOX 2140 HOUGHTON 2041



(B) BENEFIT ADMINISTRATORS THAT ARE ALSO PROVIDERS OF INVESTMENT RELATED SERVICES24/444 10X INVESTMENT (PTY) LTD SUITE 105, FOYER A SOVEREIGN

QUAY, 34 SOMERSET ROAD GREEN POINT 8005

24/757 SYGNIA FINANCIAL SERVICES (PTY) LTD PO BOX 51591 WATERFRONT 800224/150 UAL INVESTMENT PLANNING SERVICES (PTY) LTD PO BOX 582 JOHANNESBURG 2000

(D) EMPLOYER ADMINISTRATORS24/47 ADMINISTRATIEWE BURO VAN DIE GEREFORMEERDE

KERKE IN SAPO BOX 20004 NOORDBRUG 2522

24/19 AECI LTD PRIVATE BAG X21 GALLO MANOR 205224/304 ASSUPOL LIFE PO BOX 35900 MENLO PARK 010224/139 BEACON REGISTRARS (PTY) LTD PO BOX 414041 CRAIGHALL 202424/104 CROCODILE VALLEYCITRUS COMPANY (PTY) LTD PRIVATE BAG 11210 NELSPRUIT 120024/239 CTP LIMITED PO BOX 6060 PAROW EAST CAPE

TOWN 750124/438 E P E CONSULTING SERVICES CC PO BOX 1387 BASSONIA 206124/136 EDGARS CONSOLIDATED STORES LTD PO BOX 200 CROWN MINES 202524/354 ESKOM PENSION AND PROVIDENT FUND PRIVATE BAG X50 BRYANSTON 202124/487 FOSCHINI RETAIL GROUP (PTY) LTD PO BOX 6020 PAROW EAST 750124/665 GLOBAL FUND ADMINISTRATORS POSTNET SUITE 208 PRIVATE BAG X9

BENMORE 201024/146 GRANT THORNTON PRIVATE BAG X28 BENMORE 201024/301 IGOLIDE HEALTH NETWORK (PTY) LTD PRIVATE BAG X2053 CARLETONVILLE

250024/523 INDEPENDENT NEWS AND MEDIA (SOUTH AFRICA)

(PTY) LTDPO BOX 1014 JOHANNESBURG 2000

24/140 JOINT MUNICIPAL PENSION FUND PO BOX 13355 HATFIELD 002824/687 LEWIS STORES (PTY) LIMITED PO BOX 43 WOODSTOCK 791524/114 METHODIST CONNEXIONAL OFFICE PO BOX 50216 MUSGRAVE 406224/78 MOTOR INDUSTRY FUND ADMINISTRATORS (PTY) LTD PRIVATE BAG X10095 RANDBURG 212524/108 NEDERDUITSE GEREFORMEERDE KERK IN SA PRIVAATSAK X8 BELLVILLE 753524/358 PRIMETANK (PTY) LTD PO BOX 55398 NORTHLANDS 211624/278 PRO THERM SYSTEMS (PTY) LTD PO BOX 1109 BRAMLEY 201824/170 RAND WATER PO BOX 1127 JOHANNESBURG 200024/15 SA TYPOGRAPHICAL UNION (SATU) PO BOX 1993 PRETORIA 000124/129 SOUTH AFRICAN RESERVE BANK PO BOX 427 PRETORIA 000124/200 STANDARD BANK OF SA LTD PO BOX 61560 MARDHALLTOWN 210724/326 TRANSNET LTD PRIVATE BAG X41 BRAAMFONTEIN

201724/8 VRYSTAAT MUNISIPALE PENSIOENFONDS PO BOX 843 KROONSTAD 9500



Table 16Statement of Net Assets and Funds of FSB Registered Funds

Notes

2013Current period

R’000

2012Current period

R’000

ASSETSNon-current assets 1 828 272 565 1 581 592 221Property, plant and equipment 1 65 370 45 616Investments (including investment properties) 2 1 827 400 514 1 580 661 813 Housing loan facilities 804 558 881 966Surplus improperly utilised receivable 12 2 123 2 826

Current assets 31 585 644 32 306 123Transfers receivable 3 2 945 533 3 836 985Accounts receivable 6 920 314 8 641 999Contributions receivable 8 4 922 058 4 858 156Cash at bank 16 500 793 14 948 218Surplus improperly utilised receivable 12 296 946 20 765Total assets 1 859 858 209 1 613 898 344

(Applicable to defined contribution funds)FUNDS AND LIABILITIESMembers’ funds and surplus account 1 317 972 384 1 125 110 472Members’ individual accounts 1 299 374 513 1 104 941 196Amounts to be allocated 13 17 735 144 19 190 500Member surplus account 862 727 978 776Reserves 106 267 174 97 158 590 Reserve accounts 106 267 174 97 158 590Revaluation reserve: property, plant and equipment 4 0 0 Total funds and reserves 1 424 239 558 1 222 269 062

(Applicable to defined benefit funds)FUNDS AND LIABILITIESFunds and surplus account 297 013 621 268 049 549Accumulated funds 295 646 135 266 652 935Member surplus account 1 367 486 1 396 614Reserves 63 278 274 56 354 062Reserve accounts 63 278 274 56 354 062Revaluation reserve: property, plant and equipment 4 0 0Total funds and reserves 360 291 895 324 403 611


Notes

2013Current period

R’000

2012Current period

R’000

Non-current liabilities 31 218 773 29 566 128Employer surplus account 13 090 086 12 726 748Financial liabilities 2 197 148 1 559 618Provisions 121 974 86 196Unclaimed benefits 15 809 565 15 193 566

Current liabilities 44 107 983 37 659 543Transfers payable 5 4 347 230 2 592 890Benefits payable 6.1 and 6.2 30 656 127 27 584 771Accounts payable 9 092 023 7 460 867Retirement fund taxation 7 4 321 5 023Other 8 282 15 992Total funds and liabilities 1 859 858 209 1 613 898 344


Table 17Statement of Changes in Net Assets and Funds of FSB Registered Funds

Notes

2013Current period

R’000

2012Current period

R’000

Contributions received and accrued 8 124 720 747 112 805 254Contributions transferred from reserve accounts 26 592 151 863 Contributions transferred from surplus accounts 592 563 580 815Surplus improperly utilised 1 323 6 341Reinsurance proceeds 4 927 948 4 739 103Net investment income 9 265 669 530 163 899 696(less) Allocated to unclaimed benefits (966 550) (647 919)Other income 10 10 903 228 12 350 919Less:Reinsurance premiums (7 225 081) (6 342 663)Administration expenses 11 (6 695 544) (6 128 602) Retirement fund taxation 7 (2 100) 2 792Net income before transfers and benefits 391 952 656 281 417 599

(less) Transfers and benefits (138 948 107) (102 940 704)Transfers from other funds 3 45 192 325 46 223 939(less) Transfers to other funds 5 (37 791 812) (25 698 273)(less) Benefits 6.1.1 and 6.2.1 (146 348 620) (123 466 370)Net income after transfers and benefits 253 004 549 178 476 895

Funds and reserves 1 531 676 001 1 365 820 389Balance at beginning of period 14 1 512 314 069 1 369 583 545 Prior period adjustments 104 034 (577 591)

Transfer between reserve accounts 45 153 (1 369 643) Investment return allocated (1 155 811) 3 373 Current members (74 125) (25 379) Former members (296) 51 378 Surplus and reserve accounts (1 081 390) (22 626) Surplus apportionment (423 995) (377 164)Revaluation surplus: property, plant and equipment 4 - -

Transfer between reserve accounts (898 030) (876 012)Employer surplus account (869 513) (729 570) Member surplus account (28 517) (146 442)

Allocations to/from surplus accounts 50 660 566 119(less) Benefits to former members 1 677 36 519 Surplus transfers payments 7 298 (97 843) Benefit enhancements - other (121 933) (151 289)Surplus transfers received (163 618) (778 732)Balance at end of period 1 782 301 240 1 544 297 284

Note:The difference between the opening balance and the closing balance of the previous period is due to funds that submitted drafts in the previous period; funds that only submitted financial statements after cutoff date; funds that had a year-end change; funds that got cancelled; funds that transferred out and funds that liquidated. See Note 14 in Table 18 for reconciliation.


Table 18Notes to the Financial Statements of FSB-Registered Funds

1. Property, plant and equipment2013R’000

2012R’000

Gross carrying amountAt beginning of period 119 194 89 947Additions 22 682 26 582(less) Disposals (3 006) (1 015)Revaluation reserve - -Other movements (337) (721)At end of period 138 533 114 793

Accumulated depreciation and impairment 73 163 69 177At beginning of period 68 013 63 439 Depreciation charges 6 231 6 723Accumulated depreciation on disposals (2 275) (950)Impairment 1 505 (15) Other movements (311) (20)Net carrying amount at end of period 65 370 45 616

2. Investment summary

Cash and deposits 67 594 706 79 617 431 Kruger rands 366 999 4 668 399 Loans (other than housing loans) 2 235 807 419 668 Debentures 18 679 367 12 246 324 Bills, bonds and securities 147 473 477 130 329 583 Investment properties 12 235 387 10 941 934 Equities: 388 566 334 314 618 853 - Equities with primary listing on JSE 230 215 649 201 517 706 - Equities with secondary listing on JSE 95 440 096 76 310 215 - Foreign listed equities 51 936 203 28 243 389 - Equity index-linked instruments 4 319 072 3 868 282 - Unlisted equities 6 655 314 4 679 261 Preference shares 1 542 182 1 032 370 Insurance policies: 905 048 543 785 558 549 - Non-linked related policies 259 046 561 242 745 567 - Linked related policies 646 001 982 542 812 982 Collective investment schemes 263 966 233 211 120 099 Derivative market instruments 2 831 761 1 986 332Participating mortgage bonds 47 964 2 455Investment in participating employer(s) 10 962 343 13 122 828 Other 5 849 411 14 996 988Total 1 827 400 514 1 580 661 813


3. Transfers from other funds2013R’000

2012R’000

In terms of section 14 2 863 867 3 710 448Transfers in terms of section 15B 11 421 10 228Individual transfers 51 415 98 608Prospective approvals in terms of section 14 18 830 17 701Total 2 945 533 3 836 985

Transfers approved 44 144 998 45 428 611Return on transfers 1 047 327 795 328Statement of changes in net assets and funds 45 192 325 46 223 939

4. Revaluation reserve - property, plant and equipment

At beginning of period - -Revaluation - -Impairments (less) - -Transfer to statement of changes in net assets and funds (less) - -At end of period - -

5. Transfers to other funds

In terms of section 14 4 007 738 2 207 524Transfers in terms of section 15B 64 213 39 441Individual transfers 275 168 287 296Prospective approvals in terms of section 14 111 58 629Total 4 347 230 2 592 890

Transfers approved 36 800 165 24 865 135Return on transfers 991 647 833 138Statement of changes in net assets and funds 37 791 812 25 698 273

6. Benefits

6.1 Benefits – current membersMonthly pensions 1 488 303 1 401 218Lump sums on retirements 10 906 817 8 431 332 Full benefit 10 683 529 8 191 304 Pensions commuted 223 288 240 028Lump sums before retirement 20 272 057 18 461 480 Disability benefits 453 869 569 218 Death benefits 8 842 356 7 881 516 Withdrawal benefits 9 999 911 9 231 366 Retrenchment benefits 975 921 779 380Minimum benefit payments made in terms of section 15 (888 247) (731 083)Defaults - housing loan facilities 2 812 6 520Other (3 531 733) (2 945 666)Total (6.1) 28 250 009 24 623 800Benefits for current period 139 710 746 121 813 013Return allocated 851 502 767 214Statement of changes in net assets and funds (6.1.1) 140 562 248 122 580 227


6. Benefits (continued)2013R’000

2012R’000

6.2 Benefits in terms of surplus apportionmentEnhancements to pensioners 140 479 426 440Enhancements to former members 2 265 641 2 534 531Total benefits (6.2) 2 406 120 2 960 971

Surplus allocated 5 560 871 693 039Return allocated 225 501 193 104Statement of changes in net assets and funds (6.2.1) 5 786 372 886 143

Total benefits (6.1 and 6.2) 30 656 127 27 584 771

7. Retirement fund taxation

Taxable income 8 404 17 762Less: formulae reduction - -Retirement fund taxable amount 8 404 17 762

Retirement fund taxation at relevant rate 1 822 (2 043)Adjustments 278 (749)Retirement fund taxation (as per statement of changes in net assets and funds) 2 100 (2 792)

At beginning of period 5 010 12 716Retirement fund taxation 2 100 (2 792)Penalties and interest 6 -Other adjustments 253 424Retirement fund taxation paid (3 048) (5 325)Balance at end of period 4 321 5 023

8. Contributions (note 1)

Member contributions - received and accrued 2 216 924 2 236 761 Employer contributions - received and accrued 2 564 518 2 549 877Additional contribution in respect of actuarial shortfall 56 093 23 334 Additional voluntary contributions – employer 8 015 14 176Additional voluntary contributions – members 5 495 1 139 Other 71 013 32 869 Total contributions receivable 4 922 058 4 858 156

Towards retirement 110 813 886 101 097 179Toward reinsurance and expenses 13 906 861 11 708 075Statement of changes in net assets and funds 124 720 747 112 805 254

Note: In conclusion, the expectation of AVC (additional voluntary contributions) is in line with valuator’s recommendations and almost all of the above funds with negative AVC form part of contributions receivable, which are legislated in terms of section 13A of the Act.


9. Net investment income Notes2013R’000

2012R’000

Income from investments 58 259 926 50 720 735 Dividends 9 386 334 7 398 186 Interest 13 514 640 13 911 819 Rentals 980 883 834 573 Collective investment schemes distribution 4 390 793 4 004 219 Income from insurance policies 29 987 276 24 571 938 Interest on late payment of contributions 525 865 363 162 Interest levied on surplus improperly utilised 367 705 49 999 Adjustment to fair value 212 237 688 117 586 110

271 391 184 168 720 006 Less: expenses incurred in managing investments 5 698 619 4 779 346 Less: interest paid on borrowings 23 035 40 964 Total 265 669 530 163 899 695

10. Other income

Bad debts recovered 785 4 007Other, eg security lending fees, profit on sale of investments and commission. 10 902 443 12 346 912

10 903 228 12 350 919

11. Administration expenses

Actuarial fees 158 784 167 481Administration fees 3 639 598 3 494 040Audit fees 322 025 315 702 Audit services 222 610 220 199 Expenses 90 346 887 90 Other 9 069 6 714Consultancy fees 588 360 525 486Depreciation - at cost 11 709 14 589Depreciation - at revaluation 330 762 Fidelity insurance 31 601 26 852Levies 60 803 53 920Other 1 271 194 1 000 483Office expenses 55 414 55 374Operating lease payments 32 176 15 557Penalties 458 244Principal officer expenses 11.3 80 859 73 604Staff expenses 11.2 303 963 270 036Secretarial fees 5 753 3 579Trustee fees and remuneration 11.1 140 717 117 862Less: amount allocated to unclaimed benefits (8 200) (6 970)Total 6 695 544 6 128 602


11. Administration expenses (continued)2013R’000

2012R’000

11.1 Trustee expensesRemuneration 46 908 36 206Meeting allowances 39 365 27 646 Expenses 44 062 47 324 Other payments 10 382 6 686 Total 140 717 117 862

11.2 Staff expensesRemuneration 251 670 222 172Contributions to retirement fund 28 997 26 744 Training expenses 2 972 4 166Other payments 20 324 16 954Total 303 963 270 036

11.3 Principal Officer expensesFees as trustee 6 927 4 177Remuneration 59 598 51 682Allowances 2 819 1 152Contributions to retirement fund 2 522 2 429Bonus 2 234 3 028Other payments 6 759 11 136Total 80 859 73 604

12. Surplus improperly utilised receivable

Opening balance 56 092 344 315Amount payable by employer 205 311 6 528Interest raised 47 332 10 496 Less Payments received 8 750 8 576 Settlement from employer surplus account 870 328 495 Other 46 677Total amount receivable 299 069 23 591

Disclosed as:Non-current portion 2 123 2 826Current portion 296 946 20 765

13. Amounts to be allocated

Surplus to be apportioned 277 932 683 456 Investment return to be allocated 7 257 275 7 015 016Other, e.g. pending claims, unallocated deposits and investment return to be allocated 10 199 937 11 492 028Total amounts to be allocated 17 735 144 19 190 500Allocated (specify) - -Total amounts to be allocated 17 7351 44 19 190 500


14. Reconciliation of Opening balances 2013R’000

Closing balance shown in Table 17 of previous report 1 544 297 284Less: 12 621 283 Funds with outstanding returns 30 654 782 Funds cancelled 83 521 Funds Changing year-ends 79 979 Funds transferred 1 170 998 Funds with other status and terminations 1 379 130 Funds outstanding in 2012 included in this report (1 857 261)Both submitted but differs 140 Liquidations during the year 472 208 Pending terminations (19 362 214)Opening Balance as per Table 17 1 531 676 001


Table 19Schedule IB Assets Held in compliance with Regulation 28

Fair ValueR’000

A Total assets of the fund as per Statement of Net Assets and Funds 1 859 858 209B Less: Items of Statement of Net Assets and Funds: 15 152 344

B.1 Plant and Equipment 65 370B.2 Current Assets (excluding cash at bank) 15 086 974

C Total assets (Regulation 28) (A – B) 1 844 705 865

Categories of kinds of assets %Fair Value

R’000Fair Value

%

1 CASH 100% 176 360 391 9.561.1 Local notes deposits money market instruments issued by

a South African Bank margin accounts settlement accounts with an exchange and Islamic liquidity management financial instruments 100% 158 564 084 8.60

(a) Notes and coins any balance or deposit in an account held with a South African bank 86 278 852 4.68 -per issuer/entity 25%

(b) A money market instrument issued by a South African bank including an Islamic liquidity management financial instrument 62 882 416 3.41 -per issuer/entity 25%

(c) Any positive net balance in a margin account with an exchange 2 007 632 0.11 -per issuer/entity 25%

(d) Any positive net balance in a settlement account with an exchange operated for the buying and selling of assets 7 395 184 0.40 -per issuer/entity 25%

1.2 Foreign balances or deposits money market instruments issued by a foreign bank including Islamic liquidity management financial instruments

SARB maximum limits 17 796 307 0.96

(a) Any balance or deposit held with a foreign bank 15 116 702 0.82-per issuer/entity 5%

(b) Any balance or deposit held with an African bank 383 197 0.02-per issuer/entity 5%

(c) A money market instrument issued by a foreign bank including an Islamic liquidity management financial instrument 2 296 408 0.12-per issuer/entity 5%



R’000Fair Value

%294 835 930 15.98

2 DEBT INSTRUMENTS INCLUDING ISLAMIC DEBT INSTRUMENTS

100% issued/ guarantee by Republic

otherwise 75%

2.1 Inside the Republic 75/100% 274 097 229 14.86

(a) Debt instruments issued by and loans to the government of the Republic and any debt or loan guaranteed by the Republic

100% 147 234 354 7.98

(b) Debt instruments issued or guaranteed by the government of a foreign country

75% 4 826 310 0.26

-per issuer 10%

(c) Debt instruments issued or guaranteed by a South African Bank against its balance sheet:-

75% 56 154 891 3.04

(c)(i) Listed on an exchange with an issue market capitalisation of R20 billion or more or an amount or conditions as prescribed

75% 46 187 085 2.50

-per issuer 25% (c)(ii) Listed on an exchange with an issuer market capitalisation of between

R2 billion and R20 billion or an amount or conditions as prescribed75% 3 965 239 0.21

-per issuer 15% (c)(iii) Listed on an exchange with an issuer market capitalisation of less

than R2 billion or an amount or conditions as prescribed75% 1 113 183 0.06

-per issuer 10% (c)(iv) Not listed on an exchange 25% 4 889 384 0.27

- per issuer 5%

(d) Debt instruments issued or guaranteed by an entity that has equity listed on an exchange or debt instruments issued or guaranteed by a public entity under the Public Finance Management Act 1999 (Act No. 1 of 1999) as prescribed:-

50% 35 362 547 1.92

(d)(i) Listed on an exchange 50% 30 897 567 1.68-per issuer 10%

(d)(ii) Not listed on an exchange 25% 4 464 980 0.24-per issuer 5%

(e) Other debt instruments:- 25% 30 519 127 1.66 (e)(i) Listed on an exchange 25% 18 714 637 1.02

- per instrument 5% (e)(ii) Not listed on an exchange 15% 11 804 490 0.64

-per instrument 5%

2.2 Outside the Republic SARB maximum limits 20 738 701 1.12

(a) Debt instruments issued by and loans to the government of the Republic and any debt or loan guaranteed by the Republic


(b) Debt instruments issued or guaranteed by the government of a foreign country


-per issuer 10%

(c) Debt instruments issued or guaranteed by a South African Bank against its balance sheet:-


(c)(i) Listed on an exchange with an issue market capitalisation of R20 billion or more or an amount or conditions as prescribed


-per issuer 25% (c)(ii) Listed on an exchange with an issuer market capitalisation of between

R2 billion and R20 billion or an amount or conditions as prescribedSARB maximum

limits -161 343Note(a) -0.01

-per issuer 15% (c)(iii) Listed on an exchange with an issuer market capitalisation of less

than R2 billion or an amount or conditions as prescribedSARB maximum

limits 39 829 0.00

-per issuer 10% (c)(iv) Not listed on an exchange 25% 130 208 0.01

- per issuer 5%



R’000Fair Value

%

(d) Debt instruments issued or guaranteed by an entity that has equity listed on an exchange SARB maximum limits 4 359 395 0.24

(d)(i)Listed on an exchange


-per issuer 10% (d)(ii) Not listed on an exchange 25% 388 848 0.02

-per issuer 5% (e) Other debt instruments:- 25% 6 533 250 0.35 (e)(i) Listed on an exchange 25% 5 699 885 0.30

- per instrument 5% (e)(ii) Not listed on an exchange 15% 833 365 0.05

-per instrument 5%

3 EQUITIES 75% 711 520 111 38.573.1 Inside the Republic 75% 526 757 823 28.56 (a) Preference and ordinary shares in companies excluding shares in

property companies listed on an exchange:- 75% 520 546 781 28.22 (a)(i) Issuer market capitalisation of R20 billion or more or an amount or

conditions as prescribed 75% 421 854 681 22.87-per issuer 15%

(a)(ii) Issuer market capitalisation of between R2 billion and R20 billion or an amount or conditions as prescribed 75% 81 830 999 4.44-per issuer 10%

(a)(iii) Issuer market capitalisation of less than R2 billion or an amount or conditions as prescribed 75% 16 861 101 0.91 -per issuer 5%

(b) Preference and ordinary shares in companies excluding shares in property companies not listed on an exchange 10% 6 211 042 0.34-per issuer 2.5%

3.2 Outside the Republic SARB maximum limits 184 762 288 10.02 (a) Preference and ordinary shares in companies excluding shares in

property companies listed on an exchange:- SARB maximum limits 181 678 468 9.85 (a)(i) Issuer market capitalisation of R20 billion or more or an amount or

conditions as prescribed SARB maximum limits 127 016 836 6.88-per issuer 15%

(a)(ii) Issuer market capitalisation of between R2 billion and R20 billion or an amount or conditions as prescribed SARB maximum limits 20 053 053 1.09-per issuer 10%

(a)(iii) Issuer market capitalisation of less than R2 billion or an amount or conditions as prescribed SARB maximum limits 34 608 579 1.88 -per issuer 5%

(b) Preference and ordinary shares in companies excluding shares in property companies not listed on an exchange 10% 3 083 820 0.17-per issuer 2.5%



R’000Fair Value

%

4 IMMOVABLE PROPERTY 25% 73 060 328 3.964.1 Inside the Republic 25% 64 741 131 3.51 (a) Preference shares ordinary shares and linked units comprising

shares linked to debentures in property companies or units in a Collective Investment Scheme in Property listed on an exchange 25% 491 56 814 2.67

(a)(i) Issuer market capitalisation of R10 billion or more or an amount or conditions as prescribed 25% 34 067 637 1.85-per issuer 15%

(a)(ii) Issuer market capitalisation of between R3 billion and R10 billion or an amount or conditions as prescribed 25% 11 075 603 0.60-per issuer 10%

(a)(iii) Issuer market capitalisation of less than R3 billion or an amount or conditions as prescribed 25% 4 013 574 0.22 - per issuer 5%

(b) Immovable property preference and ordinary shares in property companies and linked units comprising shares linked to debentures in property companies not listed on an exchange 15% 15 584 317 0.84

- per issuer 5%

4.2 Outside the Republic 25% 8 319 197 0.45 (a) Preference shares ordinary shares and linked units comprising

shares linked to debentures in property companies or units in a Collective Investment Scheme in Property listed on an exchange 25% 7 902 335 0.43

(a)(i) Issuer market capitalisation of R10 billion or more or an amount or conditions as prescribed 25% 5 682 141 0.31-per issuer 15%

(a)(ii) Issuer market capitalisation of between R3 billion and R10 billion or an amount or conditions as prescribed 25% 876 783 0.05-per issuer 10%

(a)(iii) Issuer market capitalisation of less than R3 billion or an amount or conditions as prescribed 25% 1 343 411 0.07-per issuer 5%

(b) Immovable property preference and ordinary shares in property companies and linked units comprising shares linked to debentures in property companies not listed on an exchange 15% 416 862 0.02- per issuer 5%

5 COMMODITIES 10% 8 841 749 0.485.1 Inside the Republic 10% 7 990 056 0.43(a) Kruger Rands and other commodities on an exchange including

exchange traded commodities 10% 7 990 056 0.43 (a)(i) Gold (including Kruger Rands) 10% 6 289 413 0.34

(a)(ii) Other commodities 5% 1 700 643 0.09-each other commodity 5%

5.2 Outside the Republic 10% 851 693 0.05(a) Gold and other commodities on an exchange including exchange

traded commodities 10% 851 693 0.05 (a)(i) Gold 10% 492 868 0.03(a)(ii) Other commodities 5% 358 825 0.02

-each commodity 5%



R’000Fair Value

%

6 INVESTMENTS IN THE BUSINESS OF A PARTICIPATING EMPLOYER INSIDE THE REPUBLIC IN TERMS OF:- 10 888 093 0.59

(a) Section 19(4) of the Pension Funds Act 5% 10 875 974 0.59(b) To the extent it has been allowed by an exemption in terms of

section 19(4A) of the Pension Funds Act 10% 12 119 -

7 HOUSING LOANS GRANTED TO MEMBERS IN ACCORDANCE WITH THE PROVSIONS OF SECTION 19(5) 95% 760 512 0.04

8 HEDGE FUNDS PRIVATE EQUITY FUNDS AND ANY OTHER ASSET NOT REFERRED TO IN THIS SCHEDULE 15% 38 532 800 2.09

8.1 Inside the Republic 15% 24 888 040 1.35(a) Hedge fund 10% 17 200 899 0.94 (a)(i) Funds of hedge funds 10% 15 566 610 0.85

- per issuer 5%

(a)(ii) Hedge funds 10% 1 634 289 0.09- per issuer 2.5%

(b) Private equity funds 10% 6 710 319 0.36 (b)(i) Funds of private equity funds 10% 3 332 138 0.18

- per issuer 5%

(b)(ii) Private equity funds 10% 3 378 181 0.18- per issuer 2.5%

(c) Other assets not referred to in this schedule and excluding a hedge fund or private equity fund 2.5% 976 822 0.05

8.2 Outside the Republic 15% 13 644 760 0.74 (a) Hedge fund 10% 5 605 460 0.31(a)(i) Funds of hedge funds 10% 4 393 944 0.24

- per issuer 5%

(a)(ii) Hedge funds 10% 1 211 516 0.07- per issuer 2.5%

(b) Private equity funds 10% 1 344 700 0.07 (b)(i) Funds of private equity funds 10% 726 989 0.04

- per issuer 5%

(b)(ii) Private equity funds 10% 617 711 0.03- per issuer 2.5%

(c) Other assets not referred to in this schedule and excluding a hedge fund or private equity fund 2.5% 6 694 600 0.36

9 Fair value of assets to be excluded in terms of sub-regulation (8)(b) of Regulation 28 529 905 951 28.72

9.1 Inside the Republic 100% 479 464 661 25.999.2 Outside the Republic SARB maximum limits 50 441 290 2.73

Total assets (Regulation 28) (C above) 1 844 705 865 100.00


INVESTMENT SUMMARY (REGULATION 28)

Local R’000

Percentage of Fair value

%

Foreign (Excluding

Africa)R’000


%AfricaR’000


%TotalR’000

1 Balances or deposits money market instruments issued by a bank including Islamic liquidity management financial instruments

158 564 084 8.60 17 430 196 0.94 366 111 0.02 176 360 391

2 Debt instruments including Islamic debt instruments

274 097 229 14.86 20 601 615 1.12 137 086 0.01 294 835 930

3 Equities 526 757 823 28.56 181 179 511 9.82 3 582 777 0.19 711 520 1114 Immovable property 64 741 131 3.51 7 666 683 0.43 652 514 0.04 73 060 3285 Commodities 7 990 056 0.43 844 805 0.05 6 888 - 8 841 7496 Investment in the business of a

participating employer10 888 093 0.59 - - - - 10 888 093

7 Housing loans granted to members - section 19(5)

760 512 0.04 - - - - 760 512

8 Hedge Funds private equity funds and any other assets not referred to in this schedule

24 888 040 1.35 12 456 625 0.68 1 188 135 0.06 38 532 800

9 Fair value of assets to be excluded in terms of sub-regulation (8)(b) of Regulation 28

479 464 661 25.99 50 372 852 2.73 68 438 - 529 905 951

TOTAL (equal to the fair value of assets)

1 548 151 629 290 552 287 6 001 949 1 844 705 865

Note a: Paragraph 2.2 (c)(i) and page 49: Listed debt instrument outside the Republic: This figure is negative due to the use of derivatives by only a few systemically large funds. The derivatives notice is being finalised by the FSB and National Treasury which seeks to set out conditions for the use of derivatives by retirement funds following public consultations.


Table 20

Staff of the Office of the Registrar of Pension Funds: FSB

Dept. Name Position Telephone Email

DEO

Ms Rosemary Hunter Deputy Executive Officer (DEO) 012 422 2845 [email protected]

Ms Angelinah Khunyeli Executive Secretary 012 422 2805 [email protected]

Mr Radesh Maharaj Senior Legal Advisor 012 428 8116 [email protected]

Res

earc

h an

d Po

licy Ms Alta Marais Head of Department 012 428 8065 [email protected]

Ms Loraine de Swardt Systems Manager 012 428 8020 [email protected]

Prud

entia

l Sup

ervi

sion

Ms Wilma Mokupo Head of Department 012 428 8032 [email protected]

Ms Francina Sako Ledwaba

Secretary/ Departmental assistant 012 422 7162 [email protected]

Mr Charles Pretorius Manager 012 428 8134 [email protected]

Ms Portia Matle Specialist Analyst 012 428 8034 [email protected]

Mr Isaac Nkoana Specialist Analyst 012 428 8082 [email protected]

Mr Julian Prinsloo Specialist Analyst 012 428 8138 [email protected]

Mr Tawanda Anxious Mapfumo Specialist Analyst 012 367 7232 [email protected]

Mr Benjamin Legodi Analyst 012 367 7104 [email protected]

Ms Kgaugelo Popela Junior Analyst 012 422 2851 [email protected]

Ms Brendine Sejake Senior Analyst 012 367 7222 [email protected]

Ms Nokuthula Msimango Analyst 012 428 8115 [email protected]

Ms Victoria Mabunda Admin Assistant 012 428 8086 [email protected]

Mr Danny Kgame Kgaka Manager 012 428 8188 [email protected]

Mr Ezekiel Raseroka Specialist Analyst 012 422 2810 [email protected]

Mr Thabo Maponya Specialist Analyst 012 428 8169 [email protected]

Ms Lebolo Mokete Specialist Analyst 012 428 8197 [email protected]

Mr Floyd Mabena Specialist Analyst 012 428 8048 [email protected]

Ms Vhutshilo Ramanugu Senior Analyst 012 367 7234 [email protected]

Ms Tumelo Mametsa Senior Analyst 012 428 8039 [email protected]

Ms Phelisa Siwundla Analyst 012 422 2813 [email protected]

Mr Tholoane Sebolao Admin Assistant 012 422 2877 [email protected]

Mr Tshepo Chiloane Analyst 012 422 2945 [email protected]

Lice

nsin

g an

d R

egis

trat

ion

Ms Fikile Mosoma Head of Department 012 428 8072 [email protected]

Ms Lebogang Makhubela Departmental Assistant 012 428 8031 [email protected]

Mr Papi Kekana Manager Team 1(Note1) 012 428 8132 [email protected]

Ms Nkateko Khoza Specialist Analyst 012 428 2835 [email protected]

Mr Benny Moloko Analyst 012 428 8005 [email protected]

Ms Anita Pullen Analyst 012 428 8022 [email protected]

Mr Moses Mahlangu Junior Analyst 012 428 8033 [email protected]

Mr Matome Rabothata Senior Analyst 012 428 8105 [email protected]

Ms Lean Segwapa Administration Assistant 012 422 2886 [email protected]

Ms Thulare Makama Junior Analyst 012 367 7209 [email protected]

Mr Thato Mogolwane Registry Clerk 012 428 8113 [email protected]


Dept. Name Position Telephone Email

Lice

nsin

g an

d R

egis

trat

ion

Ms Conny Molefe Manager Team 2 (Note2) 012 428 8125 [email protected]

Ms Kgomotso Molefe Senior Analyst 012 367 7197 [email protected]

Ms Mampe Masike Analyst 012 428 2886 [email protected]

Mr Edwin Tshabalala Analyst 012 428 8154 [email protected]

Mr Samuel Matjila Junior Analyst 012 428 8187 [email protected]

Ms Gontse Kohlsmith Junior Analyst 012 422 2915 [email protected]

Ms Khomotso Rampedi Junior Analyst 012 367 7223 [email protected]

Ms Maureen Masilela Admin Assistant 012 428 8177 [email protected]

Ms Gloria Seletela Manager Team 3(Note3) 012 422 2824 [email protected]

Mr John Mackay Specialist Analyst 012 422 2817 [email protected]

Adv Johan van Vollenhoven Specialist Analyst 012 428 8153 [email protected]

Mr Ronald Kekana Analyst 012 428 8195 [email protected]

Ms Pertunia Bokaba Analyst 012 367 7224 [email protected]

Ms Oniccah Matseke Junior Analyst 012 428 8023 [email protected]

Ms Jodine Scholtz Admin Assistant 012 428 8172 [email protected]

Mr Phakiso Chuene Junior Analyst 012 367 7266 [email protected]

Note 1: Team 1 portfolio of administrators: ABSA, AON, Brefco, Cedar, Evolution, GIB Financial, Jacques Malan, Old Mutual, PSG, Sanlam, Tennant, Verso, WA Davidson, 10X, Admin People, Allan Gray, Bensure, Borwa, Discovery, EPE, FAS, Global Independent, Integrity, Investment Solutions, Key Trends and Motor Industry

Note 2: Team 2 portfolio of administrators: Advice @ Work, Alexander Forbes, Financial Admin Solutions, Momentum, Metropolitan, Trilogy, Alex Life, GQM and Own administrators

Note 3: Team 3 portfolio of administrators: Akani, Bambonani, Bophelo, Broksure, Channel Life, Everest, First Light, Fussel, Fairsure, Grant Thornton, Grant Thornton Capital, Hollard Life, Liberty Group, Lifesense, Lion of Africa, LSRC, Mcubed, Moriting, NBC, NMG, Oasis, Ensimini, Robson Savage, RFS, Retirement Fund Solutions Holding, Scientia, Silver Crest and Vic Glassock

Surv

eilla

nce

& E

nfor

cem

ent

Ms Corlia Buitendag Head of Department 012 428 8030 [email protected]

Ms Noxolo Nkebe Secretary 012 422 2820 [email protected]

Ms Takalani Lukhaimane Manager 012 422 2916 [email protected]

Mr Gordon Moeng Specialist Analyst 012 367 7226 [email protected]

Mr Phuti Kgomo Specialist Analyst 012 367 7264 [email protected]

Mr Tebogo Ramushu Specialist Analyst 012 422 2888 [email protected]

Mr Molatelo Raphadu Junior Analyst 012 422 2852 [email protected]

Mr Ryan Neale Manager 012 428 8157 [email protected]

Mr Anton van Graan Specialist Analyst 012 422 2890 [email protected]

Mr Sunnyboy Masangu Specialist Analyst 012 422 2833 [email protected]

Mr Joseph Makwakwa Specialist Analyst 012 422 2861 [email protected]

Ms Mamiki Motale Specialist Analyst 012 428 8035 [email protected]

Ms Rakhee Debipersad Specialist Analyst 012 367 7241 [email protected]

Mr Carlo da Gama Specialist Analyst 012 422 2918 [email protected]

Mr Peter Sekgothe Specialist Analyst 012 422 2957 [email protected]

we are the FSB

www.fsb.co.zaRP326/2014

ISBN978-0-621-43232-9

registrar of pension funds fifty-fourth annual report 2012 issued

Documents