100 / 170
2016
R’000
2015
R’000
25.
POST-RETIREMENT OBLIGATIONS
Post-retirement assets
Defined benefit pension assets
(15 255)
–
Post-retirement obligations
50 836
189 193
Defined benefit pension obligations
36 952
12 152
Unfunded defined benefit early retirement plan
13 884
177 041
35 581
189 193
Pension and provident funds
The group provides retirement benefits for its permanent employees through pension funds (with
defined benefit and defined contribution categories) and defined contribution provident funds or
appropriate industry funds.
There are also a number of small funds within various subsidiaries of the group. All funds are
administered independently of the group and are subject to the relevant pension fund legislation.
The defined benefit funds operated by the group are The Bidvest South Africa Pension Fund in South
Africa and Angliss Hong Kong Food Service Limited Retirement Benefit Plan.
Employer contributions to defined contribution funds are set out in note 3.
Summarised details of the defined benefit pension funds
Defined benefit pension obligations (assets) of the various funds
The Bidvest South Africa Pension Fund in South Africa
(15 255)
–
Angliss Hong Kong Food Service Limited Retirement Benefit Plan
36 952
12 152
21 697
12 152
Contributions to the funds
Employer contributions
58 944
97 580
Employee contributions
6 685
10 377
Total pension fund asset (unfunded pension liability)
Fair value of plan assets
133 768
1 302 426
Actuarial present value of defined benefit obligations
(154 824)
(1 290 234)
Net (deficit) surplus in the plans
(21 056)
12 192
Amounts not recognised due to ceiling adjustments and other limitations
(641)
(24 344)
(21 697)
(12 152)
Movement in the liability for defined benefit obligations
Balance at beginning of year
(1 290 234)
(1 171 442)
Transfer as a result of unbundling
(7 843)
–
Transfer from early retirement fund
(3 657)
(5 168)
Benefits
17 592
29 332
Risk premiums and expenses
5
–
Current service costs
(46 586)
(67 719)
Past service costs
–
(9 143)
Interest
(19 175)
(33 712)
Member contributions
(6 685)
(10 377)
Actuarial losses
(85 679)
(84 906)
Settlements
1 523 840
10 899
Exchange rate adjustments on foreign plans
(236 402)
52 002
Balance at end of year
(154 824)
(1 290 234)
Notes to the consolidated financial statements
for the year ended June 30
Page 96
| Bidcorp Limited Annual integrated report 2016