102 / 170
2016
2015
25.
POST-RETIREMENT OBLIGATIONS
(continued)
Pension and provident funds
(continued)
Summarised details of the defined benefit pension funds
(continued)
Key actuarial assumptions used in the actuarial valuations
The Bidvest South Africa Pension Fund in South Africa
Number of in service members June 30
2
–
Discount rate (%)
9,6
–
Inflation rate (%)
7,4
–
Salary increase (%)
8,4
–
Pension increase allowance (%)
5,2
–
Angliss Hong Kong Food Service Limited Retirement Benefit Plan
Number of in service members June 30
303
343
Discount rate (%)
0,8
1,4
Inflation rate (%)
3,3
3,3
Salary increase (%)
5,0
5,0
Date of valuation of all funds
June 30 2016
June 30 2015
Assumptions regarding future mortality are based on published statistics and mortality tables.
Sensitivity analysis
The table below summarises the impact that a reasonably possible change in the respective assumption, occurring at the end of the year,
would have, by increasing (decreasing) the net deficit in the plans, while holding all the other assumptions constant.
Impact of an
increase in
assumption
R’000
Impact of a
decrease in
assumption
R’000
2016
The Bidvest South Africa Pension Fund in South Africa
Discount rate – 1%
2 207
(1 413)
Pension increase – 1%
(1 663)
1 610
Salary increase – 1%
(473)
1 613
Angliss Hong Kong Food Service Limited Retirement Benefit Plan
Discount rate – 0,25%
1 831
(1 881)
Salary increase – 0,25%
(1 672)
1 639
2015
Angliss Hong Kong Food Service Limited Retirement Benefit Plan
Discount rate – 0,25%
1 636
(1 691)
Salary increase – 0,25%
(1 541)
1 501
The sensitivity analyses presented above may not be representative of the actual change in the net deficit in the plans as it is unlikely that the
change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
Unfunded defined benefit retirement plans
Subsidiaries in the Netherlands and Italy provide retirement plans for their employees. The Netherlands’ unfunded retirement plan was settled
during the financial year. The liability recognised is based on the actuarial valuation performed as at June 30.
2016
Number
2015
Number
Number of members at June 30
229
576
Notes to the consolidated financial statements
for the year ended June 30
Page 98
| Bidcorp Limited Annual integrated report 2016