115 / 166
2017
R’000
2016
R’000
26.
POST-RETIREMENT OBLIGATIONS
Post-retirement assets
Defined benefit pension assets
(17 134)
(15 255)
Post-retirement obligations
41 657
50 836
Defined benefit pension obligations
31 038
36 952
Unfunded defined benefit early retirement plan
10 619
13 884
24 523
35 581
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
(17 134)
(15 255)
Angliss Hong Kong Food Service Limited Retirement Benefit Plan
31 038
36 952
13 904
21 697
Contributions to the funds
Employer contributions
12 678
58 944
Employee contributions
98
6 685
Total pension fund asset (unfunded pension liability)
Fair value of plan assets
141 421
133 768
Actuarial present value of defined benefit obligations
(153 086)
(154 824)
Net deficit in the plans
(11 665)
(21 056)
Amounts not recognised due to ceiling adjustments and other limitations
(2 239)
(641)
(13 904)
(21 697)
Movement in the liability for defined benefit obligations
Balance at beginning of year
(154 824)
(1 290 234)
Benefits
2 284
17 592
Risk premiums and expenses
60
5
Current service costs
(16 102)
(46 586)
Interest
(1 813)
(19 175)
Member contributions
(98)
(6 685)
Actuarial losses
(2 593)
(85 679)
Settlements
–
1 523 840
Transfer as a result from unbundling
–
(7 843)
Transfer from early retirement fund
–
(3 657)
Exchange rate adjustments on foreign plans
20 000
(236 402)
Balance at end of year
(153 086)
(154 824)
111
Annual integrated report 2017
Bid Corporation Limited