116 / 166
2017
R’000
2016
R’000
26.
POST-RETIREMENT OBLIGATIONS
(continued)
Pension and provident funds
(continued)
Summarised details of the defined benefit pension funds
(continued)
Movement in the plans’ assets
Balance at beginning of year
133 768
1 302 426
Contributions paid into the plans
12 776
65 629
Benefits
(2 284)
(17 592)
Risk premiums and expenses
(528)
(1 633)
Interest income
3 087
20 156
Return on plan assets in excess of interest
9 889
3 455
Settlements
–
(1 505 388)
Transfer as a result of unbundling
–
25 128
Transfer from early retirement fund
–
3 657
Exchange rate adjustments on foreign plans
(15 287)
237 930
Balance at end of year
141 421
133 768
The plans’ assets comprise
Cash
27 011
14 932
Equity securities
73 976
69 161
Bills, bonds and securities
39 706
48 889
Other
728
786
141 421
133 768
Amounts recognised in the statement of profit or loss
Current service costs
16 102
46 586
Interest on obligations
1 813
19 175
Interest on assets
(3 087)
(20 156)
Ceiling adjustments and other limitations
62
641
Risk premiums and expenses
82
1 618
Loss (gain) arising from settlements, plan amendments and curtailments
386
(18 452)
15 358
29 412
Amounts recognised in other comprehensive income
Return on plan assets in excess of interest income
(9 889)
(3 455)
Actuarial losses
2 593
85 679
Ceiling adjustments and other limitations
1 536
(28 434)
(5 760)
53 790
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
2
Discount rate (%)
9,9
9,6
Inflation rate (%)
6,8
7,4
Salary increase (%)
7,8
8,4
Pension increase allowance (%)
4,8
5,2
FINANCIAL OVERVIEW
Notes to the consolidated financial statements
for the year ended June 30
FINANCIAL STAT MENTS
Annual integrated report 2017
Bid Corporation Limited
112