117 / 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)
Key actuarial assumptions used in the actuarial valuations
(continued)
Angliss Hong Kong Food Service Limited Retirement Benefit Plan
Number of in service members June 30
260
303
Discount rate (%)
1,2
0,8
Inflation rate (%)
3,2
3,3
Salary increase (%)
5,0
5,0
Date of valuation of all funds
June 30 2017
June 30 2016
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
2017
The Bidvest South Africa Pension Fund in South Africa
Discount rate – 1%
1 055
(1 837)
Salary increase – 1%
(993)
455
Angliss Hong Kong Food Service Limited Retirement Benefit Plan
Discount rate – 0,25%
2 098
(2 153)
Salary increase – 0,25%
(1 897)
1 859
2016
The Bidvest South Africa Pension Fund in South Africa
Discount rate – 1%
2 207
(1 413)
Salary increase – 1%
(473)
1 613
Angliss Hong Kong Food Service Limited Retirement Benefit Plan
Discount rate – 0,25%
1 831
(1 882)
Salary increase – 0,25%
(1 672)
1 639
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
Distrubuzione Alimentari Convivenze SPA (Italian Subsidiary) provide a retirement plan for its employees. The liability recognised is based on
the actuarial valuation performed as at June 30.
2017
Number
2016
Number
Number of members at June 30
314
229
113
Annual integrated report 2017
Bid Corporation Limited