2015 Annual Report of the Registrar of Pension Funds Reports/Registrar of... · In terms of section...

FSB PENSIO

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REPORT 2015

2015 Annual Report of the Registrar of Pension Funds

CONTENTS

Report by the Registrar of Pension Funds to the Minister of Finance 2

Number of retirement funds in South Africa 11

Number of members of retirement funds in South Africa 12

Membership by fund category of retirement funds in South Africa 13

Aggregate assets of retirement funds in South Africa 14

Aggregate assets by fund category of retirement funds in South Africa 15

Contributions received by retirement funds in South Africa 16

Contributions by fund category 16

Benefits paid by all retirement funds in South Africa 17

Benefits by fund category of all retirement funds in South Africa 18

Investment pattern of FSB-registered funds 19

Funds in default for non-submission of 2015 financial statements by

the FSB’s cut-off date of 24 October 201621

Top 100 FSB-registered funds ranked by total assets 22

Top 100 FSB-registered funds ranked in order of membership 25

FSB registered administrators as at 24 October 2016 – cut-off date

after 201628

Statement of net assets and funds of FSB-registered funds 33

Statement of changes in net assets and funds of FSB-registered funds 34

Notes to the financial statements of FSB registered funds 35

Schedule IB – assets held in compliance with Regulation 28 40

Investment summary (Regulation 28) 45

Staff of the office of the registrar of pension funds: FSB 46

www.fsb.co.za

I wish to express my appreciation to the following funds not subject to regulation and supervision in terms of the Pension Funds Act, 1956, for providing me with information that I needed for the purposes of this report: the Post Office Retirement Fund; the Telkom Pension Fund and the Telkom Retirement Fund; the Transport Pension Fund; the Transnet Retirement Fund and the Transnet Second Defined Benefit Fund; and the Government Employees Pension Fund.

I also appreciate the cooperation received in the year under review from retirement funds; employers and trade unions; providers of services to retirement funds (administrators, insurers, asset managers, consultants and

others); professional bodies such as the Actuarial Society of South Africa, the Pension Lawyers Association and the SA Institute of Chartered Accountants; industry bodies such as Batseta, the Association for Savings and Investments South Africa, SA Securities Lending Association, and the Institute of Retirement Funds Africa; fellow regulators and state entities including the SA Reserve Bank, the Independent Regulatory Board for Auditors, JSE Limited, the SA Revenue Service, the SA Police Service, the National Prosecuting Authority, the FAIS Ombud, the Office of the Pension Funds Adjudicator, the Office of the Public Protector; and other stakeholders in the retirement funds industry.

A special thank you to National Treasury for its guidance.

Finally, I wish to thank the staff of the pensions division of the Financial Services Board for their work in assisting me to fulfil my regulatory and supervisory mandate.

Advocate DP TshidiRegistrar of Pension Funds

December 2016

12015 ANNUAL REPORT OF THE REGISTRAR OF PENSION FUNDS

2015 ANNUAL REPORT OF THE REGISTRAR OF PENSION FUNDS 2

Report by the Registrar of Pension Funds to the Minister of Finance

INTRODUCTIONIn terms of section 34 of the Pension Funds Act, 24 of 1956 (the Act), I hereby submit the 57th Annual Report of the Registrar of Pension Funds for the 2015 calendar year.

Retirement funds in South Africa comprise pension funds, provident funds, retirement annuity funds, preservation funds, unclaimed benefit funds and beneficiary funds. Not all are subject to regulation and supervision in terms of the Act.

The functions of the registrar are fulfilled on a day-to-day basis by staff of the FSB employed in its pensions division in terms of powers delegated to them. The division comprises four departments, with the following primary responsibilities:

Department Responsibilities

Licensing and registration » The approval or rejection of applications for the registration of new funds and the cancellation of the registrations of funds that have “ceased to exist” as contemplated in section 27 of the Act » The approval or rejection of amendments to the rules of registered funds and of consolidated rules » The approval or rejection of applications by fund administrators to conduct business and the approval or rejection of changes in the effective control of approved fund administrators » The approval or rejection of applications for exemption from compliance with specific provisions of the Act.

Prudential supervision » The monitoring of the financial conditions of funds by analysing their financial statements and other statutory returns. Certain elements of prudential supervision that relate to actuarial issues have been delegated to the actuarial department » Overseeing the liquidation process of retirement funds » The monitoring of compliance by funds with provisions of the Act and regulations relating to the investment of fund assets » The approval or rejection of applications for exemption from compliance with specific provisions of the Act relating to the above » The supervision of fund liquidations.

Surveillance and enforcement » Engaging in risk-based supervision of funds to monitor compliance with the Act and other applicable laws » Facilitating the resolution of complaints and investigating whistle-blowing reports submitted to this office and making recommendations to the registrar regarding enforcement actions, if applicable and appropriate » Assisting the registrar in making requests to the FSB’s inspectorate for the conduct of inspections and in referring matters to the FSB’s enforcement committee » Assisting the South African Police Service (SAPS) and the National Prosecuting Authority in the investigation and prosecution of persons thought to have committed criminal offences relating to pension funds » Assisting members of the public to claim benefits to which they are entitled

Research and policy » Conducting research into policy issues relating to pension funds and preparing discussion documents, policy proposals and draft regulatory instruments, guidance and information circulars, consulting stakeholder and preparing such documents for publication


Report by the Registrar of Pension Funds to the Minister of Finance CONTINUED

FUNDS THAT ARE NOT SUBJECT TO REGULATION AND SUPERVISION IN TERMS OF THE PENSION FUNDS ACTThere are a few funds that are not subject to regulation and supervision in terms of the Pension Funds Act as they were established in terms of specific provisions in other statutes. These funds, which are subject to the regulation and supervision in terms of the provisions in the respective statutes that established them and to the oversight of the Public Protector, include the following:

» Funds administered by the Government Pensions Administration Agency (GPAA) and which may be contacted by letter addressed to the fund and sent to Private Bag X63, Pretoria, 0001 or by other means indicated on the website www.gepf.co.za

– Government Employees Pension Fund (GEPF) established in terms of the Government Employees Pension Law, 1996 – Associated Institutions Pension Fund established in terms of the Associated Institutions Pension Fund Act, 1963 – Associated Institutions Provident Fund established in terms of the Associated Institutions Provident Fund Act, 1971 – Temporary Employees Pension Fund established in terms of the Temporary Employees Pension Fund Act – Statutory Bodies Pension Scheme established in terms of the Members of Statutory Bodies Pension Act 94, 1969 – Closed Pension Fund established in terms of the Closed Pension Fund Act 197 1993

» Funds established in terms of the Transnet Pension Funds Act, 1990, for the benefit of current and retired employees of Transnet and its predecessor, South African Railways and Harbours, and the dependants of those persons. These funds may be contacted by letter addressed to the fund and sent to PO Box 72501, Parkview, South Africa, 2122 or by other means indicated on the website www.transnet.co.za

– Transport Pension Fund – Transnet Retirement Fund – Transnet Second Defined Benefit Pension Fund.

» Telkom Pension Fund established in terms of section 9(1) of the Post Office Act 44, 1958. This fund can be contacted at the following address:

Private Bag X780Pretoria0001www.telkom.co.za

» Post Office Pension Fund established in terms of section 9(1) of the Post Office Act 44, 1958. This fund can be contacted at the following address:

497 Jacob Mare StreetPretoria0001www.sapo.co.za

FUNDS SUBJECT TO REGULATION AND SUPERVISION IN TERMS OF THE PENSION FUNDS ACTAll retirement funds other than those established in terms of specific provisions in other statutes; and foreign funds that do not meet the conditions in section 2 of the Act for exemption from compliance with it, are subject to regulation and supervision in terms of the Act.

Funds are classified in the records of the registrar either as defined contribution funds, defined benefit funds or hybrid funds (that is, defined contribution funds which were previously defined benefit funds and which, in terms of their rules, are required to pay members within a defined category benefits equal in amount to not less than an amount determined in terms of “defined benefit” formulae).



Within these categories, however, there are various different kinds of fund subject to the Pension Funds Act. The descriptions of these funds are provided for information purposes only.

Occupational (compulsory) funds

These are funds to which a member belongs in terms of his or her conditions of employment.

Pension fund A retirement fund that pays a member who has retired an annuity (also called a “pension”) for the remainder of his or her life in regular instalments, usually on a monthly basis. It may also pay an annuity to the member’s surviving spouse or child, if applicable. The fund may allow a member who has decided to retire to elect to take up to one third of the capital value of the member’s retirement benefit in the form of a lump sum but it will not allow the whole of the capital value to be paid in this way if it is above a threshold. Instead the balance must be paid in the form of an annuity.

Provident fund A retirement fund that pays only a lump sum benefit to a member when he or she reaches retirement age.

Defined benefit fund

A retirement fund which provides a retirement benefit that is determined as an amount equal to the member’s final average salary multiplied by the years of his or her pensionable service multiplied by an accrual factor determined by the fund’s valuator in terms of the rules. The amount of a member’s retirement benefit is determined in terms of this formula and is not based on the contributions paid for that member. The rate at which the member contributes to the fund is usually fixed as a percentage of that portion of his or her pensionable salary. The rate at which a participating employer is required to contribute to the fund (which rate may change from time to time) is usually determined on a “balance of cost” basis. This means that the fund’s valuator works out the rate at which the employer will need to contribute to the fund over a period of time if the fund is to remain financially sound and thus be able to meet its benefit liabilities as and when they arise.

Defined contribution fund

A retirement fund which provides a benefit on retirement which is determined on the basis of the accumulated contributions made to the fund by the member (and/or the member’s employer) increased by returns earned on the investment of those contributions less deductions made from those contributions to meet the costs of running the fund and providing for death and disability benefits. The rates at which the member and employer contribute to the fund are fixed or defined as a percentage of the member’s remuneration and the member carries the risks and rewards of the fund’s investment performance.

Stand-alone fund A stand-alone fund has as its members, only employees who are employed by one employer. Members of the fund must be given the right to elect at least half of the members of the board of such a fund and the balance will be appointed by the employers or former employers of those members.

Umbrella fund Also known as a multi-employer fund, this is a fund to which employees of a number of employers belong. The members of the board of the fund are usually appointed by the fund’s sponsor or creator (usually a fund administrator, insurer, bargaining council or union) rather than by the members and their employers. The rates at which contributions are made in respect of members employed by specific employers and the benefits to which such members are entitled, may be captured in what are known as “special rules” which form annexures to the main body of rules that provide for the governance, operation and management of the fund.

Employer group fund This is a fund established for the benefit of employees of employers related to each other by shareholding, eg a holding company and its subsidiaries

Union fund This is a fund established by a trade union for the benefit of its members and to which its members (and possibly other employees as well) belong in terms of collective agreements concluded between the union and an employer or an employer organisation. The rules of the fund may provide that all members and all employers will make contributions to the fund at the same rate or at rates determined by agreement between the union and each employer in respect of its employees who are members of the fund

Bargaining council and statutory council funds

This is a fund established in terms of a collective agreement between one or more trade unions and one or more employers’ associations, and to which the employees of the employers who are members of the employers’ association are required to belong in terms of that collective agreement. In terms of the Labour Relations Act, if the unions between them represent, and the employers between them employ, more than 50% of the employees employed in a defined sector, the Minister of Labour may make the collective agreement binding even on those employees employed in the sector who are not members of the union(s) and those employers conducting business in the sector who are not members of the employers’ organisation(s).



Sectoral determination fund

This is a fund established in terms of a sectoral determination issued by the Minister of Labour in terms of the Basic Conditions of Employment Act and to which all employees employed in the sector are required by law to belong and to which those employees and their employers are required to contribute unless an exemption from participation is granted.

Trade or occupational fund

This is a fund established by a body (usually a conduct standard setting and supervising body) for members of a particular trade, profession or occupation and to which such members may be required to belong in terms of their contracts of employment.

Commercial umbrella fund

This is a fund established by a provider of financial services or products and to which employees of unrelated employers may be required to belong in terms of their contracts of employment.

Underwritten fund The only assets of this type of fund are policies of insurance. Contributions are paid directly to the insurer and the insurer then undertakes to pay benefits as and when they become payable by the fund.

Privately administered fund

This is a fund other than an underwritten fund generally with its own bank account.

Self-administered fund

This is a fund which does its own administration and does not employ the services of a professional section 13B administrator.

Contributory fund This is a fund to which a member and/or the member’s employer makes regular contributions until the member becomes entitled to a benefit.

Paid-up fund This is a fund to which a member and/or his or her employer has contributed in the past but to which neither is now contributing for the benefit of the member at the moment. The member will be entitled to receive a benefit from the fund either on retirement or on termination of employment before retirement.

Voluntary fund

This is a retirement fund which a member joins of his or her own accord and to which the member alone makes contributions. The fund may be a retirement annuity fund (to which the member may make regular or lump sum contributions) or a preservation fund to which the member’s previous fund has transferred the member’s retirement savings in that fund.

Preservation fund This is a fund to which a ‘contribution’ is made for a member in the form of his or her transferred savings from another retirement fund on termination of the member’s membership of that fund. Those retirement savings are then kept and invested by the preservation fund until the member reaches retirement age (any date after the member reaches 55 years of age) although the rules may allow a member to make one withdrawal from it before then unless a deduction was made by the previous fund from the member’s benefit before the residue was paid to the preservation fund.

Pension preservation fund

This is a preservation fund to which benefits may be transferred from a member’s pension fund and preserved until he or she reaches retirement age.

Provident preservation fund

This is a preservation fund to which benefits may be transferred from a member’s pension fund and preserved until he or she reaches retirement age.

Retirement annuity fund

This is a fund to which a member may make a single or several contributions during his or her working life. It is a pension fund, which means that the maximum share of the members’ retirement capital that may be paid in the form of a lump sum is one third. The balance must be paid as an annuity for life.

Unclaimed benefit fund

This is a species of preservation fund but membership is not voluntary. It is a fund to which a fund which has accumulated unclaimed benefits may transfer those benefits for preservation until claimed by their beneficiaries.

Beneficiary fund

This is a fund to which shares of benefits payable on the deaths of fund members may be paid in certain circumstances. For example, if the retirement fund decides that there is no suitable guardian or caregiver to administer the share of a death benefit allocated to an orphan, it may pay the share to a beneficiary fund which will then be obliged to invest that money and pay out amounts of it to the orphan or for the benefit of the orphan as and when required until he or she reaches the age of maturity.



STATISTICSTables 2 to 5 in this report contain aggregate information derived from financial statements, other statutory returns and other documents submitted to this office by funds in respect of the 2015 calendar year. The information relates to the membership, assets, revenue and expenditure for both underwritten and privately administered funds.

The aggregated information reflected in Tables 6 to 14 in this report excludes information relating to foreign funds and funds not subject to regulation and supervision in terms of the Act.

SUPERVISION ACTIVITIESThe following table reflects some of the registrar’s licensing and supervisory activities during the year under review:

12 months ended 31 December 2015 2014

Registrations of new funds 14 11Approvals and registrations of consolidated or amended rules of funds 1 073 1 387Umbrella schemes: recordals of commencements and terminations of employer participations 6 210 4 136On-site visits 167 227Liquidations in terms of section 28 of the Act 283 252Approvals of schemes for the transfer of assets between registered funds and from registered funds to other entities 2 067 2 480Analyses of financial statements in terms of section 15 of the Act 2 780 5 937Approvals of section 15B surplus apportionment schemes 6 12

Valuation reports in terms of section 16 of the Act 328 533

Notes: » This table only includes cases linked to a service fee as contained in regulation. » The table does not include pending cases worked on, but not yet approved due to queries raised by the registrar. » Terminations in terms of section 27(1)(a) and exemptions from section 28(17) of the Act have been excluded from this table (liquidation exemptions for 2015 and 2014). » Surplus apportionment schemes are reaching finality and this statistic excludes nil schemes noted by the registrar (2015: 7 and 2014: 22).

Licensing mattersThe licensing and registrations section has implemented new processes for recording the inception and termination of participation by employers in umbrella pension funds.

The registrar has adopted a stricter approach to extensions of the period in which applications for his approval of rule amendments may be made. The Pension Funds Act stipulates that extension requests received after the applicable period has lapsed may only be granted in special circumstances.

Conduct supervision mattersThe registrar is taking a more active approach in cases where he believes a trustee or principal officer is not, or is no longer, fit and proper to hold office. Several such cases are currently being considered.

Acting under section 25 of the Pension Funds Act and the retirement fund division’s current risk-based supervisory plan, 167 on-site visits were conducted on funds and administrators. Significant supervisory issues identified in these visits are similar to recent years:

» Boards not properly constituted in terms of section 7A of the Pension Funds Act and/or the fund’s rules » Rules not providing for board members’ terms of office » Backdated agreements between funds and their administrators » Unsigned documents on delegation responsibilities by the boards to board committees and/or service providers » Failing to monitor compliance by participating employers with their obligations under section 13A of the Pension Funds Act, breaching Regulation 33



» Failing to timeously renew fidelity guarantee and professional indemnity policies » Remunerating board members for services despite fund rules not providing for such remuneration » Section 7B exemptions expiring before requesting an extension » IT systems that cannot calculate late payment interest » Failing to submit annual financial statements and valuation reports on time » Delays in distributing annual benefit statements to members or not distributing these statements at all » The registrar has exercised his powers under section 26(2) of the Pension Funds Act to appoint people to the boards of funds without properly constituted boards and has instructed them to establish such boards.

Prudential supervision mattersThe prudential supervision department and actuarial pensions unit are monitoring the conduct of the curators of a number of funds. Proposals have been prepared for the basis on which application may be made to the High Court to terminate one of these curatorships. These will be discussed with various stakeholders before any application is made.

The registrar has considered and decided a number of applications by funds for exemptions from compliance with Regulation 28, ie conducting investment activities. Some exemptions have been granted to give funds more time to reduce the proportion of assets invested offshore to prescribed limits, given the recent depreciation in the rand.

Policy and regulation mattersDraft amendments to the Pension Funds ActIn the review period, the division prepared a number of proposals for amending the Pension Funds Act when the opportunity for considering such amendments by parliament arises.

LEGISLATIONPensions reformInput was provided on the draft default regulations issued by National Treasury for public comment as part of the pensions reform process which can be accessed on www.treasury.gov.za.

Transition to the twin peaks model of regulation and supervisionThere are ongoing discussions about the impact on this division’s work following the shift to the twin peaks regulatory model contemplated in the financial sector regulation bill now before parliament. If this bill is enacted:

» The financial sector conduct authority (FSCA) will replace the FSB » The prudential authority will have the power of prudential supervision over pension funds but may delegate exercise of this power to the FSCA.

This division is reviewing the regulatory framework to design new, more fit-for-purpose regulatory instruments and supervision methods to embed Treating Customers Fairly principles and provide greater protection for customers.

Board notices and noticesThe following notice was issued during the period under review:

» Notice on appointment of a principal officer in terms of section 8.

DirectivesNo directives were issued by the registrar during the period under review.



Guidance and information circularsIn the review period, the following were published:

» Information circular PF 1 2015 on section 7B(1)(d) of the Pension Funds Act regarding exemptions from the requirement that members of a fund have the right to elect members of the board » Information circular PF 2 2015 on implementation of the appointment of a principal officer or deputy principal officer in terms of section 8 of the Pensions Funds Act » Information circular PF 3 2015 on the FSB media round table on unclaimed retirement fund benefits » Information circular PF 4 2015 which was a request to retirement funds and administrators to provide data on unclaimed benefits to enable the registrar to launch a search engine where people can establish if they may have unclaimed benefits due to them.

Special supervision projectsTo address some specific supervisory challenges, my office:

» Developed new processes for the enforcement of compliance with the provisions of section 13A of the Pension Funds Act (non-payment or late payment of contributions and failure to timeously submit contribution schedules to retirement funds) » Prepared test cases involving employer non-compliance with section 13A for referral to the enforcement committee » Held discussions with representatives of the SAPS on possible assistance to be provided by the FSB to SAPS for the purpose of prosecution of new offences in terms of the Pension Funds Act based on non-compliance by employers with their contribution liabilities to pension funds » Assisted numerous members and beneficiaries in identifying and claiming unclaimed benefits.

Inspections Four inspections were requested during the review period. Two have not been finalised.

FSB appeal board mattersA person aggrieved by the registrar is entitled to approach the FSB appeal board within 30 days of becoming aware of the decision. The appeal board may set aside and substitute the registrar’s decision with its own, which then becomes the de facto decision of the registrar. A person (other than the registrar) who is unhappy with the findings of the appeal board may apply to the High Court for an order reviewing and setting it aside.

The number of appeals against the registrar’s decisions in the review period increased slightly from the previous year. We do not anticipate that appeals to this board, or the financial services tribunal in the twin peaks dispensation, will be significantly different to current trends.

Two appeals were outstanding at the beginning of the review period and nine new appeals were received during the period. Three appeals were withdrawn after the registrar supplied detailed reasons for his decisions.

One appeal board hearing in the period was lodged by a fund on the registrar’s decisions to require its principal officer and board members to answer questions on the roles in an investment decision and certain litigation-related decisions and other related decisions of the registrar. The appeal was dismissed – refer to our website under “appeal board” and “pension funds decisions” for the judgment in South Africa Local Authorities Pension Fund. Members of the board of the fund then launched an application in the High Court for an order setting aside the findings and orders of the appeal board. The matter was pending at the end of this reporting period.

In two matters, the appeal board granted orders by consent of the parties setting aside erroneous cancellations of the registrations of pension funds that had not “ceased to exist” as contemplated by section 27 of the Pension Fund Act as previously thought. These consent orders appear on the FSB website.

Five appeals were pending at the end of the review period. Of these: » Two have been postponed pending the outcome of applications in the High Court for orders setting aside Pension Funds Act Regulation 35(4), promulgated by the Minister of Finance in 2003. It requires funds that have allocated to special-purpose contingency reserve accounts shares of surplus allocated to former members (section 15B of the Pension Funds Act) to provide in full for the face values of its liabilities for these shares of surplus even if, despite taking all reasonable steps to trace and pay entitled recipients, they have been unable to do so. The registrar has enforced compliance with this regulation by rejecting reports on the statutory actuarial valuation of funds in which provision for such shares of surplus is lower than the full aggregate face values of the associated liabilities. The registrar’s decisions are the subject matter of these postponed appeals. Once the validity of the regulation has been determined, there should be few remaining impediments to finalising surplus apportionment schemes



» One was postponed because the facts on which it is based are similar to another case now before the Supreme Court of Appeal » An appeal involving the submission of a section 18 scheme of arrangement by a fund was finalised and determined in favour of the registrar. The decision appears on the FSB website » The last appeal lodged during the period under review has been set down for hearing by the appeal board in June 2016.

Unlike prior years, there were no appeals in the review period against the registrar’s decision to impose penalties for late submission or non-submission of statutory returns.

High Court litigationThe registrar was actively involved in eight High Court and Supreme Court of Appeal matters in the review period.

In a matter heard by the Supreme Court of Appeal in December 2015, the court upheld the appeal by the employer against the High Court’s refusal to review and set aside the FSB appeal board’s determination that the registrar had been wrong to approve a scheme to transfer the assets and liabilities of a fund. The registrar’s initial decision was accordingly upheld. However, the court also found that the registrar does not have legal standing to apply to court for an order reviewing and setting aside a decision of the FSB appeal board. On this basis, the registrar’s appeal was dismissed. This judgment may be found at http://www.saflii.org/cgibin/disp.pl?file=za/cases/ZASCA/2015/202.html&query=Tellumat.

As noted, three cases in which the validity of Pension Funds Act Regulation 35(4) is being challenged are pending before the High Court. These matters should be heard during the year ending March 2017.

In another High Court matter, a pension fund is claiming damages of some R70 million from the FSB and the registrars of pension funds and financial services for losses suffered due to alleged failure by the FSB to fulfil its duties in terms of investment activities in a fund managed by Trilinear Asset Management. Pleadings have closed and the matter should be heard during the financial year ending March 2017.

There is ongoing litigation on the curatorships of the Sable and Cadac pension funds.

SIGNIFICANT INDUSTRY-RELATED ISSUES Litigation on the retirement fund’s “cancellations project” and related mattersMs RT Hunter, a senior official of the FSB, lodged a court application against the registrar of pension funds on the closure and cancellation of retirement funds. Respondents in this matter are the Minister of Finance, board of the FSB, Mr Abel Sithole, Adv Dube Tshidi and Mr Jurgen Boyd of the FSB.

Unclaimed benefitsThe aggregate value of unclaimed benefits held by retirement funds subject to regulation and supervision under the Pension Funds Act reported to the registrar in calendar year 2015 was R34 billion.

The FSB hosted an outreach programme in Soweto to inform members of the public on its role and functions, and assist pension fund members and their beneficiaries to submit enquiries and complaints to pension funds, including those for unclaimed benefits that may be due to them.

The FSB also hosted a media round table in which it solicited the help of personal finance journalists in warning members of the public against a growing trend of individuals who are purporting to be authorised by funds to assist members in claiming unclaimed benefits to which they believe they are entitled. These individuals are also charging sizeable fees for services, which members could get free from the funds or by contacting the FSB.

Retirement funds and administrators were requested to submit information on unclaimed benefits. Once received, this will be captured on a searchable FSB database to enable members of the public to use the web-based search engine to ascertain if they are entitled to any unclaimed benefits.



OUTLOOKThe pensions division is reviewing our regulatory framework with a view to designing new, more fit-for-purpose regulatory instruments and supervision methods in which Treating Customers Fairly principles are embedded which will provide greater protection for customers, taking into account the objectives sought to be achieved through changes to financial sector regulation, including the Financial Sector Regulation Bill, and which are contemplated in policy documents such as the Retirement Reform and Financial Sector Market Conduct discussion papers issued by National Treasury and the Retail Distribution Review paper issued by the FSB; and detailed analyses of the different business models according to which different kinds of retirement funds, administrators, contribution collectors and other regulated persons and entities operate, subject to supervision by us.

To this end, the division worked with other divisions in the FSB on standards subject to which regulated entities may be expected to address and report on complaints submitted to them; and conduct their businesses in compliance with Treating Customers Fairly principles.

During the period under review the division continued to consult with the National Treasury and retirement fund stakeholders on aspects of retirement reform, and amendments to the Act and worked on the following:

» Revised conditions for retirement fund benefit administrators and contribution collectors, such as introducing minimum capital adequacy requirements, increased liquidity requirements, and quarterly reporting » Good governance standards to retirement funds incorporating principles reflected in the King III Code, the Code for Responsible Investing in South Africa (Crisa) and Treating Customers Fairly principles » Minimum requirements for retirement fund rules » A revision of the accounting framework in line with the new revised annual financial statements of funds » A new supervisory framework, specifically for the supervision of beneficiary and unclaimed benefit funds » Trustee qualifications – The registrar is empowered in terms of the Pension Funds Act to prescribe training to be undertaken by new members of retirement fund boards. As training is already provided to retirement fund board members by a range of training providers offering courses of varying content and quality, the registrar has decided not to prescribe such training until there is an occupational qualification accredited by the SA Qualifications Authority (SAQA) for retirement fund board members against which component modules of training and the standards, content and quality of training courses may be measured. This does not mean that the registrar will prescribe that each retirement fund board member must acquire the full occupational qualification, however. Instead, after consultations with representatives of stakeholders in the retirement funds industry (industry stakeholders), the registrar has identified elements of the knowledge, skills and experience that every retirement fund board member should have, and minimum standards of such knowledge, skills and experience that he or she should be able to demonstrate through objective assessment methodologies.

As the shift from stand-alone occupational retirement funds towards umbrella funds gained momentum during the period 2000 to date, the number of registered shell funds (funds without assets or liabilities) and dormant funds (funds with assets and/or liabilities but which have ceased to conduct regular pension fund business) has increased. With the encouragement of the registrar, fund administrators and others have been engaged in recent years in a project to close and cancel the registrations of these funds. The pensions division has prepared draft circulars which were issued for comment. It is intended that these circulars, once issued in final form, will provide guidance to people now acting as section 26(2) trustees for dormant funds and the administrators of dormant funds.

The treatment of unclaimed benefit liabilities, both by occupational retirement funds and by special-purpose unclaimed benefit funds, has come under renewed focus.

At the same time the registrar wants to assist members of the public to trace and claim any unclaimed benefits and so work began in the period under review on the establishment of a new data base of unclaimed benefits. It is intended that, if it appears from the data base that a member of the public may be entitled to an unclaimed benefit, the registrar will direct him or her to the fund concerned, or its administrator, so that it can advise whether there is in fact an unclaimed benefit to which he or she is entitled and, if so, to assist in the processing of the claim.



INTERNATIONAL RELATIONSThe division continues to fulfil its role in the activities of the International Organisation of Pension Supervisors (IOPS), OECD working party on private pensions, and SADC’s committee of insurance, securities and non-banking financial authorities (CISNA).

During the year, we hosted several delegations of regulators, and representatives of governments and parliaments from other African countries.

PENSION FUNDS ADJUDICATORAs at the date of this annual report, the pension funds adjudicator is Ms Muvhango Lukhaimane.

The determinations of the adjudicator have an important influence on the retirement industry and can be viewed on the adjudicator’s website at www.pfa.org.za and the FSB’s website at www.fsb.co.za.

The pension funds adjudicator’s office issues an annual report. The office can be reached at the following addresses or telephone numbers:

Physical address Postal address Contact details

4th Floor PO Box 580 Tel: 012 346 1738Riverwalk Office Park Menlyn Fax: 086 693 7472Block A, 41 Matroosberg Road 0063 e-mail: [email protected] Gardens, Extension 6

0081

Table 1: Number of retirement funds in South Africa

Fund type 2014 Additions Cancellations Conversions 2015

Privately administered funds 2 966 14 (18) (16) 2 946Underwritten funds 2 175 (6) 19 2 188GEPF 1 1The Associated Institutions Pension Fund (AIPF) 1 1The Temporary Employees Pension Fund (TEPF) 1 1Transnet funds 3 3Telkom Pension Fund 1 1Post Office Retirement Fund 1 1Foreign funds 1 1

Total 5 150 14 (24) 3 5 143

Note: The three Transnet funds are the Transnet Pension Fund, the Transnet Retirement Fund and the Transnet Second Defined Benefit Fund.


Table 2: Number of members of retirement funds in South Africa (Note 1, 2, 3 and 4)

2015 2014

1. PRIVATELY ADMINISTERED FUNDS 10 628 118 10 156 311 (a) Contributing members 6 289 877 6 128 093 (b) Deferred benefit members 255 476 295 340 (c) Pensioners in receipt of regular payments 261 791 261 447 (d) Dependants and nominees 166 071 167 594 (e) Persons entitled to unclaimed benefits 3 654 903 3 303 837

2. UNDERWRITTEN FUNDS 4 001 944 3 960 245

(a) Active members 3 495 923 3 482 478 (b) Deferred pensioners 904 1 972 (c) Pensioners in receipt of regular payments 74 619 75 050 (d) Dependants and nominees 910 837 (e) Unclaimed benefits 429 588 399 908

3. GEPF 1 672 496 1 667 824

(a) Active members 1 266 101 1 276 753 (b) Pensioners 406 395 391 071

4. TRANSNET FUNDS 130 232 133 954

(a) Active members 65 829 66 070 (b) Pensioners 64 403 67 884

5. TELKOM PENSION FUND 111 132

(a) Active members 50 71 (b) Unclaimed benefits 61 61

6. POST OFFICE RETIREMENT FUND 23 553 23 454

(a) Active members 15 129 15 210 (b) Pensioners 8 424 8 244

7. FOREIGN FUNDS 621 634

(a) Active members 621 634

Total 16 439 288 15 942 554

Notes:1. This table reflects the number of individuals who are pension fund members. However, there is some double counting because some individuals belong to

more than one retirement fund.2. Table 7, dealing with non-submission rates, needs to be taken into consideration when interpreting this table.3. The statistics include only South African residents.4. The three Transnet funds are the Transnet Pension Fund, the Transnet Retirement Fund and the Transnet Second Defined Benefit Fund.


Membership of funds – 2015

● Underwritten ● Transnet/Telkom/PO/foreign funds ● GEPF ● Privately administered

24.3%

64.7%

0.9%

10.1%

Membership of funds – 2014

● Underwritten ● Transnet/Telkom/PO/foreign funds ● GEPF ● Privately administered

24.8%

63.7%

1.0%

10.5%

Note:1. Table 7, dealing with non-submission rates, needs to be taken into consideration when interpreting this table.

Graph 1: Membership by fund category of retirement funds in South Africa (Note 1)


Table 3: Aggregate assets of retirement funds in South Africa (Note 1)

Fund type2015

Rm2014

Rm

1. Privately administered funds 1 842 662 1 695 9272. Underwritten funds (Note 2) 469 684 435 1843. GEPF 1 623 465 1 449 9514. Transnet funds (Note 3) 83 845 80 6265. Telkom Pension Fund 326 3816. Post Office Retirement Fund 15 503 14 8847. Foreign funds (Note 4) 340 291

Total 4 035 825 3 677 244

Notes: 1. Table 7, dealing with non-submission rates, needs to be taken into consideration when interpreting this table.2. These funds represent the estimated value of the assets held by insurers to cover their liabilities to the underwritten funds.3. The three Transnet funds are the Transnet Pension Fund, the Transnet Retirement Fund and the Transnet Second Defined Benefit Fund.4. Foreign funds furnish guarantees to cover their liabilities to South African resident members.


Graph 2: Aggregate assets by fund category of retirement funds in South Africa

Aggregate assets of all funds – 2015

Total assets: R4 035 billion

● Privately administered ● GEPF ● Underwritten ● Transnet/Telkom/PO/Foreign

45.66%

2.47%

11.64%

40.23%

Aggregate assets of all funds – 2014

● Privately administered ● GEPF ● Underwritten ● Transnet/Telkom/PO/Foreign

2.62%

39.43%

11.83%

46.12%

Total assets: R3 677 billion


Table 4: Contributions received by retirement funds in South Africa (Note 1)

Fund type2015

Rm2014

Rm

1. PRIVATELY ADMINISTERED FUNDS 111 848 103 279– Members 51 422 47 749– Employers 60 426 55 530

2. UNDERWRITTEN 39 910 35 856– Members 25 464 23 427– Employers 14 446 12 429

3. GEPF 57 492 52 836– Members 20 260 18 666– Employers 37 232 34 170

4. TRANSNET FUNDS (Note 2) 3 250 2 981– Members 1 265 1 157– Employers 1 985 1 824

5. TELKOM PENSION FUND (Note 3) 1 2– Members 1 2

6. POST OFFICE RETIREMENT FUND 383 410– Members 137 146– Employers 246 264

7. FOREIGN FUNDS 24 20– Members 9 7– Employers 15 13

Total 212 908 195 384

Note:1. Table 7, dealing with non-submissions rates, needs to be taken into consideration when interpreting this table.2. The three Transnet funds are the Transnet Pension Fund, Transnet Retirement Fund and Transnet Second Defined Benefit Fund.3. Telkom Pension Fund: The employer has been on a contribution holiday since 1 December 2007. The contributions offset against the fund’s surplus

amounted to R2 329 322 (2014: R2 461 777).

Graph 3: Contributions by fund category (Note 1)

● 2015

Privatelyadministered

Underwritten GEPF Transnet/Telkom/Post Of�ce

Foreign Total

● 2014

0

50 000

100 000

150 000

200 000

250 000

R m

illio

n

Table 4 shows a summary of contributions received by all pension funds. The total contributions received increased by 8.97% from R195 384 million in 2014 to R212 908 million in 2015. Contributions to the GEPF, Transnet, Telkom and Post Office funds increased by 8.71%, while total contributions to privately administered and underwritten funds increased by 9.07%.



Table 5: Benefits paid by all retirement funds in South Africa (Note 1)

Fund type2015

Rm2014

Rm

1. PRIVATELY ADMINISTERED FUNDS 154 282 134 904(a) Pensions 23 763 21 340 (b) Lump sum payments 130 519 113 564

– On retirement or death 61 265 52 852– Resignations and terminations 57 556 49 569– Other 11 698 11 143

2. UNDERWRITTEN FUNDS 42 961 37 106(a) Pensions 905 932(b) Lump sum payments 42 056 36 174

– On retirement or death 24 853 22 757– Resignations and terminations 16 858 12 948– Other 345 469

3. GEPF 79 763 53 729(a) Pensions 27 819 24 721(b) Lump sum payments 51 944 29 008

– On retirement or death 4 172 4 221– Resignations and terminations 35 607 15 066– Other 12 165 9 721

4. TRANSNET FUNDS 8 636 7 448(a) Pensions 2 481 2 223(b) Lump sum payments 6 155 5 225

– On retirement or death 4 428 3 423– Other (transfer out) 1 727 1 802

5. TELKOM PENSION FUND 1 2(a) Pensions 1 –(b) Lump sum payments – 2

– On retirement or death – 2

6. POST OFFICE RETIREMENT FUND 1 311 920(a) Pensions 411 389(b) Lump sum payments 900 531

– On retirement or death 287 106– Resignations and terminations 606 419– Other 7 6

7. FOREIGN FUNDS 14 6(a) Pensions –(b) Lump sum payments 14 6

– On retirement or death 7 1– Resignations and terminations 7 5

Total 286 968 234 115

Note:1. Table 7, dealing with non-submission rates, needs to be taken into consideration when interpreting this table.2. The three Transnet funds are the Transnet Pension Fund, the Transnet Retirement Fund and the Transnet Second Defined Benefit Fund.


Graph 4: Benefits by fund category of all retirement funds in South Africa (Note 1)

● 2015

Privatelyadministered

Underwritten GEPF Transnet/Telkom/Post Of�ce

Foreign Total

● 2014

0

50 000

100 000

150 000

200 000

250 000

300 000

R m

illio

n

Table 5 shows a summary of benefits paid by all pension funds. The benefits paid increased by 22.6%, from R234 115 million in 2014 to R286 968 million in 2015.



Table 6: Investment pattern of pension funds registered in terms of the Pension Funds Act (Note 2)

Assets2015

Rm% Of total

assets2014

Rm% Of total

assets

1. Cash 97 640 4.30 67 020 3.192. Commodities 6 228 0.27 3 075 0.153. Debt instruments (including Islamic debt) 192 208 8.46 181 780 8.674. Investment and owner-occupied properties (Note 1) 26 851 1.18 12 955 0.625. Equities (including demutualisation shares) (Note 3) 400 001 17.62 376 613 17.966. Insurance policies 923 937 40.68 866 707 41.347. Collective investment schemes 164 035 7.22 190 993 9.118. Hedge funds 12 595 0.56 7 092 0.349. Private equity funds 6 866 0.30 5 399 0.2610.Investment in participating employer(s) 11 002 0.48 12 475 0.5911.Derivative market instruments 470 0.02 1 236 0.0612.Other assets (Note 5) 2 559 0.11 6 043 0.2913.Foreign investments (Note 4) 426 730 18.80 365 283 17.42

Total 2 271 122 100.00 2 096 671 100.00

Notes:1. Property, plant and equipment, housing loan facilities, surplus improperly utilised receivable, transfers receivable, accounts receivable, contributions

receivable and cash at bank are not included above (see Table 11).2. Table 7, dealing with non-submission rates, needs to be taken into consideration when interpreting this table.3. Equities comprise local listed equities, equity index-linked instruments, preference shares and unlisted equities.4. Foreign investment includes listed foreign equities and unlisted equities.5. Other assets represent a combination of derivative market instruments and investments not listed in the table.

Graph 5: Investment pattern

● 2015

Cash

Com

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itie

s

%

Deb

t in

stru

men

ts

(incl

udin

g Is

lam

ic d

ebt)

Inve

stm

ent

and

owne

r- oc

cupi

ed p

rope

rtie

s

Equi

ties

Insu

ranc

epo

licie

s

Colle

ctiv

e in

vest

men

t sc

hem

es

Hed

ge

fund

s

Priv

ate

equi

ty fu

nds

Inve

stm

ent

in

part

icip

atin

g em

ploy

er(s

)

Der

ivat

ive

mar

ket

inst

urm

ents

Oth

er

asse

ts

Fore

ign

inve

stem

ents

● 2014

0

10

20

30

40

50


Table 6.1: Return on investments

The return made by pension funds on the value of investments shown in Table 10.1 is calculated by using the following formula:

R = 2i

A + B – i

Where R = Return on investmentsA = Initial value of investmentsB = End value of investmentsi = Interest, dividends, rent, policy income, net profit or losses on realisation of investments and the amount by which

investments were written up or down to fair value. Funds are required to disclose in their financial returns the method used for determining accrued, vested or provisional income from insurance policies. Non-vested policy income is included in or excluded from the revenue account at the discretion of funds.

By applying this formula to the total investments of all the self-administered funds, the return on investments for the past five years is calculated as follows:

Calendar year 2011 2012 2013 2014 2015

% returns 9.9 12.1 17.3 16.2 9.8

Notes:1. The statistics for 2011 to 2015 are for all types of retirement funds registered with the FSB.2. The sample of funds for 2014 is 1 958, while for 2015, it is based on 1 860 submissions (incudes 485 of the largest funds comprising 95% of total assets and

membership).


Table 7: Funds in default for non-submission of 2015 financial statements by the FSB’s cut-off date of 24 October 2016

Total number of funds

required to submit returns

Number of returns

submitted

Number of funds in

default of submitting

returns

Non-submission

rate%

Private 2 236 1 523 713 31.89Underwritten 1 392 337 1 055 75.79

Total 3 628 1 860 1 768 48.73

The following points need to be taken into consideration when interpreting Tables 1 and 7:1. Submissions from the largest 100 funds comprise 74% of total assets and membership while the top 485 largest funds make up

95% of the assets of FSB-supervised funds.2. The defaulting funds are mainly smaller funds with assets below R20 million, including funds that have not informed the

registrar that they are terminating or have ceased to operate, or are transferring to umbrella funds, or funds lacking good governance or funds facing other challenges in finalising their financial returns.

3. Pending section 27 terminations include funds that responded to circulars and notified the registrar of pending terminations, full section 14 transfers and terminations in terms of the registered rules of the funds.

4. There were 1 814 funds for which the registrar appointed interim boards in terms of section 26 of the Act. 5. Some of these funds are still active and are required to submit returns while the remainder are terminating.6. Nine funds under curatorship during the periods under review have been included in this table.7. The annual financial statements of funds for the 2015 calendar year were due six months after the funds’ year-ends.8. Regulatory interventions by the registrar included sending monthly reminders to the funds for the submissions of financial

statements, office visits, workshops, on-site visits with recommendations for improving fund governance, inspections on funds, and issuing of penalties.

9. Reconciliation between Tables 1 and 7

FSB- registered

funds (Table 1)

Terminations (Table 7)

Active funds as at

24 October 2016

(Table 7)

Private (Table 1) 2 946Underwritten (Table 1) 2 188Foreign fund (Table 1) 1

Total FSB-registered funds 5 135

Pending terminations (1 507)

Total funds required to submit financials as per Table 7 3 628


Table 8: Top 100 FSB-registered funds ranked by total assets (Note 1)

Ranking Fund no Fund name Total assets

Rm Fund type

1 564 ESKOM PENSION AND PROVIDENT FUND 121 674 Private

2 3904 SOUTH AFRICAN RETIREMENT ANNUITY FUND 106 539 Private

3 4038 CENTRAL RETIREMENT ANNUITY FUND 96 568 Underwritten

4 1215 SENTINEL RETIREMENT FUND 82 361 Private

5 5040 ENGINEERING INDUSTRIES PENSION FUND 72 793 Private

6 6776 LIFESTYLE RETIREMENT ANNUITY FUND 71 329 Underwritten

7 37434 MOMENTUM RETIREMENT ANNUITY FUND 50 712 Underwritten

8 25718 METAL INDUSTRIES PROVIDENT FUND 46 868 Private

9 7697 SASOL PENSION FUND 45 578 Private

10 31505 TELKOM RETIREMENT FUND 43 736 Private

11 20246 OLD MUTUAL SUPERFUND PROVIDENT FUND 43 114 Private

12 20237 OLD MUTUAL SUPERFUND PENSION FUND 41 645 Private

13 404 PROFESSIONAL PROVIDENT SOCIETY RETIREMENT ANNUITY FUND 36 578 Private

14 34766 ALEXANDER FORBES RETIREMENT FUND (PROVIDENT SECTION) 35 307 Underwritten

15 1373 STANDARD BANK GROUP RETIREMENT FUND 32 811 Private

16 27324 ABSA PENSION FUND 29 414 Private

17 3130 FNB PENSION FUND 28 035 Private

18 23053 MINEWORKERS PROVIDENT FUND 27 235 Private

19 34768 ALEXANDER FORBES RETIREMENT FUND (PENSION SECTION) 22 856 Underwritten

20 37186 ALLAN GRAY RETIREMENT ANNUITY FUND 21 802 Private

21 29256 MUNICIPAL GRATUITY FUND 19 252 Private

22 32083 FUNDSATWORK UMBRELLA PROVIDENT FUND 19 089 Underwritten

23 32689 THE CONSOLIDATED RETIREMENT FUND FOR LOCAL GOVERNMENT 18 780 Private

24 32082 FUNDSATWORK UMBRELLA PENSION FUND 18 245 Underwritten

25 998 AECI PENSION FUND 15 910 Private

26 559 DE BEERS PENSION FUND 15 063 Private

27 32783 AUTO WORKERS PROVIDENT FUND 14 788 Private

28 909 CAPE MUNICIPAL PENSION FUND 13 858 Private

29 19727 SOUTH AFRICAN LOCAL AUTHORITIES PENSION FUND 13 801 Private

30 5625 MUNICIPAL EMPLOYEES PENSION FUND 13 568 Private

31 37435 MOMENTUM PENSION PRESERVATION FUND 13 066 Underwritten

32 27024 CORPORATE SELECTION UMBRELLA RETIREMENT FUND 12 474 Underwritten

33 36438 CORPORATE SELECTION UMBRELLA RETIREMENT FUND NO 2 12 230 Underwritten

34 36828 SANLAM UMBRELLA PENSION FUND 12 160 Private

35 30878 NATIONAL TERTIARY RETIREMENT FUND 12 092 Private

36 1070 SABC PENSION FUND 11 969 Private

37 37184 ALLAN GRAY PENSION PRESERVATION FUND 11 571 Private

38 36666 MOTOR INDUSTRY PROVIDENT FUND 11 424 Private

39 30624 DENEL RETIREMENT FUND 11 356 Private

40 32435 DURBAN PENSION FUND 11 346 Private

41 22622 INVESTEC INVESTMENT LINKED RETIREMENT ANNUITY FUND 10 935 Private

42 35064 NATIONAL FUND FOR MUNICIPAL WORKERS 10 262 Private

43 553 NATAL JOINT MUNICIPAL PENSION FUND – (SUPERANNUATION) 10 258 Private

44 35100 PERSONAL PORTFOLIOS PRESERVATION PENSION FUND 10 174 Private


Table 8: Top 100 FSB-registered funds ranked by total assets (Note 1) CONTINUED


Rm Fund type

45 36983 KZN MUNICIPAL PENSION FUND 10 092 Private

46 36813 SANLAM UMBRELLA PROVIDENT FUND 9 963 Private

47 35099 PERSONAL PORTFOLIOS RETIREMENT ANNUITY FUND 9 820 Private

48 27974 LIFESTYLE RETIREMENT PRESERVER PENSION FUND 9 520 Underwritten

49 37185 ALLAN GRAY PROVIDENT PRESERVATION FUND 9 368 Private

50 390 JOHANNESBURG MUNICIPAL PENSION FUND 9 295 Private

51 29609 INVESTEC INVESTMENT LINKED PRESERVATION PENSION PLAN 9 130 Private

52 37469 DISCOVERY RETIREMENT ANNUITY FUND 9 082 Underwritten

53 32820 FAIRBAIRN CAPITAL PENSION PRESERVATION FUND 8 865 Private

54 17781 METROPOLITAN RETIREMENT ANNUITY FUND 8 270 Underwritten

55 36006 CORPORATE SELECTION UMBRELLA PENSION FUND 8 111 Underwritten

56 363 ARCELORMITTAL SOUTH AFRICA PENSION FUND 8 098 Private

57 37436 MOMENTUM PROVIDENT PRESERVATION FUND 7 863 Underwritten

58 2134 ANGLO AMERICAN CORPORATION PENSION FUND 7 849 Private

59 29607 INVESTEC INVESTMENT LINKED PRESERVATION PROVIDENT FUND 7 584 Private

60 385 UNILEVER SA PENSION FUND 7 534 Private

61 31796 MUNICIPAL WORKERS’ RETIREMENT FUND 7 506 Private

62 29219 SAB PROVIDENT FUND 7 229 Private

63 27975 LIFESTYLE RETIREMENT PRESERVER PROVIDENT FUND 7 005 Underwritten

64 16669 MOTOR INDUSTRY PENSION FUND (2005) 6 957 Private

65 429 NEDGROUP PENSION FUND 6 688 Private

66 17068 PROTEKTOR PRESERVATION PENSION FUND 6 624 Underwritten

67 35101 PERSONAL PORTFOLIOS PRESERVATION PROVIDENT FUND 6 432 Private

68 3720 ALTRON GROUP PENSION FUND 6 372 Private

69 21267 CHEMICAL INDUSTRIES NATIONAL PROVIDENT FUND 6 359 Private

70 16489 AMPLATS GROUP PROVIDENT FUND 6 152 Private

71 31320 UNIVERSITY OF SOUTH AFRICA RETIREMENT FUND 6 127 Private

72 31217 SACCAWU NATIONAL PROVIDENT FUND 5 978 Private

73 32005 IMPALA WORKERS PROVIDENT FUND 5 863 Private

74 23803 PRINTING INDUSTRY PENSION FUND FOR SATU MEMBERS 5 713 Private

75 34381 SANLAM STAFF UMBRELLA PROVIDENT FUND 5 644 Underwritten

76 37197 PRIVATE SECURITY SECTOR PROVIDENT FUND 5 406 Private

77 26475 BIDVEST SOUTH AFRICA RETIREMENT FUND 5 389 Private

78 36961 EJOBURG RETIREMENT FUND 5 371 Private

79 34312 CLASSIC PRESERVATION PENSION PLAN 5 249 Private

80 15227 THE PRESERVATION PENSION FUND 5 229 Private

81 28800 SANLAM PRESERVATION PENSION FUND 5 207 Underwritten

82 31495 SOUTH AFRICAN RESERVE BANK RETIREMENT FUND 5 201 Private

83 7394 DENEL PENSION FUND 5 137 Private

84 35423 ARCELORMITTAL SOUTH AFRICA SELECTOR PROVIDENT FUND 5 113 Private

85 10150 TFG RETIREMENT FUND 4 998 Private

86 37811 ROAD FREIGHT AND LOGISTICS INDUSTRY PROVIDENT FUND 4 902 Private


Table 8: Top 100 FSB-registered funds ranked by total assets (Note 1) CONTINUED


Rm Fund type

87 27484 ISCOR EMPLOYEES UMBRELLA PROVIDENT FUND 4 766 Private

88 32821 FAIRBAIRN CAPITAL PROVIDENT PRESERVATION FUND 4 729 Private

89 5410 ENGEN PENSION FUND 4 506 Private

90 29161 THE PRESERVATION PROVIDENT FUND 4 483 Private

91 6255 PICK N PAY NON-CONTRIBUTORY PROVIDENT FUND 4 390 Private

92 35658 POLITICAL OFFICE-BEARERS PENSION FUND 4 355 Private

93 5812 WOOLWORTHS GROUP RETIREMENT FUND 4 300 Private

94 16350 MURRAY AND ROBERTS RETIREMENT FUND 4 284 Private

95 1278 LA RETIREMENT FUND 4 175 Private

96 376 NESTLE DEFINED BENEFIT PENSION FUND 4 140 Private

97 34309 CLASSIC PRESERVATION PROVIDENT PLAN 4 024 Private

98 29973 VODACOM GROUP PENSION FUND 3 989 Private

99 31582 UNIVERSITY OF CAPE TOWN RETIREMENT FUND 3 980 Private

100 11388 INDEPENDENT SCHOOLS ASSOCIATION OF SOUTHERN AFRICA PENSION SCHEME

3 930 Private

Total assets 1 734 972

Note:1. This table includes funds which were submitted as at the cut-off date of 24 October 2016.


Table 9: Top 100 FSB-registered funds ranked in order of membership (Note 1 and 2)

Ranking Fund no Fund nameMembers

total Fund type

1 5040 ENGINEERING INDUSTRIES PENSION FUND 1 591 318 Private

2 3904 SOUTH AFRICAN RETIREMENT ANNUITY FUND 1 364 514 Private

3 4038 CENTRAL RETIREMENT ANNUITY FUND 877 388 Underwritten

4 25718 METAL INDUSTRIES PROVIDENT FUND 842 533 Private

5 6776 LIFESTYLE RETIREMENT ANNUITY FUND 648 422 Underwritten

6 37434 MOMENTUM RETIREMENT ANNUITY FUND 426 367 Underwritten

7 17781 METROPOLITAN RETIREMENT ANNUITY FUND 308 335 Underwritten

8 37197 PRIVATE SECURITY SECTOR PROVIDENT FUND 271 765 Private

9 37811 ROAD FREIGHT AND LOGISTICS INDUSTRY PROVIDENT FUND 267 837 Private

10 20246 OLD MUTUAL SUPERFUND PROVIDENT FUND 248 326 Private

11 36998 CONTRACT CLEANING NATIONAL PROVIDENT FUND 216 808 Private

12 23053 MINEWORKERS PROVIDENT FUND 215 741 Private

13 32083 FUNDSATWORK UMBRELLA PROVIDENT FUND 207 458 Underwritten

14 7361 BUILDING INDUSTRY PENSION SCHEME (WESTERN PROVINCE) 194 205 Private

15 32783 AUTO WORKERS PROVIDENT FUND 187 406 Private

16 34766 ALEXANDER FORBES RETIREMENT FUND (PROVIDENT SECTION) 173 129 Underwritten

17 36438 CORPORATE SELECTION UMBRELLA RETIREMENT FUND NO 2 157 442 Underwritten

18 37916 ALEXANDER FORBES UNCLAIMED BENEFIT PROVIDENT PRESERVATION FUND

126 488 Underwritten

19 20237 OLD MUTUAL SUPERFUND PENSION FUND 123 636 Private

20 31217 SACCAWU NATIONAL PROVIDENT FUND 115 020 Private

21 37469 DISCOVERY RETIREMENT ANNUITY FUND 110 948 Underwritten

22 27024 CORPORATE SELECTION UMBRELLA RETIREMENT FUND 105 848 Underwritten

23 404 PROFESSIONAL PROVIDENT SOCIETY RETIREMENT ANNUITY FUND 102 751 Private

24 36813 SANLAM UMBRELLA PROVIDENT FUND 102 201 Private

25 37815 NATIONAL BARGAINING COUNCIL FOR CLOTHING MANUFACTURING INDUSTRY WESTERN CAPE REGION PROVIDENT FUND

99 386 Private

26 32082 FUNDSATWORK UMBRELLA PENSION FUND 95 939 Underwritten

27 37917 ALEXANDER FORBES UNCLAIMED BENEFIT PENSION PRESERVATION FUND

90 042 Underwritten

28 37988 RFLIPF UNCLAIMED BENEFIT PRESERVATION PROVIDENT FUND 89 895 Private

29 37955 LIBERTY CORPORATE UNCLAIMED BENEFITS PROVIDENT PRESERVATION FUND

89 890 Underwritten

30 37975 OLD MUTUAL SUPERFUND UNCLAIMED BENEFITS PRESERVATION PROVIDENT FUND

89 184 Private

31 564 ESKOM PENSION AND PROVIDENT FUND 88 311 Private

32 4730 THE ELECTRICAL CONTRACTING INDUSTRY PENSION FUND 86 533 Private

33 1215 SENTINEL RETIREMENT FUND 85 595 Private

34 16489 AMPLATS GROUP PROVIDENT FUND 76 494 Private

35 32184 BARGAINING COUNCIL FOR THE CONTRACT CLEANING INDUSTRY (NATAL) PROVIDENT FUND

74 129 Private

36 34768 ALEXANDER FORBES RETIREMENT FUND (PENSION SECTION) 72 891 Underwritten

37 37186 ALLAN GRAY RETIREMENT ANNUITY FUND 72 149 Private

38 36006 CORPORATE SELECTION UMBRELLA PENSION FUND 65 777 Underwritten

39 20697 NEW LIFE RETIREMENT ANNUITY FUND 65 608 Underwritten

40 26475 BIDVEST SOUTH AFRICA RETIREMENT FUND 64 807 Private


Table 9: Top 100 FSB-registered funds ranked in order of membership (Note 1 and 2) CONTINUED


total Fund type

41 36666 MOTOR INDUSTRY PROVIDENT FUND 61 749 Private

42 7705 MINES 1970 UNCLAIMED BENEFITS PRESERVATION PROVIDENT FUND

53 501 Private

43 20517 TOURISM, HOSPITALITY AND CATERING PENSION FUND (THACSA) 51 671 Private

44 36828 SANLAM UMBRELLA PENSION FUND 48 473 Private

45 16271 BIDVEST SOUTH AFRICA PENSION FUND 43 516 Private

46 3130 FNB PENSION FUND 41 317 Private

47 27324 ABSA PENSION FUND 41 090 Private

48 35064 NATIONAL FUND FOR MUNICIPAL WORKERS 40 261 Private

49 32689 THE CONSOLIDATED RETIREMENT FUND FOR LOCAL GOVERNMENT 39 920 Private

50 37911 MOMENTUM UNCLAIMED BENEFIT PROVIDENT PRESERVATION FUND 38 580 Private

51 37818 NATIONAL BARGAIN COUNCIL FOR THE CLOTHING MANUFACTURING INDUSTRY NORTHERN REGION CHAMBER PROVIDENT FUND

38 382 Private

52 37816 KWAZULU-NATAL CLOTHING INDUSTRY PROVIDENT FUND 38 207 Private

53 37882 NBC UNCLAIMED BENEFITS PROVIDENT PRESERVATION FUND 38 002 Private

54 34971 SECURITY EMPLOYEES NATIONAL PROVIDENT FUND 37 973 Private

55 1373 STANDARD BANK GROUP RETIREMENT FUND 37 838 Private

56 32005 IMPALA WORKERS PROVIDENT FUND 37 249 Private

57 37902 THE UNCLAIMED BENEFITS PROVIDENT PRESERVATION FUND 36 391 Private

58 37846 THE LEATHER INDUSTRY PROVIDENT FUND 34 839 Private

59 37981 OLD MUTUAL SUPERFUND UNCLAIMED BENEFITS PRESERVATION PENSION FUND

31 882 Private

60 31505 TELKOM RETIREMENT FUND 31 600 Private

61 27139 MASAKHANE PROVIDENT FUND (1998) 31 027 Private

62 26805 CONSTRUCTION INDUSTRY RETIREMENT BENEFIT FUND 30 985 Private

63 38068 BRIDGING UNCLAIMED BENEFIT PROVIDENT PRESERVATION FUND 30 774 Private

64 29256 MUNICIPAL GRATUITY FUND 30 538 Private

65 36541 AGRICULTURAL SECTOR PROVIDENT FUND - UMBRELLA FUND 30 276 Private

66 37912 MOMENTUM UNCLAIMED BENEFIT PENSION PRESERVATION FUND 29 976 Private

67 5812 WOOLWORTHS GROUP RETIREMENT FUND 28 986 Private

68 21267 CHEMICAL INDUSTRIES NATIONAL PROVIDENT FUND 28 973 Private

69 35555 BUILDING INDUSTRY PROVIDENT FUND (WESTERN PROVINCE) 28 935 Private

70 5625 MUNICIPAL EMPLOYEES PENSION FUND 28 896 Private

71 28359 THE HOSPITALITY AND GENERAL PROVIDENT FUND 28 751 Private


Table 9: Top 100 FSB-registered funds ranked in order of membership (Note 1 and 2) CONTINUED


total Fund type

72 37995 ISCOR UNCLAIMED BENEFITS PENSION FUND 28 109 Private

73 34855 ABSA SMALL BUSINESS PROVIDENT FUND 27 232 Private

74 36750 NMG UMBRELLA SMARTFUND (PROVIDENT SECTION) 27 168 Private

75 7697 SASOL PENSION FUND 26 937 Private

76 37094 ALEXANDER FORBES CORE PLAN (PROVIDENT SECTION) 26 794 Underwritten

77 36634 SANLAM UNITY UMBRELLA FUND 25 085 Underwritten

78 4508 GAUTENG BUILDING INDUSTRY PENSION SCHEME 24 687 Private

79 36719 BRIDGING PROVIDENT FUND 24 682 Private

80 31796 MUNICIPAL WORKERS’ RETIREMENT FUND 24 672 Private

81 36036 NBC UMBRELLA RETIREMENT FUND 23 840 Private

82 5707 PENSION AND LIFE ASSURANCE SCHEME FOR THE BUILDING INDUSTRY (SOUTHERN AND EASTERN CAPE)

23 110 Private

83 22622 INVESTEC INVESTMENT LINKED RETIREMENT ANNUITY FUND 22 672 Private

84 7755 NORTH AND WEST BOLAND BUILDING INDUSTRY PENSION SCHEME 22 544 Private

85 19727 SOUTH AFRICAN LOCAL AUTHORITIES PENSION FUND 22 356 Private

86 37901 THE UNCLAIMED BENEFITS PENSION PRESERVATION FUND 22 020 Private

87 14517 SMOLLAN GROUP PENSION FUND 21 734 Private

88 36961 EJOBURG RETIREMENT FUND 20 494 Private

89 27974 LIFESTYLE RETIREMENT PRESERVER PENSION FUND 20 490 Underwritten

90 36903 MASSMART PROVIDENT FUND 20 279 Private

91 31013 IMPERIAL GROUP PROVIDENT FUND 19 773 Private

92 37972 NMG UNCLAIMED BENEFITS PENSION PRESERVATION FUND 19 651 Private

93 27975 LIFESTYLE RETIREMENT PRESERVER PROVIDENT FUND 19 429 Underwritten

94 36983 KZN MUNICIPAL PENSION FUND 19 385 Private

95 7394 DENEL PENSION FUND 19 052 Private

96 36005 THE NORTH AND WEST BOLAND BUILDING INDUSTRY PROVIDENT FUND 18 925 Private

97 6255 PICK N PAY NON-CONTRIBUTORY PROVIDENT FUND 18 431 Private

98 22745 MOMENTUM CORPORATE PROVIDENT PRESERVATION FUND 18 272 Underwritten

99 1057 RETAIL RETIREMENT FUND 18 235 Private

100 8900 NAMPAK GROUP PENSION FUND 17 799 Private

Total members 12 086 931

Notes:1. This table includes funds which were submitted as at the cut-off date of 24 October 2016.2. Membership relating to unclaimed benefits has been included in this table.


Table 10: FSB-registered administrators as at 24 October 2016

Number Name Postal address

(A) BENEFIT ADMINISTRATORS

24/193 ABSA CONSULTANTS & ACTUARIES PROPRIETARY LIMITED PRIVATE BAG X43, HATFIELD, 28

24/510 ABSA INVESTMENT MANAGEMENT SERVICES PROPRIETARY LIMITED

PO BOX 974, JOHANNESBURG, 2000

24/826 ABSA TRUST LIMITED PO BOX 7735, JOHANNESBURG, 2000

24/589 ADVICEATWORK PROPRIETARY LIMITED PO BOX 61454, MARSHALLTOWN, 2107

24/595 AKANI RETIREMENT FUND ADMINISTRATORS PROPRIETARY LIMITED

PRIVATE BAG X36, KEMPTON PARK, 1620

24/796 ALEXANDER FORBES FINANCIAL SERVICES PROPRIETARY LIMITED

PO BOX 787240, SANDTON, 2146

24/784 ALEXANDER FORBES INDIVIDUAL CLIENT ADMINISTRATION PROPRIETARY LIMITED


24/592 ALEXANDER FORBES LIFE LIMITED PO BOX 787240, SANDTON, 2146

24/606 ALLAN GRAY INVESTMENT SERVICES PROPRIETARY LIMITED PO BOX 51318, WATERFRONT, CAPE TOWN, 8002

24/623 ANGLO OPERATIONS PROPRIETARY LIMITED PO BOX 61587, MARSHALLTOWN, 2107

24/501 AON CONSULTING SA PROPRIETARY LIMITED PO BOX 1874, PARKLANDS, 2121

24/789 AON SA PROPRIETARY LIMITED PO BOX 1874, PARKLANDS, 2121

24/522 ARCAY PRIVATE FINANCIAL SERVICES EMPLOYEE BENEFITS PROPRIETARY LIMITED

PO BOX 1741, HOUGHTON, 20410

24/616 ARLENTA TRANSACTIONAL SERVICES PROPRIETARY LIMITED PO BOX 487, CENTURY CITY, 7446

24/859 AUTOMATED OUTSOURCING SERVICES PROPRIETARY LIMITED PO BOX 4769, RANDBURG, 2125

24/594 BAMBANANI BENEFIT ADMINISTRATORS PROPRIETARY LIMITED PO BOX 2832, MONTANAPARK, 0159

24/798 BARGAINING COUNCIL FOR THE FURNITURE MANUFACTURING INDUSTRY, KWAZULU-NATAL

PO BOX 1554, DURBAN, 4000

24/460 BENSURE MANAGEMENT SERVICES PROPRIETARY LIMITED PO BOX 3315, RANDBURG, 2125

24/815 BOPHELO BENEFIT SERVICES PROPRIETARY LIMITED POSTNET SUITE 173, PRIVATE BAG X31, ROSEBANK, 2132

24/600 BORWA FINANCIAL SERVICES PROPRIETARY LIMITED PO BOX 62244, MARSHALLTOWN, 2107

24/505 BREFCO PROPRIETARY LIMITED PO BOX 829, WILGEHEUWEL, 1736

24/194 BROKSURE ADMINISTRATORS PROPRIETARY LIMITED PO BOX 16254, VLAEBERG, 8018

24/828 CADIZ LIFE LIMITED PO BOX 299, SIMON’S TOWN, 7995

24/87 CASSIE NELL ATTORNEY NOTARY & CONVEYANCE PO BOX 699, EDENVALE, 2195

24/624 CEDAR EMPLOYEE BENEFITS & CONSULTANTS PROPRIETARY LIMITED


24/508 CHAMPAGNE TRUST (THE) PO BOX 74519, TURFFONTEIN, 2140

24/586 CHANNEL LIFE LIMITED PO BOX 1273, PARKLANDS, JOHANNESBURG, 2121

24/983 D AND D THE CYCLE PROPRIETARY LIMITED PO BOX 73725, FAIRLAND, GAUTENG, 2030

24/603 DE WET’S INGELYF PO BOX 158, KRUGERSDORP, 1740

24/693 DELOITTE & TOUCHE ACTUARIES AND CONSULTANTS PROPRIETARY LIMITED

PRIVATE BAG X6, GALLO MANOR, 2052

24/783 DISCOVERY LIFE INVESTMENT SERVICES PROPRIETARY LIMITED PO BOX 786722, SANDTON, 2146

24/596 DISCOVERY LIFE LIMITED PO BOX 3888, RIVONIA, 2128

24/354 DU RAND JURGENS & ASSOCIATES PROPRIETARY LIMITED PO BOX 855, SWELLENDAM, 6740


Table 10: FSB-registered administrators as at 24 October 2016 CONTINUED


(A) BENEFIT ADMINISTRATORS continued

24/602 DYNAM-IQUE SA CONSULTANTS AND ACTUARIES PROPRIETARY LIMITED

POSTNET SUITE 306, PRIVATE BAG X 30500, HOUGHTON, 2041

24/576 ENIGMA SOLUTIONS PO BOX 1659, RANDBURG, 2125

24/938 ENSIMINI ADMINISTRATION SERVICES PROPRIETARY LIMITED PO BOX 69439, BRYANSTON, 2021

24/611 ETHEKWINI MUNICIPALITY PO BOX 828, DURBAN, 4000

24/615 EVEREST CORPORATE BENEFITS PROPRIETARY LIMITED PO BOX 92386, NORWOOD, 2117

24/92 EVOLUTION CORPORATE BENEFITS PROPRIETARY LIMITED PO BOX 1829, MILNERTON, 74350

24/807 FAIRHEADS BENEFIT SERVICES PROPRIETARY LIMITED PO BOX 4392, CAPE TOWN, 8000

24/562 FAIRSURE ADMINISTRATION PROPRIETARY LIMITED PO BOX 8417, ROGGENBAAI, 8012

24/817 FEDGROUP EMPLOYEE BENEFITS PROPRIETARY LIMITED PO BOX 782823, SANDTON, 2146

24/829 FEDGROUP TRUST ADMINISTRATORS PROPRIETARY LIMITED PO BOX 782823, SANDTON, 2146

24/527 FINANCIAL ADMINISTRATION SOLUTIONS PROPRIETARY LIMITED

PO BOX 774, RONDEBOSCH, 7701

24/573 FUNDWISE MANAGEMENT SERVICES PROPRIETARY LIMITED POSTNET SUITE 163, PRIVATE BAG X10, MUSGRAVE ROAD, 4062

24/801 FURNITURE BARGAINING COUNCIL PO BOX 32789, BRAAMFONTEIN, 2017

24/255 FUSSELL & ASSOCIATES EMPLOYEE BENEFITS PROPRIETARY LIMITED

PO BOX 48, MELROSE ARCH, 2076

24/978 FUTURA SA ADMINISTRATORS PROPRIETARY LIMITED PO BOX 2853, BELLVILLE, 7535

24/528 G I B FINANCIAL SERVICES PROPRIETARY LIMITED PO BOX 3211, HOUGHTON, 20410

24/217 GALLET RETIREMENT FUND ADMINISTRATORS PROPRIETARY LIMITED

PO BOX 359, SAXONWOLD, 2132

24/699 GLACIER FINANCIAL SOLUTIONS PROPRIETARY LIMITED PRIVATE BAG X5, TYGER VALLEY, 7538

24/89 GLASSOCK & ASSOCIATES PROPRIETARY LIMITED PO BOX 72280, PARKVIEW, 2122

24/405 GLENRAND MIB BENEFIT SERVICES (SOUTH) PROPRIETARY LIMITED

PO BOX 3529, RANDBURG, 2125

24/800 GLOBAL INDEPENDENT ADMINISTRATORS PROPRIETARY LIMITED

POSTNET SUITE 208, PRIVATE BAG X9, BENMORE, 2010

24/619 GM DE KLERK PROPRIETARY LIMITED PO BOX 61750, MARSHALLTOWN, 2107

24/557 GOLDING, TORR & DE DECKER PROPRIETARY LIMITED PO BOX 786347, SANDTON, 2146

24/775 GQM FUND ADMINISTRATORS PROPRIETARY LIMITED POSTNET NO 277, PRIVATE BAG X 19, GARDENVIEW, BEDFORDVIEW, 2047

24/563 GTC EMPLOYEE BENEFITS ADMINISTRATION PROPRIETARY LIMITED

PO BOX 55118, ILLOVO, GAUTENG, 2116

24/473 HIBISCUS FINANCIAL BROKERS PROPRIETARY LIMITED PO BOX 849, MARGATE, 4275

24/143 HOLLARD LIFE ASSURANCE COMPANY LIMITED PO BOX 87428, HOUGHTON, 2041

24/614 INTEGRITY RETIREMENT FUND ADMINISTRATORS PROPRIETARY LIMITED

POSTNET SUITE 232, PRIVATE BAG X25723, MONUMENT PARK, 0105

24/290 INVESTEC INVESTMENT MANAGEMENT SERVICES PROPRIETARY LIMITED


24/617 INVESTEC PERSONAL FINANCIAL SERVICES PROPRIETARY LIMITED


24/6 INVESTEC PRIVATE TRUST LIMITED PO BOX 786800, SANDTON, 2146

24/472 INVESTMENT SOLUTIONS LIMITED PO BOX 786055, SANDTON, 2196

24/622 IRETIRE EMPLOYEE BENEFITS PROPRIETARY LIMITED PO BOX 38839, FAERIE GLEN, 0043





24/524 J.R. WINSON TRADING AND INVESTMENT PROPRIETARY LIMITED

20 PITCHFORD ROAD, NORTHCLIFF, JOHANNESBURG, 2195

24/516 KEY TRENDS MANAGEMENT SERVICES PO BOX 25415, MONUMENT PARK, 0105

24/494 KWAZULU-NATAL MASTER BUILDERS & ALLIED INDUSTRIES ASSOCIATION

PO BOX 582, WESTVILLE, 3630

24/570 LANCE VAN DRIEL & ASSOCIATES CC PO BOX 16350, VEGANVIEW, 1612

24-Mar LIBERTY GROUP LIMITED PO BOX 10499, JOHANNESBURG, 2000

24/380 LIFESENSE FINANCIAL SERVICES ADMINISTRATION DIVISION PROPRIETARY LIMITED

PRIVATE BAG X135, BRYANSTON, 2021

24/542 LION OF AFRICA ADMINISTRATION SERVICES PROPRIETARY LIMITED

PRIVATE BAG X1, MOWBRAY, 7705

24/852 LSRC EMPLOYEE CONSULTANTS AND BENEFIT ADMINISTRATORS PROPRIETARY LIMITED

PO BOX 44541, LINDEN, 2104

24/381 M CUBED EMPLOYEE BENEFITS PROPRIETARY LIMITED PO BOX 2305, BEDFORDVIEW, 2008

24/988 MAITLAND RAS PROPRIETARY LIMITED PO BOX 3149, CAPE TOWN, 8000

24/823 MARRIOTT RETIREMENT FUND ADMINISTRATORS PO BOX 207, DURBAN, 4000

24/436 METAL INDUSTRIES BENEFIT FUNDS ADMINISTRATORS PO BOX 7507, JOHANNESBURG, 2000

24/114 MMI GROUP LIMITED PO BOX 7400, CENTURION, 4600

24/779 MOMENTUM RETIREMENT ADMINISTRATORS PROPRIETARY LIMITED

PO BOX 2212, BELLVILLE, 7535

24/810 MORITING WEALTH MANAGERS PO BOX 7972, JOHANNESBURG, 2000

24/288 MULTILECT ADMINISTRATORS PROPRIETARY LIMITED PO BOX 359, SAXONWOLD, 2132

24/609 NBC FUND ADMINISTRATION SERVICES PROPRIETARY LIMITED PO BOX 32528, BRAAMFONTEIN, 2017

24/757 N-E- FG ADMINISTRATORS PROPRIETARY LIMITED PO BOX 472, PARK SOUTH, 1910

24/940 NEDGROUP BENEFICIARY SOLUTIONS LIMITED PO BOX 1144, JOHANNESBURG, GAUTENG, 2000

24/583 NEDGROUP LIFE ASSURANCE COMPANY LIMITED PO BOX 149175, EAST END, 4048

24/463 NICOL LAIDLAW DYNES & ASSOCIATES CC PO BOX 5721, WALMER, 6065

24/776 NMG ADMINISTRATORS PROPRIETARY LIMITED PO BOX 3075, RANDBURG, 2125

24/567 NMG CONSULTANTS AND ACTUARIES ADMINISTRATORS PROPRIETARY LIMITED

PO BOX 3075, RANDBURG, 2125

24/982 NOVARE ACTUARIES AND CONSULTANTS PROPRIETARY LIMITED PO BOX 4742, TYGERVALLY, 2536

24/571 OASIS CRESCENT RETIREMENT SOLUTIONS PROPRIETARY LIMITED

PO BOX 1217, CAPE TOWN, 8000

24/747 OLD MUTUAL ALTERNATIVE SOLUTIONS LIMITED PO BOX 67335, BRYANSTON, 2021

24/314 OLD MUTUAL INVESTMENT ADMINISTRATORS PROPRIETARY LIMITED


24/478 OLD MUTUAL INVESTMENT SERVICES PROPRIETARY LIMITED PO BOX 66, CAPE TOWN, 8000

24/58 OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LIMITED


24/512 OVATION GLOBAL INVESTMENT SERVICES PROPRIETARY LIMITED

PO BOX 487, CENTURY CITY, 7446

24/498 P & D FINANCIAL SERVICES CC PO BOX 13454, NORTHMEAD, BENONI, 15110

24/566 PENPRO ADMINISTRATORS PROPRIETARY LIMITED PO BOX 14656, FARRAMERE, 1518

24/847 PRESCIENT FUND SERVICES PROPRIETARY LIMITED PO BOX 31142, TOKAI, 7966

24/981 PRESCIENT LIFE LIMITED PO BOX 31142, TOKAI, 7966

24/536 PROVIDENCE RISK MANAGERS PROPRIETARY LIMITED PO BOX 1672, PORT ELIZABETH, 6000

24/612 PSG INVEST PROPRIETARY LIMITED PO BOX 41259, CRAIGHALL, 2024

24/626 PSG LIFE LIMITED PO BOX 1899, WITKOPPEN, JOHANNESBURG, SOUTH AFRICA, 2068





24/526 REGENT LIFE ASSURANCE COMPANY LIMITED PO BOX 674, EDENVALE, 1610

24/133 RENTMEESTER ASSURANCE LIMITED PO BOX 403, PRETORIA, 0001

24/568 RETFUND CONSULTANTS AND ADMINISTRATORS PO BOX 2313, WINGATEPARK, 0153

24/680 RFS ADMINISTRATORS PROPRIETARY LIMITED PO BOX 2832, MONTANA PARK, 0159

24/277 ROBSON SAVAGE PROPRIETARY LIMITED PO BOX 3041, HOUGHTON, 2041

24/827 SALT EMPLOYEE BENEFITS PROPRIETARY LIMITED PO BOX 17135, DOORNFONTEIN, 2028

24/598 SANLAM DEVELOPING MARKETS LIMITED PO BOX 1941, HOUGHTON, 2041

24/76 SANLAM LIFE INSURANCE LIMITED PO BOX 1, SANLAMHOF, 7532

24/832 SANLAM TRUST PROPRIETARY LIMITED PO BOX 1260, SANLAMHOF, 7532

24/74 SANLAM UMBRELLA FUND ADMINISTRATORS PROPRIETARY LIMITED

PO BOX 18403, WYNBERG, 7824

24/41 SCIENTIA ACTUARIES & CONSULTANTS PROPRIETARY LIMITED PO BOX 589, BELLVILLE, 7535

24/681 SESHEGO BENEFIT CONSULTING PROPRIETARY LIMITED PO BOX 412181, CRAIGHALL, 2024

24/627 SHERNOL RETIREMENT ADMINISTRATOR PROPRIETARY LIMITED PO BOX 84, MEYERTON, 1960

24/610 SILICA FINANCIAL ADMINISTRATION SOLUTIONS PROPRIETARY LIMITED

POSTNET 361, PRIVATE BAG X9, BENMORE, 2010

24/841 SILVER CREST RETIREMENT FUND ADMINISTRATORS PROPRIETARY LIMITED

PO BOX 72413, PARKVIEW, JOHANNESBURG, 2122

24/579 SME BENEFIT ADMINISTRATORS PROPRIETARY LIMITED PO BOX 1252, LONEHILL, 2062

24/588 SOUTHERN AFRICA QUANTUM EMPLOYEE BENEFITS PROPRIETARY LIMITED


24/974 SQUIRREL BENEFIT ADMINISTRATORS PROPRIETARY LIMITED PO BOX 9148, CENTURION, 4600

24/824 STANDARD TRUST LIMITED PO BOX 61373, MARSHALLTOWN, 2107

24/402 STANLIB WEALTH MANAGEMENT LIMITED PO BOX 202, MELROSE ARCH, 2076

24/605 TABENG ADMINISTRATION SOLUTIONS PROPRIETARY LIMITED PO BOX 35346, MENLO PARK, 0102

24/819 TDF FUND ADMINISTRATORS PROPRIETARY LIMITED PO BOX 44672, CLAREMONT, CAPE PROVINCE, 7735

24/834 TEBA LIMITED PO BOX 62251, MARSHALLTOWN, 2107

24/34 TENNANT ADMINISTRATION SERVICES PROPRIETARY LIMITED PO BOX 782823, SANDTON, 2146

24/625 TRANSPARENT FINANCIAL SERVICES PROPRIETARY LIMITED PO BOX 12722, THE TRAMSHED, 0126

24/81 TRILOGY BENEFITS GROUP PROPRIETARY LIMITED PRIVATE BAG X87, BRYANSTON, 2021

24/489 ULTIMATE FUND ADMINISTRATORS PROPRIETARY LIMITED PO BOX 721, CRAMERVIEW, 2060

24/531 UMBRELLA MANAGEMENT SERVICES COMPANY PO BOX 411589, CRAIGHALL, 2024

24/569 VERSO FINANCIAL SERVICES PROPRIETARY LIMITED PO BOX 4300, TYGER VALLEY, 7536

24/353 VERSO FUNDS ADMINISTRATOR PROPRIETARY LIMITED PO BOX 27313, GREENACRES, 6057

24/620 WA DAVIDSON CC PRIVATE BAG X 3060, RANDBURG, 2125

24/874 WA DAVIDSON FINANCIAL SERVICES PROPRIETARY LIMITED PRIVATE BAG X 3060, RANDBURG, 2125

24/968 WEALTHPORT PROPRIETARY LIMITED PRIVATE BAG X 108, BRYANSTON, 2021

24/836 WSM EMPLOYEE BENEFIT ADMINISTRATORS PROPRIETARY LIMITED

PO BOX 3381, BENONI, 1500

24/82 WYNNE-JONES & COMPANY EMPLOYEE BENEFITS CONSULTANTS PROPRIETARY LIMITED


24/518 CITADEL ADMINISTRATION SERVICES PROPRIETARY LIMITED PO BOX 23388, CLAREMONT, 7735



Number Admin name Postal address

(B) BENEFIT ADMINISTRATORS THAT ARE ALSO PROVIDERS OF INVESTMENT RELATED SERVICES

24/621 10X INVESTMENT PROPRIETARY LIMITED SUITE 105, FOYER A,SOVEREIGN QUAY, 34 SOMERSET ROAD, GREEN POINT, 8005

24/949 ABERDEEN ASSET MANAGERS LIMITED 7th Floor 40 PRINCES STREET, EDINBURGH EH2 2BY

24/678 COMMERCIAL UNION INVESTMENT MANAGEMENT (SA) LIMITED PO BOX 2858, CAPE TOWN, 8000

24/663 FOORD ASSET MANAGEMENT PROPRIETARY LIMITED PO BOX 135, HOWARD PLACE, 7450

24/973 SYGNIA FINANCIAL SERVICES PROPRIETARY LIMITED PO BOX 51591, WATERFRONT, 8002

24/488 UAL INVESTMENT PLANNING SERVICES PROPRIETARY LIMITED PO BOX 582, JOHANNESBURG, 2000


(C) EMPLOYER ADMINISTRATORS

24/421 ADMINISTRATIEWE BURO VAN DIE GEREFORMEERDE KERKE IN SA PO BOX 20004, NOORDBRUG, 2522

24/372 AECI LIMITED PRIVATE BAG X21, GALLO MANOR, 2052

24/534 ASSUPOL LIFE PO BOX 35900, MENLO PARK, 0102

24/464 BEACON REGISTRARS PROPRIETARY LIMITED PO BOX 414041, CRAIGHALL, 2024

24/362 CROCODILE VALLEYCITRUS COMPANY PROPRIETARY LIMITED PRIVATE BAG 11210, NELSPRUIT, 1200

24/520 CTP LIMITED PO BOX 6060, PAROW EAST, CAPE TOWN, 7501

24/629 E P E CONSULTING SERVICES CC PO BOX 1387, BASSONIA, 2061

24/387 EDCON LIMITED PO BOX 200, CROWN MINES, 2025

24/581 ESKOM PENSION AND PROVIDENT FUND PRIVATE BAG 50, BRYANSTON, 2021

24/811 FOSCHINI RETAIL GROUP PROPRIETARY LIMITED PO BOX 6020, PAROW EAST, 7501

24/948 GLOBAL FUND ADMINISTRATORS POSTNET SUITE 208, PRIVATE BAG X9, BENMORE, 2010

24/538 IGOLIDE HEALTH NETWORK PROPRIETARY LIMITED PRIVATE BAG X2053, CARLETONVILLE, 2500

24/845 INDEPENDENT MEDIA PROPRIETARY LIMITED PO Box 1014, JOHANNESBURG, GAUTENG, 2000

24/388 JOINT MUNICIPAL PENSION FUND PO BOX 13355, HATFIELD, 0028

24/964 LEWIS STORES PROPRIETARY LIMITED PO BOX 43, WOODSTOCK, 7915

24/394 METHODIST CONNEXIONAL OFFICE PRIVATE BAG X11, GARDEN VIEW, 2047

24/106 MOTOR INDUSTRY FUND ADMINISTRATORS PROPRIETARY LIMITED

PRIVATE BAG X10095, RANDBURG, 2125

24/430 NEDERDUITSE GEREFORMEERDE KERK IN SA PRIVATE BAG X8, BELLVILLE, 7535

24/585 PRIMETANK PROPRIETARY LIMITED PO BOX 55398, NORTHLANDS, 2116

24/677 PRO THERM SYSTEMS PROPRIETARY LIMITED PO BOX 1109, BRAMLEY, 2018

24/442 RAND WATER PO BOX 1127, JOHANNESBURG, 2000

24/392 SA TYPOGRAPHICAL UNION (SATU) PO BOX 1993, PRETORIA, 0001

24/359 SOUTH AFRICAN RESERVE BANK PO BOX 427, PRETORIA, 0001

24/360 STANDARD BANK OF SA LIMITED PO BOX 61560, MARSHALLTOWN, 2107

24/580 TRANSNET LIMITED PRIVATE BAG X41, BRAAMFONTEIN, 2017

24/370 VRYSTAAT MUNISIPALE PENSIOENFONDS PO BOX 843, KROONSTAD, 9500


Table 11: Statement of net assets and funds of FSB-registered funds

Notes2015

R’0002014

R’000

ASSETSNon-current assets 2 271 934 592 2 097 484 487Property, plant and equipment 1 59 198 50 718Investments (including investment properties) 2 2 271 123 116 2 096 671 088Housing loan facilities 751 371 761 859Surplus improperly utilised receivable 12 907 822

Current assets 40 411 794 33 626 702

Transfers receivable 3 4 198 085 3 337 324Accounts receivable 10 698 844 7 919 775Contributions receivable 8 5 674 800 5 429 537Cash at bank 19 583 020 16 643 316Surplus improperly utilised receivable 12 257 045 296 750

Total assets 2 312 346 386 2 131 111 189

(Applicable to defined contribution funds)

FUNDS AND LIABILITIESMembers’ funds and surplus account 1 690 315 208 1 518 900 942Members’ individual accounts 1 664 526 667 1 505 828 109Amounts to be allocated 13 25 137 677 11 972 994Member surplus account 650 864 1 099 839Reserves 173 825 626 116 568 064Reserve accounts 173 825 626 116 568 064Revaluation reserve: property, plant and equipment 0 0

Total funds and reserves 1 864 140 834 1 635 469 006

(Applicable to defined benefit funds)

FUNDS AND LIABILITIESFunds and surplus account 278 469 598 296 722 859Accumulated funds 278 383 262 295 605 197Member surplus account 86 336 1 117 662Reserves 63 247 961 105 300 647Reserve accounts 63 247 961 105 300 647Revaluation reserve: property, plant and equipment 0 0

Total funds and reserves 341 717 559 402 023 506

Non-current liabilities 54 381 071 45 670 252Employer surplus account 15 424 536 14 066 703Financial liabilities 4 841 385 1 989 072Provisions 41 530 835 113Unclaimed benefits 4 34 073 620 28 779 364

Current liabilities 52 106 922 47 948 425

Transfers payable 5 3 779 234 8 238 828Benefits payable 6.1, 6.2 37 498 881 30 760 874Accounts payable 10 799 020 8 926 211Retirement fund taxation 7 1 063 3 570Contributions payable 13 432 16 917Bank overdraft 15 292 43Other 0 1 982

Total funds and liabilities 2 312 346 386 2 131 111 189


Table 12: Statement of changes in net assets and funds of FSB-registered funds

Notes2015

R’0002014

R’000

Contributions received and accrued 8 151 922 562 139 711 041 Contributions transferred from reserve accounts 17 706 (1 264 451) Contributions transferred from surplus accounts 1 244 276 1 284 941Surplus improperly utilised 1 669 23 706Reinsurance proceeds 5 470 150 4 977 893Net investment income 9 196 509 509 287 566 592Less: Allocated to unclaimed benefits (870 030) (725 444)Other income 10 678 736 1 008 919

Less:Reinsurance premiums (7 794 170) (8 090 661)Administration expenses 11 (8 225 514) (7 325 860)Retirement fund taxation 7 (9 328) 95

Net income before transfers and benefits 338 945 565 417 166 771Less: Transfers and benefits (164 084 849) (152 579 184)

Transfers from other funds 3 104 629 065 98 390 061Less: Transfers to other funds 5 (60 582 164) (64 771 648)Less: Benefits 6.1.1, 6.2.1 208 131 749 (186 197 597)

Net income after transfers and benefits 174 860 716 264 587 587

Funds and reserves 2 030 260 476 1 770 687 424

Balance at beginning of period 14 2 031 053 906 1 773 032 276Prior period adjustments 620 676 (853 446)Transfer between reserve accounts 1 383 433 976 743Investment return allocated (840 830) (1 013 046)

Current members (17 466) 19 893Former members (1 429) 110 729Surplus and reserve accounts (821 935) (1 143 669)

Surplus apportionment (1 694 024) (607 335)Revaluation surplus: property, plant and equipment 772 0

Transfer between reserve accounts (223 924) (693 095)

Employer surplus account (400 410) (633 780)Member surplus account 176 486 (59 315)

Allocations to/from surplus accounts 39 533 154 673

Less: Benefits to former members (53 218) (151 166)Surplus transfers payments (109 371) (50 857)Benefit enhancements – other (165 435) (94 628)Surplus transfers received 367 557 (451 323)

Balance at end of period 2 205 121 193 2 035 275 011

Note:The difference between the opening balance and the closing balance of the previous period is due to funds that submitted drafts in the previous period; funds that only submitted financial statements after cut-off date; funds that had a year-end change; funds that were cancelled; funds that transferred out; and funds that liquidated. See Note 14 of Table 13 which contains the schedule G reconciliation.


Table 13: Notes to the financial statements of FSB-registered funds

2015 R’000

2014 R’000

1. PROPERTY, PLANT AND EQUIPMENTGross carrying amountAt beginning of period 136 005 109 625Additions 14 504 26 937Less: Disposals (8 262) (16 377)Revaluation reserve –Other movements (3 121) 7 133

At end of period 139 126 127 318

Accumulated depreciation and impairment 79 928 76 600At beginning of period 72 896 59 080Depreciation charges 10 407 8 894Accumulated depreciation on disposals (6 854) (1 213)Impairment 60 (1 844)Other movements 3 419 11 683

Net carrying amount at end of period 59 198 50 718

2. INVESTMENT SUMMARYCash 108 281 666 73 268 299Commodities 7 350 803 3 509 210Debt instruments (including Islamic debt) 200 985 845 187 641 549Investment and owner-occupied properties 28 248 930 13 736 361Equities (including demutualisation shares) 479 233 008 444 203 480Insurance policies 1 095 418 498 1 012 324 440

Collective investment schemes 294 527 605 320 218 230Hedge funds 17 369 299 8 514 207Private equity funds 10 199 197 7 044 347

Investment in participating employer(s) 11 002 430 12 475 324Derivative market instruments 635 984 6 440 296Other 17 869 851 7 295 345

Total 2 271 123 116 2 096 671 088

3. TRANSFERS FROM OTHER FUNDSIn terms of section 14 3 907 278 3 265 870 Transfers in terms of section 15B 84 767 52 051Individual transfers 206 007 15 052Prospective approvals in terms of section 14 33 4 351

Total 4 198 085 3 337 324

Transfers approved 103 474 899 97 513 987Return on transfers 1 154 166 876 074

Statement of changes in net assets and funds 104 629 065 98 390 061

4. UNCLAIMED BENEFITSAt beginning of period 29 242 024 15 618 433Transferred from benefits payable 4 524 952 18 704 390Adjustments 3 804 737 267 792Investment income allocated 870 030 725 447Less: 4 368 123 6 536 698

Tracing expenses 4 281 (16 236)Administration expenses 10 369 9 047Other expenses 327 567 (1 371 892) Benefits paid 3 806 826 7 758 592Transferred to unclaimed benefits fund 219 080 157 187

Balance at end of period 34 073 620 28 779 364


Table 13: Notes to the financial statements of FSB-registered funds CONTINUED

2015 R’000

2014 R’000

5. TRANSFERS TO OTHER FUNDSIn terms of section 14 3 467 114 5 095 769 Transfers in terms of section 15B 1 822 153 460 Individual transfers 309 483 342 777 Prospective approvals in terms of section 14 815 2 646 822

Total 3 779 234 8 238 828

Transfers approved 59 625 055 63 280 897Return on transfers 957 109 1 490 751


6. BENEFITS6.1 Benefits – current members

Monthly pensions 537 647 511 536Lump sums on retirements 8 701 303 6 054 274

Full benefit 8 438 671 5 916 577 Pensions commuted 262 632 137 697

Lump sums before retirement 22 870293 20 335 510 Disability benefits 675 961 494 610 Death benefits 9 347 569 8 814 653 Withdrawal benefits 10 602 029 9 673 105 Retrenchment benefits 2 244 734 1 353 142

Minimum benefit payments made in terms of section 15 7 914 4 247 Defaults – housing loan facilities 11 967 4 587Divorce payments 88 731 0Other 2 691 553 2 481 048

Total 34 909 408 29 391 202

Benefits for current period 202 982 365 180 528 161Return allocated 901 973 1 284 396

6.1.1 Statement of changes in net assets and funds 203 884 338 181 812 557

6.2 Benefits in terms of surplus apportionmentEnhancements to pensioners 66 798 54 218 Enhancements to former members 2 522 675 1 315 454

Total benefits 2 589 473 1 369 672

Surplus allocated 4 044 764 4 223 157Return allocated 202 647 161 883

6.2.1 Statement of changes in net assets and funds 4 247 411 4 385 040

Total benefits (6.1 and 6.2) 37 498 881 30 760 874



2015 R’000

2014 R’000

7. RETIREMENT FUND TAXATIONTaxable income (87) 208 Less: Formulae reduction – –

Retirement fund taxable amount (87) 208

Retirement fund taxation at relevant rate – 106Adjustments 9 328 (201)

Retirement fund taxation (as per statement of changes in net assets and funds) 9 328 (95)

At beginning of period 1 177 3 837Retirement fund taxation 9 328 (95)Penalties and interest – –Other adjustments 214 (172)Retirement fund taxation paid (9 656) –

Balance at end of period 1 063 3 570

8. CONTRIBUTIONS (NOTE 1)Member contributions – received and accrued 2 448 993 2 328 684Employer contributions – received and accrued 3 165 767 2 865 782Additional contribution in respect of actuarial shortfall 61 718 46 257Additional voluntary contributions – employer 13 515 19 275Additional voluntary contributions – members 10 568 9 146Contribution payable 13 432 16 917Other (39 193) 143 477

Total contributions receivable 5 674 800 5 429 537

Towards retirement 137 123 074 124 641 180Toward reinsurance and expenses 14 799 488 15 069 861


Note:In conclusion, the expectation of additional voluntary contributions (AVC) is in line with valuator’s recommendations and almost all of the above funds with negative AVC form part of contributions receivable, which are legislated in terms of section 13A of the Pension Funds Act.

9. NET INVESTMENT INCOMEIncome from investments 71 684 706 72 321 009

Dividends 9 920 972 9 466 789 Interest 19 067 790 17 265 141 Rentals 859 128 570 336 Collective investment schemes distribution 7 095 924 5 203 873

Income from insurance policies 34 740 892 39 814 870Interest on late payment of contributions 397 161 622 101Interest levied on surplus improperly utilised 388 987 152 951Adjustment to fair value 130 901 279 221 151 164

203 372 133 294 247 225Less: Expenses incurred in managing investments 6 827 260 6 659 554Less: Interest paid on borrowings 35 364 21 079

Total 196 509 509 287 566 592

10. Other incomeBad debts recovered 558 629Other, eg security lending fees, profit on sale of investments and commission. 678 178 1 008 290

678 736 1 008 919



Notes2015

R’0002014

R’000

11. ADMINISTRATION EXPENSESActuarial fees 195 804 177 707Administration fees 4 376 230 4 116 746Audit fees 386 818 346 966

Audit services 261 431 220 736 Expenses 113 504 112 491 Other 11 883 13 739

Consultancy fees 705 527 459 709Depreciation – at cost 23 126 210 390Depreciation – at revaluation 5 301 1 654Fidelity insurance 35 210 31 134Levies 71 993 68 849Other 1 563 145 1 214 607Office expenses 95 940 64 355Operating lease payments 55 293 45 473Penalties 361 22Principal officer expenses 11.3 100 158 91 608Staff expenses 11.2 445 597 355 024Secretarial fees 9 180 4 342Trustee fees and remuneration 11.1 166 200 146 321Less: Amount allocated to unclaimed benefits (10 369) (9 047)

Total 8 225 514 7 325 860

11.1 Trustee expensesRemuneration 59 420 46 302Meeting allowances 36 166 38 644Expenses 50 474 47 948Other payments 20 140 13 427

Total 166 200 146 321

11.2 Staff expensesRemuneration 343 274 294 218Contributions to retirement fund 40 101 34 015Training expenses 12 953 3 483Other payments 49 269 23 308

Total 445 597 355 024

11.3 Principal officer expensesFees as trustee 6 913 7 863Remuneration 78 243 70 070Allowances 2 384 1 680Contributions to retirement fund 2 024 2 577Bonus 2 483 2 479Other payments 8 111 6 939

Total 100 158 91 608



2015 R’000

2014 R’000

12. SURPLUS IMPROPERLY UTILISED RECEIVABLE Opening balance 297 330 286 002Amount payable by employer – 822Interest raised (19 897) 15 793Less

Payments received 763 2 985Settlement from employer surplus account 18 718 2 060Other – –

Total amount receivable 257 952 297 572

Disclosed as:Non-current portion 907 822Current portion 257 045 296 750

13. AMOUNTS TO BE ALLOCATEDSurplus to be apportioned 9 942 924 2 003 445Investment return to be allocated 819 771 3 080 589Other, eg pending claims, unallocated deposits and investment return to be allocated 14 375 982 6 888 960Total amounts to be allocated 25 137 677 11 972 994

Allocated (specify) –

Total amounts to be allocated 25 137 677 11 972 994

14. RECONCILIATION OF OPENING BALANCES Closing balance shown in Table 17 of previous report 2 035 275 011Less: 4 221 105Funds with outstanding returns 7 600 296Funds cancelled –Funds Changing year-ends 340 241Funds transferred 1 412 139Funds with other status and terminations 16 067 384Funds outstanding in 2012 included in this report (38 258 069)Both submitted but differs –Liquidations during the year 1 020 796Pending terminations 16 038 138

Opening balance as per Table 12 2 031 053 906


Table 14: Schedule IB – assets held in compliance with Regulation 28

Fair value

R

A Total assets (Schedule IA – total investments) 2 288 875 440B.1 Less: Regulation 28 compliant investments (certificate received from issuing entity): 388 869 291B.2 Less: Regulation 28 Excluded investments 183 455 006 C Less: Investments not disclosed /data not available for disclosure 5 468 710 D Total assets for Regulation 28 disclosure 1 711 082 433

Categories of kinds of assets % Fair value

R Fair value

%

1. CASH 100 224 774 287 13.141.1 Local notes, deposits, money market instruments issued by a South

African Bank, margin accounts, settlement accounts with an exchange and Islamic liquidity management financial instruments 100 197 296 648 11.53

(a) Notes and coins, any balance or deposit in an account held with a South African bank 107 020 830 6.25

– per issuer/entity 25 (b) A money market instrument issued by a South African bank including

an Islamic liquidity management financial instrument 79 971 703 4.67 – per issuer/entity 25 (c) Any positive net balance in a margin account with an exchange 2 979 555 0.17 – per issuer/entity 25 (d) Any positive net balance in a settlement account with an exchange,

operated for the buying and selling of assets 7 324 560 0.43 – per issuer/entity 25

1.2 Foreign balances or deposits, money market instruments issued by a foreign bank including Islamic liquidity management financial instruments

SARB maximum

limits 27 477 639 1.61(a) Any balance or deposit held with a foreign bank 24 889 335 1.45 – per issuer/entity 5 (b) Any balance or deposit held with an African bank 657 455 0.04 – per issuer/entity 5 (c) A money market instrument issued by a foreign bank including an

Islamic liquidity management financial instrument 1 930 849 0.11

– per issuer/entity 5

2. DEBT INSTRUMENTS INCLUDING ISLAMIC DEBT INSTRUMENTS 100% issued/ guarantee by

Republic otherwise 75 373 040 505 21.8

2.1 Inside the Republic 75/100 341 432 107 19.95(a) Debt instruments issued by, and loans to, the government of the

Republic, and any debt or loan guaranteed by the Republic 100 190 776 626 11.15(b) Debt instruments issued or guaranteed by the government of a

foreign country 75 874 240 0.05 – per issuer 10 (c) Debt instruments issued or guaranteed by a South African bank

against its balance sheet: 75 61 916 420 3.62(i) Listed on an exchange with an issue market capitalisation of

R20 billion or more, or an amount or conditions as prescribed 75 50 665 991 2.96 – per issuer 25 (ii) Listed on an exchange with an issuer market capitalisation of

between R2 billion and R20 billion, or an amount or conditions as prescribed 75 1 869 295 0.11

– per issuer 15


Table 14: Schedule IB – assets held in compliance with Regulation 28 CONTINUED


R Fair value

%

2. DEBT INSTRUMENTS INCLUDING ISLAMIC DEBT INSTRUMENTS continued

2.1 Inside the Republic continued

(iii) Listed on an exchange with an issuer market capitalisation of less than R2 billion, or an amount or conditions as prescribed 75 3 717 404 0.22

– per issuer 10 (iv) Not listed on an exchange 25 5 663 730 0.33 – per issuer 5 (d) Debt instruments issued or guaranteed by an entity that has equity

listed on an exchange, or debt instruments issued or guaranteed by a public entity under the Public Finance Management Act, 1999 (Act 1, 1999) as prescribed: 50 44 943 998 2.63

(i) Listed on an exchange 50 38 663 968 2.26 – per issuer 10 (ii) Not listed on an exchange 25 6 280 030 0.37 – per issuer 5 (e) Other debt instruments: 25 42 920 823 2.51(i) Listed on an exchange 25 24 041 243 1.41 – per instrument 5 (ii) Not listed on an exchange 15 18 879 580 1.1 – per instrument 5

2.2 Outside the Republic SARB maximum limits 31 608 398 1.85

(a) Debt instruments issued by, and loans to, the government of the Republic, and any debt or loan guaranteed by the Republic

SARB maximum limits 1 560 207 0.09

(b) Debt instruments issued or guaranteed by the government of a foreign country


– per issuer 10 (c) Debt instruments issued or guaranteed by a South African Bank

against its balance sheet:SARB maximum

limits 908 155 0.05(i) Listed on an exchange with an issue market capitalisation of

R20 billion or more, or an amount or conditions as prescribedSARB maximum

limits 230 880 0.01 – per issuer 25 (ii) Listed on an exchange with an issuer market capitalisation of

between R2 billion and R20 billion, or an amount or conditions as prescribed

SARB maximum limits 88 351 0.01

– per issuer 15 (iii) Listed on an exchange with an issuer market capitalisation of less

than R2 billion, or an amount or conditions as prescribedSARB maximum

limits 15 166 0.00 – per issuer 10 (iv) Not listed on an exchange 25 573 758 0.03 – per issuer 5 (d) Debt instruments issued or guaranteed by an entity that has equity

listed on an exchangeSARB maximum

limits 7 179 347 0.42(i)

Listed on an exchangeSARB maximum

limits 6 520 206 0.38 – per issuer 10 (ii) Not listed on an exchange 25 659 141 0.04 – per issuer 5 (e) Other debt instruments: 25 12 433 172 0.73(i) Listed on an exchange 25 10 272 819 0.6 – per instrument 5 (ii) Not listed on an exchange 15 2 160 353 0.13

– per instrument 5




R Fair value

%

3. EQUITIES 75 919 665 635 53.753.1 Inside the Republic 75 638 275 453 37.3(a) Preference and ordinary shares in companies, excluding shares in

property companies, listed on an exchange: 75 625 546 340 36.56(i) Issuer market capitalisation of R20 billion or more, or an amount or

conditions as prescribed 75 486 528 009 28.43 – per issuer 15 (ii) Issuer market capitalisation of between R2 billion and R20 billion, or

an amount or conditions as prescribed 75 110 752 276 6.47 – per issuer 10 (iii) Issuer market capitalisation of less than R2 billion, or an amount or

conditions as prescribed 75 28 266 055 1.65 – per issuer 5 (b) Preference and ordinary shares in companies, excluding shares in

property companies, not listed on an exchange 10 12 729 113 0.74 – per issuer 2.50

3.2 Outside the Republic SARB maximum limits 281 390 182 16.45

(a) Preference and ordinary shares in companies, excluding shares in property companies, listed on an exchange:


(i) Issuer market capitalisation of R20 billion or more, or an amount or conditions as prescribed


– per issuer 15 (ii) Issuer market capitalisation of between R2 billion and R20 billion, or

an amount or conditions as prescribedSARB maximum

limits 26 312 703 1.54 – per issuer 10 (iii) Issuer market capitalisation of less than R2 billion, or an amount or

conditions as prescribedSARB maximum

limits 15 982 770 0.93 – per issuer 5 (b) Preference and ordinary shares in companies, excluding shares in

property companies, not listed on an exchange 10 6 395 302 0.37

– per issuer 2.50

4. IMMOVABLE PROPERTY 25 114 422 193 6.694.1 Inside the Republic 25 100 369 784 5.87(a) Preference shares, ordinary shares and linked units comprising shares

linked to debentures in property companies, or units in a collective investment scheme in property, listed on an exchange 25 83 297 770 4.87

(i) Issuer market capitalisation of R10 billion or more, or an amount or conditions as prescribed 25 66 099 512 3.86


an amount or conditions as prescribed 25 12 245 473 0.72 – per issuer 10 (iii) Issuer market capitalisation of less than R3 billion or an amount or

conditions as prescribed 25 4 952 785 0.29 – per issuer 5 (b) Immovable property, preference and ordinary shares in property

companies, and linked units comprising shares linked to debentures in property companies, not listed on an exchange 15 17 072 014 1.00

– per issuer 5




R Fair value

%

4. IMMOVABLE PROPERTY continued4.2 Outside the Republic 25 14 052 409 0.82(a) Preference shares, ordinary shares and linked units comprising shares

linked to debentures in property companies, or units in a Collective Investment Scheme in Property, listed on an exchange 25 13 241 699 0.77

(i) Issuer market capitalisation of R10 billion or more, or an amount or conditions as prescribed 25 9 581 825 0.56


an amount or conditions as prescribed 25 979 713 0.06 – per issuer 10 (iii) Issuer market capitalisation of less than R3 billion or an amount or

conditions as prescribed 25 2 680 161 0.16 – per issuer 5 (b) Immovable property, preference and ordinary shares in property

companies, and linked units comprising shares linked to debentures in property companies, not listed on an exchange 15 810 710 0.05

– per issuer 5

5. COMMODITIES 10 14 887 859 0.875.1 Inside the Republic 10 13 462 234 0.79(a) Kruger Rands and other commodities on an exchange, including

exchange traded commodities 10 13 462 234 0.79(i) Gold (including Kruger Rands) 10 5 167 771 0.30(ii) Other commodities 5 8 294 463 0.48 – each other commodity 5

5.2 Outside the Republic 10 1 425 625 0.08(a) Gold and other commodities on an exchange, including exchange

traded commodities 10 1 425 625 0.08(i) Gold 10 737 485 0.04(ii) Other commodities 5 688 140 0.04 – each commodity 5

6. INVESTMENTS IN THE BUSINESS OF A PARTICIPATING EMPLOYER INSIDE THE REPUBLIC IN TERMS OF: 11 490 372 0.67

(a) Section 19(4) of the Pension Funds Act 5 11 385 018 0.67(b) To the extent it has been allowed by an exemption in terms of

section 19(4A) of the Pension Funds Act 10 105 354 0.01

7. HOUSING LOANS GRANTED TO MEMBERS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 19(5) 95 746 404 0.04

8. HEDGE FUNDS, PRIVATE EQUITY FUNDS AND ANY OTHER ASSET NOT REFERRED TO IN THIS SCHEDULE 15 52 055 178 3.04

8.1 Inside the Republic 15 35 371 280 2.07(a) Hedge fund 10 22 973 736 1.34(i) Funds of hedge funds 10 21 648 873 1.27 – per issuer 5 (ii) Hedge funds 10 1 324 863 0.08 – per issuer 2.50 (b) Private equity funds 10 8 147 552 0.48(i) Funds of private equity funds 10 4 063 686 0.24 – per issuer 5 (ii) Private equity funds 10 4 083 866 0.24 – per issuer 2.50 (c) Other assets not referred to in this schedule and excluding a hedge

fund or private equity fund 2.50 4 249 992 0.25




R Fair value

%

8. HEDGE FUNDS, PRIVATE EQUITY FUNDS AND ANY OTHER ASSET NOT REFERRED TO IN THIS SCHEDULE continued

8.2 Outside the Republic 15 16 683 898 0.98(a) Hedge fund 10 8 866 918 0.52(i) Funds of hedge funds 10 4 615 629 0.27 – per issuer 5 (ii) Hedge funds 10 4 251 289 0.25 – per issuer 2.50 (b) Private equity funds 10 3 426 599 0.2(i) Funds of private equity funds 10 2 206 201 0.13 – per issuer 5 (ii) Private equity funds 10 1 220 398 0.07 – per issuer 2.50 (c) Other assets not referred to in this schedule and excluding a hedge

fund or private equity fund 2.50 4 390 381 0.26

Total assets (Regulation 28) (C above) 1 711 082 433 100


Investment summary (Regulation 28)

Local R

Percentage of fair value

%

Foreign (excluding

Africa)R


%Africa

R


%Total

R

1. Balances or deposits, money market instruments issued by a bank including Islamic liquidity management financial instruments 197 296 648 8.62 26 462 127 1.16 1 015 512 0.04 224 774 287

2. Debt instruments including Islamic debt instruments 341 432 107 14.92 30 893 769 1.35 714 629 0.03 373 040 505

3. Equities 638 275 453 27.89 278 324 321 12.16 3 065 861 0.13 919 665 635 4. Immovable property 100 369 784 4.39 13 250 380 0.58 802 029 0.04 114 422 193 5. Commodities 13 462 234 0.59 1 420 014 0.06 5 611 0.00 14 887 859 6. Investment in the

business of a participating employer 11 490 372 0.50 0.00 0.00 11 490 372

7. Housing loans granted to members – section 19(5) 746 404 0.03 0.00 0.00 746 404

8. Hedge funds, private equity funds and any other assets not referred to in this schedule 35 371 280 1.55 16 239 378 0.71 444 520 0.02 52 055 178

9. Fair value of assets to be excluded in terms of Sub-regulation (8)(b) of Regulation 28 450 374 130 19.68 121 045 721 5.29 904 446 0.04 572 324 297

10. Investments not disclosed/data not available for disclosure 2 575 714 0.11 2 890 464 0.13 2 532 0.00 5 468 710

Total (equal to the fair value of assets) 1 791 394 126 490 526 174 6 955 140 2 288 875 440

Note: Maximum foreign limits and disclosure in terms of South African Reserve Bank requirements


Table 15: Staff of the office of the registrar of pension funds: FSB

Department Name Position Telephone E-mail

DEO office Vacant Deputy executive officer (DEO)

012 422 2845 Vacant

Mr Radesh Maharaj Senior legal adviser 012 428 8116 [email protected]

Research and policy

Ms Alta Marais Head of department 012 428 8065 [email protected]

Ms Loraine de Swardt Systems manager 012 428 8020 [email protected]

Prudential supervision

Ms Wilma Mokupo Head of department 012 428 8032 [email protected] Ms Francina Sako Ledwaba Departmental assistant/

secretary012 367 7162 [email protected]

Mr Charles Pretorius Manager 012 428 8134 [email protected] Ms Portia Matle Specialist analyst 012 428 8034 [email protected] Mr Isaac Nkoana Specialist analyst 012 428 8082 [email protected] Mr Tawanda Mapfumo Specialist analyst 012 367 7232 [email protected] Ms Brendine Sejake Senior analyst 012 367 7222 [email protected] Ms Nokuthula Msimango Senior analyst 012 428 8115 [email protected] Mr Benjamin Legodi Analyst 012 367 7104 [email protected] Ms Kgaugelo Popela Analyst 012 422 2851 [email protected] Mr Mthobisi Khumalo Analyst 012 367 7226 [email protected] Ms Victoria Mabunda Senior admin assistant 012 428 8086 [email protected] Mr Gene Mboweni Intern [email protected] Mr Kgame Kgaka Manager 012 428 8188 [email protected] Mr Ezekiel Raseroka Specialist analyst 012 422 2810 [email protected] Mr Thabo Maponya Specialist analyst 012 428 8169 [email protected] Ms Lebolo Mokete Specialist analyst 012 428 8197 [email protected] Mr Floyd Mabena Specialist analyst 012 428 8048 [email protected] Ms Vhutshilo Ramanugu Senior analyst 012 367 7234 [email protected] Ms Tumelo Mametsa Senior analyst 012 428 8039 [email protected] Ms Phelisa Siwundla Senior analyst 012 422 2813 [email protected] Mr Tshepo Chiloane Senior analyst 012 422 2945 [email protected]

Mr Tholoane Sebolao Admin assistant 012 422 2877 [email protected] Mr Lodwick Mashigo Intern 012 367 7142 [email protected]


Table 15: Staff of the office of the registrar of pension funds: FSB CONTINUED


Licensing and registration

Ms Fikile Mosoma Head of department 012 428 8072 [email protected] Lebogang Makhubela Departmental assistant/

secretary012 428 8031 [email protected]

Mr Papi Kekana Manager (Note 1) 012 428 8132 [email protected] Ms Nkateko Khoza Specialist analyst 012 428 2835 [email protected] Mr Benny Moloko Senior analyst 012 428 8005 [email protected] Ms Anita Pullen Senior analyst 012 428 8022 [email protected] Mr Joseph Makama Analyst 012 367 7209 [email protected] Mr Moses Mahlangu Analyst 012 428 8033 [email protected] Ms Lean Segwapa Administration assistant 012 422 2886 [email protected] Ms Keneilwe Matlou Junior analyst 012 367 7814 [email protected] Mr Thato Mogolwane Registry clerk 012 428 8113 [email protected]

Ms Conny Molefe Manager (Note 2) 012 428 8125 [email protected] Mr Edwin Tshabalala Analyst 012 428 8154 [email protected] Mr Samuel Matjila Analyst 012 428 8187 [email protected] Ms Gontse Kohlsmith Analyst 012 422 2915 [email protected] Ms Mampe Masike Analyst 012 428 2886 [email protected] Ms Khomotso Rampedi Analyst 012 367 7223 [email protected] Ms Maureen Masilela Admin assistant 012 428 8177 [email protected]

Ms Gloria Seletela Manager (Note 3) 012 422 2824 [email protected] Mr John Mackay Specialist analyst 012 422 2817 [email protected] Adv Johan van Vollenhoven Specialist analyst 012428 8153 [email protected] Mr Phakiso Chuene Analyst 012 367 7266 [email protected] Mr Ronald Kekana Analyst 012 428 8195 [email protected] Ms Oniccah Matseke Junior analyst 012 428 8023 [email protected] Ms Jodine Scholtz Admin assistant 012 428 8172 [email protected]

Note 1: portfolio of administrators: ABSA, AON, Brefco, Cedar, Evolution, GIB Financial, Jacques Malan, Old Mutual, Verso, WA Davidson, 10X, Admin People, Allan Gray, Bensure, Borwa, Discovery, EPE, Evolution, FAS, Fedsure, Fundwise, Futura, GIB, Global Fund Administrators, GQM, Integrity, Investment Solutions, Key Trends, Motor Industry, Nedgroup, Novare, OASIS, PenPro, Prescient, PSG, SALT, Sanlam, SUFA, Tennant, UFA, Verso and various self-administered funds as assigned.

Note 2: portfolio of administrators: Advice @ Work, Alexander Forbes, Alex Life, Anglo, Arcay, Alenta, ASSUPOL, AOS, Citadel, CTP, Enigma, EPPF, FAME, Hibiscus, Marriott, Metal Industries, MMI Group, MAS, Multilect, Seshego, Trilogy, UAL, WSM and various funds as assigned.

Note 3: portfolio of administrators: AECI, Akani, Bambanani, Bophelo, Broksure, Channel Life, Edcon, Emsimini, Fairheads, Fairsure, Fussel, Gallet, Sygnia, GTC, Hollard, Life, Investec, Liberty Group, Lifesense, Lion of Africa, LSRC, Mcubed, Moriting, NBC, NMG, Robson Savage, Retirement Fund Solutions Holding, Scientia, Silver Crest and Vic Glassock and various self-administered funds as assigned.


Table 15: Staff of the office of the registrar of pension funds: FSB CONTINUED


Surveillance and enforcement

Ms Corlia Buitendag Head of department 012 428 8030 [email protected] Ms Noxolo Nkebe Departmental assistant/

secretary 012 422 2820 [email protected]

Ms Takalani Lukhaimane Manager 012 422 2916 [email protected] Mr Tebogo Ramushu Specialist analyst 012 422 2888 [email protected] Mr Jean Le Roux Specialist analyst 012 422 2861 [email protected] Ms Victoria Mnisi Specialist analyst 012 367 7264 [email protected] Ms Wilhelmina Van Der Walt Specialist analyst 012 422 2939 [email protected] Mr Molatelo Raphadu Junior analyst 012 422 2852 [email protected] Ms Vhuhwavho Lithole Junior analyst 012 422 2886 [email protected] Ms Monray Appels Junior analyst 012 422 2991 [email protected]

Mr Ryan Neale Manager 012 428 8157 [email protected] Mr Anton van Graan Specialist analyst 012 422 2890 [email protected] Mr Sunnyboy Masangu Specialist analyst 012 422 2833 [email protected] Ms Mamiki Motale Specialist analyst 012 428 8035 [email protected] Mr Carlo da Gama Specialist analyst 012 422 2918 [email protected] Mr Naheem Ebrahim Essop Specialist analyst 012 367 7249 [email protected]

BASTION GRAPHICS

www.fsb.co.za

RP: 364/2016

ISBN: 978-0-621-45055-2

FSB PENSIO

N FU

ND

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