registrar of pension funds annual report 2006.pdf
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F o r t y - E i g h t h A n n u a l R e p o r t - 2 0 0 6
Registrar of Pension Funds
I S B N : 9 7 8 - 0 - 6 2 1 - 3 7 5 6 6 - 4R P : 2 4 4 / 2 0 0 7
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CONTENTS
Report by the registrar of pension funds to the Minister of Finance
Number of all retirement funds in South Africa
Number of members of all retirement funds in South Africa
Membership by fund category of all retirement funds in South Africa
Aggregate assets of all retirement funds in South Africa
Aggregate assets by fund category of all retirement funds in South Africa
Contributions received by all retirement funds in South Africa
Benefits paid by all retirement funds in South Africa
Benefits by funds category of all retirement funds in South Africa
Investment pattern of pension funds registered with the FSB in terms
of the Pension Funds Act
Funds in default for submission of 2006 financial statements by the FSB’s
cut-off date of 4 March 2009
Top 100 FSB registered funds ranked by total assets
Top 100 FSB registered funds ranked in order of membership
FSB registered administrators as at 4 March 2009
Cost-to-income ratios of FSB registered funds
Statement of net assets and funds of FSB registered funds
Statement of changes in net assets and funds of FSB registered funds
Notes to the financial statements of FSB registered funds
Schedule IB - assets held in compliance with regulation 28
The pensions department of the FSB
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9.1, 9.2 and 9.3
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TABLE PAGE
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I wish to express my gratitude to the National Treasury, insurers, the Post Office management, Telkom SA Limited, Transnet Limited and the bargaining councils for their assistance in providing the statistical information to complete the information contained in this report.
I also wish to express my appreciation for the cooperation received from individual funds, administrators, organised labour, the Actuarial Society of South Africa, South African Revenue Service, Institute of Retirement Funds of Southern Africa, Principal Officers’ Association and other bodies in the retirement industry.
Finally, I wish to thank the staff of the Pensions Department at the Financial Services Board for assisting me to fulfil my regulatory mandate.
ADV. D P TSHIDIREGISTRAR OF PENSION FUNDS
MAY 2009
REPORT BY THE REGISTRAR OF PENSION FUNDS TO THE MINISTER OF FINANCE
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INTRODUCTION
In terms of section 34 of the Pension Funds Act, No. 24 of 1956 (the Act), I hereby submit the 48th Annual Report for the 2006 calendar year.
Retirement funds in South Africa comprise defined benefit and defined contribution funds (broadly known as pension and provident funds), retirement annuity, umbrella and preservation funds. The nature and extent of the supervision of such funds by the Registrar of Pension Funds is as follows:
(a) Funds that are supervised under the Act
• PrivatelyadministeredFunds:
Funds investing their assets, on their own behalf, with bodies and institutions in the public and private sectors of the economy
• UnderwrittenFunds:
Funds operating exclusively by means of insurance policies issued by registered insurers in South Africa.
• ForeignFunds:
Funds of which the head offices of participating employers are located outside South Africa. In terms of section 2(2) of the Act, these funds are exempt from certain provisions. They are required to apply for registration in terms of section 4 of the Act and to furnish security for the payment of benefits that may become payable to members who are South African citizens.
(b) Funds not supervised under the Act • OfficialFunds
Funds established by special laws for employees of the State and certain parastatal institutions. The National Treasury supervises these funds under the relevant laws. Currently the following four official funds exist: Government Employees Pension Fund, Temporary Employees Pension Fund, Associated Institutions Pension Fund and Associated Institutions Provident Fund.
These funds can be contacted at the following address: The Chief Director Pensions Administration Private Bag X63 Pretoria, 0001
• TransnetFunds
The Transnet Funds were established in terms of the Transnet Pension Fund Act, No. 62 of 1990, with effect from 29 June 1990.
• TelkomPensionFund
A fund for the employees of Telkom SA Limited established in terms of section 9(1) of the Post Office Act No. 44 of 1958, effective as from 1 October 1991. This Office supervises the Telkom Retirement Fund through the Pension Funds Act.
REPORT BY THE REGISTRAR OF PENSION FUNDS TO THE MINISTER OF FINANCE
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• PostOfficePensionFund The Post Office Pension Fund was established in terms of section 10 of the aforementioned Act, with
effect from 1 October 1991.
• BargainingCouncilFunds(BCF)
Funds established by collective agreements concluded by councils in terms of the Labour Relations Act, No. 66 of 1995 prior to 1 February 1999 and which have opted not to register under the Pension Funds Act. The Department of Labour supervises these funds. In terms of section 2(1) of the Act, these funds are exempted from the provisions of the Act other than the requirement to furnish certain statistical information. However, there are a significant number of BCFs that have voluntarily registered with the Financial Services Board (FSB) and are supervised under the Act (see subsequent events).
STATISTICS
Tables 1 to 19 in this report contain statistical information summarised from reports for the 2006 calendar year, submitted by funds to my Office . The tables summarise membership, assets, revenue and expenditure for both underwritten and privately administered funds.
The statistics below exclude information for bargaining council funds not registered with the FSB, official funds, the Transnet, Telkom and Post Office Funds, and foreign funds.
Number of funds registered as at 31 December 2006 (See Table 1) 13 132
Funds registered in 2006 with first financial year-end being in 2007 (64)
Funds that changed their financial year-end to a date in 2007 (7)
Number of funds for the calendar year ended 31 December 2006 13 061
SUPERVISION
The following supervisory activities took place during the year:
12 MONTHS ENDED 31 DECEMBER 2006 2005
New registrations 96 168
Consolidated or amended rules registered 2 484 2 354
Umbrellaschemes:registrationofparticipatingemployers 4 651 4 803
On-site visits 167 79
Liquidations and terminations of funds completed 409 396
Transfers between registered funds approved 4 728 3 825 Notes: 1. This table includes only cases linked to a service fee as contained in regulation. 2. The table does not include pending cases worked on, but not yet approved due to queries raised by the
Registrar.
REPORT BY THE REGISTRAR OF PENSION FUNDS TO THE MINISTER OF FINANCE
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REGULATORY ISSUES
Inspections
Four inspections were conducted on pension funds during the year. The following were the main issues emanating from the inspections:
• Thepaymentofdeathbenefitsowedtobeneficiariesonthedeathofamemberintoaregisteredtrust company, and significant losses suffered as a result of the mismanagement of these assets by the appointed asset manager.
• Thefailureoffundstoappointproperlyconstitutedboardsoftrustees.
Ongoing inspections into twelve funds and one administrator were still in progress at year-end.
On-site visits
Twelve administrators were visited because they failed to submit annual reports within six months after their financial year-end, as required by condition 11 of Board Notice 24 of 2002.
Sixty funds with their own in-house administrations were visited to assess general compliance with the Act.
Seven visits to funds followed after the Registrar had received complaints regarding those funds.
Two funds were visited due to reported irregularities. Under the oversight of the Registrar’s Office, theboards of trustees were tasked with rectifying the problems identified.
Thirty-one funds were visited as they had failed to submit audited financial statements to the Registrar.
One hundred and eight umbrella funds were visited to assess general compliance with the Act.
Three employers were monitored for their failure to pay over contributions to funds within the legally prescribed seven-day period. One of the funds concerned was placed under curatorship because the board of trustees had disregarded its fiduciary duties and had failed to act in the best interest of members.
Appeals to the FSB Appeal Board
During the review period, 22 new pension-related appeals were lodged with the FSB Appeal Board. These appeals were against the Registrar’s decisions on matters like the rejection of section 15F applications for the transfer of the credit balance in an existing employer reserve account (as defined in the rules) to the employer surplus account; the rejection of actuarial valuations; the rejection of rule amendments; the approval of surplus schemes; the provisional registration of a new fund; the suspension of the approval of two pension fund administrators; and the confirmation of a liquidation and distribution account. A number of appeals did not proceed to hearing stage. Three appeals and one interim application were heard by the FSB’s Appeal Board. In one appeal, the Appeal Board upheld the Registrar’s approval of a section 14 transfer. In another, the Registrar’s refusal to approve a section 15F application was set aside. The determination in the other matter was still being awaited at year end. In one instance, the Appeal Board suspended the implementation of the Registrar’s decision until after the hearing.
For the first time, a decision by the Appeal Board was taken on review to the High Court, which upheld the Registrar’s decision. The Applicants in this matter applied for leave to appeal to the Supreme Court of Appeal. Two other decisions by the Appeal Board have since been taken on review.
REPORT BY THE REGISTRAR OF PENSION FUNDS TO THE MINISTER OF FINANCE
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Other regulatory matters
• Anemployerbodyinabargainingcouncilapproachedthecourtforanorderthattheprovisionsofthe Pension Funds Act should not apply to a specific pension and provident fund, and that the funds’ registrations as pension fund organisations were of no force and effect. The application was granted on 2 December 2005. The Registrar appealed to the Supreme Court of Appeal in Bloemfontein to set the judgement aside, but the appeal was dismissed and the judgement upheld.
• In another High Court matter, the Chairperson of a retirement fund challenged the Registrar’srequirement that all pension funds must investigate possible improper use of surplus by an employer prior to 7 December 2001, when the Pension Funds Second Amendment Act became operational. The fund contended that section 15B(6) does not have retrospective effect. The judge upheld the Fund’s view. The Registrar was granted leave to appeal the outcome to the Supreme Court of Appeal in Bloemfontein.
• Secretprofitsmadebyadministratorsattheexpenseofpensionfundshadbeenthefocusofmuchmedia attention. Steps were taken to address the matter and the Registrar met with pension fund administrators who had reported practices that resulted in secret profits accruing to them. Most administrators indicated their willingness to refund their clients in full, with interest, in respect of all secret profits that had been made. The Registrar monitored the repayment of all such profits. Some administrators chose to approach their pension fund clients with a request that they agree retrospectively to the past practices. The Registrar issued a circular to provide guidance to trustees when considering proposals from administrators and, in addressing this approach by administrators, drew attention to the duties of trustees when considering such proposals.
Criminal prosecution
Following an inspection conducted on the Lifecare Pension Fund, a criminal investigation was initiated by the prosecuting authorities. The unlawful scheme involved the laundering of the surplus assets of a number of pension funds through this fund, and the payment of the dividends to a number of people and institutions. The criminal investigation led to the initial arrest of Messrs Ghavalas and Bailey, both of whom had emigrated to Australia but were arrested during visits to South Africa. The criminal matter had escalated to include a number of further arrests and as at the court appearance during February 2007, there were a total of 22 accused, including one of the largest administrators, Alexander Forbes. The prosecution of this criminal case is being funded jointly by the Financial Services Board and Business Against Crime, and is being conducted by Advocates J de Olivera and J Henning. The matter had been remanded to 4 July 2007, on which date it was postponed for hearing in the high court in October 2007. The main counts faced by the accused are fraud and theft (see subsequent events).
REPORT BY THE REGISTRAR OF PENSION FUNDS TO THE MINISTER OF FINANCE
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LEGISLATION
Pension Funds Amendment Bill, 2007
Certain shortcomings in the Pension Funds Act, as well as legal challenges attempting to circumvent the spirit of the Act, have led to a proposal to amend the Act to address the following:
• Clarifyingimproperlyutilisedsurplusintermsofsection15BoftheAct,aswellasothergeneralprovisions regarding the process of surplus apportionment to align with the original intention of the legislature.
• Inclusion of funds established through bargaining council arrangements under the regulatoryauspices of the Registrar. All funds were required to register on or before 1 January 2008.
• IncreasingthepowersoftheRegistrartoenhanceregulatoryeffectiveness. • ProvidingforspecificdutiesofthePensionFundsAdjudicatoraswellasprovisionfortheappointment
of a deputy Adjudicator. The Act was further aligned with the provisions of the Prescription Act. • Providingclarityonthetreatmentofdivorceordersandmaintenanceclaimsinrespectofpension
benefits. • Updating the provisions in the Act which were no longer aligned to recently promulgated
legislation.
These amendments had been proclaimed as at the date of this report.
Circulars
The following circulars were issued during the period under review:
• Circular PF No. 125, issued on 28 February 2006, deals with the use of employer surplus to prevent job losses, section 15J of the Act.
• Circular PF No. 128, issued on 10 October 2006, deals with surplus schemes and surplus utilised improperly.
• Information Circular 1/2006, issued on 7 March 2006, deals with the extension in terms of section 33 of the Act (as amended) for 2005 financial statements, reports and statistics.
• Information Circular 2/2006, issued on 6 July 2006, deals with the extension for submission of financial statements by underwritten funds for the 2006 financial year in terms of section 33 of the Act.
• Information Circular 3/2006, issued on 27 July 2006, deals with section 14 applications involving retirement annuity funds and preservation funds.
• Information Circular 4/2006, issued on 28 August 2006, deals with final extension for retirement funds for the electronic submission of 2005 financials in the new format contained in Gazette No. 28884 dated 30 May 2006.
• Information Circular 5/2006, issued on 19 September 2006, deals with final extension for privately administered funds for the electronic submission of 2006 financials in the new format contained in Gazette No. 28884, dated 30 May 2006.
• Information Circular PF 6/2006, issued on 10 October 2006, deals with surplus and fund return.
• Information Circular PF 7/2006, issued on 10 October 2006, deals with the extension for the time period to submit the statutory actuarial valuation following a surplus apportionment.
REPORT BY THE REGISTRAR OF PENSION FUNDS TO THE MINISTER OF FINANCE
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OUTLOOK
Social Security and Retirement Reform remains one of the main focuses for the pension funds division.
National Treasury issued the Social Security and Retirement Reform Second Discussion Paper on 23 February 2007. At the date of this report, National Treasury’s follow-up discussion paper was still being awaited. The reform proposals will necessitate extensive consultation with various stakeholders before the drafting of a new Retirement Funds Act can commence.
The FSB has designed and implemented a sophisticated system for retirement funds to submit financial statements in line with our risk-based approach to supervision. The new system requires that financial returns for all funds be submitted electronically. The system classifies funds in terms of risk, thus enabling the department to prioritise supervision according to the risk rating of each fund.
The system not only validates that the imported information is correct and that a scanned version of the financial statements is attached, but also performs certain analytical tests to identify risk areas.
While the new systems will greatly improve and speed up the FSB’s supervisory procedures, its implementation required patience and extensive guidance. Submission deadlines for 2005 and 2006 statements had to be extended to allow fund administrators to become familiar with the new system.
SUBSEQUENT EVENTS
With effect from 1 January 2008 bargaining council funds were required to register under the Pension Funds Act (as amended).
The main trial, involving Mr Ghavalas, his company and other accused, was set to commence on 11 May 2009 in the South Gauteng High Court. During February 2009 Mr Ghavalas reached a plea agreement with the State in which he pleaded guilty to fraud and theft. The Court found him guilty on 16 February 2009. The State was also granted a confiscation order in terms of which Mr Ghavalas had to pay back an amount of R18.5 million to the various pension funds involved. The trials of the other accused will commence on various dates and at different forums during 2009.
PENSION FUNDS ADJUDICATOR
Effective 1 June 2007, the Pension Funds Adjudicator is Ms Mamodupi Mohlala.
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 web-site 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:
2nd Floor, Oakdale HouseThe Oval, Oakdale RoadNewlands7735
PO Box 23005Claremont7700
Tel: (021) 674-0209Fax: (021) 674-0185e-mail: enquiries@pfa.org.za
or
3rd Floor Digital HouseCnr 5th Street and Park LaneSandton2196
PO Box 651826Benmore2010
Tel: (011) 884 8454Fax: (011) 884 1144e-mail: enquiries-jhb@pfa.org.za
REPORT BY THE REGISTRAR OF PENSION FUNDS TO THE MINISTER OF FINANCE
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FUND TYPE 2005 ADDITIONS CANCELLATIONS CONVERSIONS 2006
1. Privately administered funds 3 487 68 (52) 112 3 615
2. Underwrittenfunds 9 888 28 (300) (99) 9 517
3. Official funds 3 - - - 3
4. Transnet Pension Fund 3 - - - 3
5. Telkom Pension Fund 1 - - - 1
6. Post Office Fund 1 - - - 1
7. Bargaining Council funds 5 - (2) - 3
8. Foreign funds 2 - (2) - 0
TOTAL 13 390 96 (356) 13 13 143
TABLE 1 - NUMBER OF ALL RETIREMENT FUNDS IN SOUTH AFRICA
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FUND TYPE 2006 2005
1. PRIVATELY ADMINISTERED FUNDS 6 152 543 4 403 620
(a) Active members 4 381 558 3 232 558
(b) Deferred pensioners 90 431 69 920
(c) Pensioners in receipt of regular payments 565 888 307 290
(d) Dependants and nominees in receipt of regular payments 56 236 48 482
(e) Unclaimedbenefits(Note 3) 1 058 430 745 370
2. UNDERWRITTEN FUNDS 3 420 416 4 036 480
(a) Active members 3 114 460 3 650 645
(b) Deferred pensioners 127 030 15 720
(c) Pensioners in receipt of regular payments 103 814 307 321
(d) Dependants and nominees in receipt of regular payments 1 955 933
(e) Unclaimedbenefits(Note 3) 73 157 61 861
3. OFFICIAL FUNDS 1 375 397 1 376 000
(a) Active members 1 079 851 1 072 000
(b) Pensioners 295 546 304 000
4. TRANSNET FUND 159 943 164 627
(a) Active members 71 853 74 005
(b) Pensioners 88 090 90 622
5. TELKOM FUND(Note 4) 261 283
(a) Active members 261 283
(b) Pensioners - -
6. POST OFFICE FUND 22 715 23 034
(a) Active members 15 869 16 421
(b) Pensioners 6 846 6 613
7. BARGAINING COUNCIL FUNDS 60 602 73 923
(a) Active members 60 602 73 923
(b) Pensioners - -
8. FOREIGN FUNDS(Note 5) - 25
(a) Active members - 25
(b) Pensioners - -
TOTAL 11 191 877 10 077 992
Notes: 1. This table reflects the number of individuals who are pension fund members. However, there is some double counting as some individuals belong to more
than one retirement fund. 2. Table 10, dealing with non-submission rates, needs to be taken into consideration when interpreting this table. 3. The membership in relation to unclaimed benefits has been included, bringing total membership for 2005 to 10 077 992 from 9 270 761, as was previously
reported 4. The Telkom Retirement Fund is registered under the Act and the 40 534 members are therefore already included under privately administered funds in this
table. 5. The statistics include only South African residents.
TABLE 2 - NUMBER OF MEMBERS OF ALL RETIREMENT FUNDS IN SOUTH AFRICA (Note 1 & 2)
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Notes: 1. Table 10, dealing with non-submission rates, needs to be taken into consideration when interpreting this table.
30.6%
1.6%
12.3%
55%
0.5%
Underwritten 30.6%
Transnet/Telkom/PO 1.6%
Official 12.3%
Privately administered 55%
BCF 0.5%
40.1%
1.8%
13.7%
43.7%
0.7%
Underwritten 40.1%
Transnet/Telkom/PO 1.8%
Official 13.7%
Privately administered 43.7%
BCF 0.7%
MEMBERSHIP FUNDS - 2006 MEMBERSHIP FUNDS - 2005
Total members: 11 191 877 Total members: 10 077 992
TABLE 3 – MEMBERSHIP BY FUND CATEGORY OF ALL RETIREMENT FUNDS IN SOUTH AFRICA (Note 1)
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FUND TYPE2006(R’m)
2005(R’m)
1. Privately administered funds 805 927 580 6952. Underwrittenfunds (Note 2) 206 754 224 1983. Official Funds 545 600 426 6114. Transnet Fund 53 591 42 6495. Telkom Fund 283 2156. Post Office Fund 7 180 6 8467. Bargaining Council funds 1 588 2 7078. Foreign funds (Note 3) - -
TOTAL 1 620 923 1 283 921
Notes: 1. Table 10, 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. Foreign funds furnish guarantees to cover their liabilities to South African residents.
TABLE 4 - AGGREGATE ASSETS OF ALL RETIREMENT FUNDS IN SOUTH AFRICA (Note 1)
AGGREGATE ASSETS OF ALL FUNDS - 2006 AGGREGATE ASSETS OF ALL FUNDS - 2005
49.7%
12.8%
33.7%
0.1%
Underwritten 12.8%
Transnet/Telkom/PO 3.7%
Official 33.7%
Privately administered 49.7%
BCF 0.1%
Total assets: R1,6 trillion 2006
3.7%
45.2%
0.2%17.5%
33.2%
3.9%
Underwritten 17.5%
Transnet/Telkom/PO 3.9%
Official 33.2%
Privately administered 45.2%
BCF 0.2%
Total assets: R1,3 trillion 2005
TABLE 5 – AGGREGATE ASSETS BY FUND CATEGORY OF ALL RETIREMENT FUNDS IN SOUTH AFRICA
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FUND TYPE2006(R’m)
2005(R’m)
1. PRIVATELY ADMINISTERED FUNDS(Note 2) 43 117 33 776
- Members 19 215 13 112
- Employers 23 902 20 664
- Benefit fund - -
2. UNDERWRITTEN(Note 2) 15 936 19 582
3. OFFICIAL FUNDS 20 500 19 865
- Members 7 200 6 601
- Employers 13 300 13 264
4. TRANSNET FUND 1 234 1 449
- Members 608 564
- Employers 626 885
5. TELKOM FUND 18 18
- Members 3 3
- Employers 15 15
6. POST OFFICE FUND 232 245
- Members 84 81
- Employers 148 164
7. BARGAINING COUNCIL FUNDS 119 196
- Members 57 71
- Employers 62 125
TOTAL 81 156 75 131
Notes: 1. Foreign funds do not submit information on contributions. 2. Table 10, dealing with non-submission rates, needs to be taken into consideration when interpreting this table
Table 6 shows a summary of contributions received by all pension funds. The total contributions received increased by 8.02%, from R75 131 million in 2005 to
R81 156 million in 2006. Contributions to Official, Transnet, Telkom and Post Office funds increased by 1.89%, while total contributions to privately administered,
underwritten and bargaining council funds in the private sector increased by 10.49%.
TABLE 6 - CONTRIBUTIONS RECEIVED BY ALL RETIREMENT FUNDS IN SOUTH AFRICA (Note 1)
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
100000
4311
7
3377
6
1593
6
1958
2
2050
0
1986
5
1484
1712
119
196
8115
6
7513
1
Privately Underwritten Official Transnet/Telkom/PO BCF Total administered
CONTRIBUTIONS (R million)
2006
2005
14
FUND TYPE2006(R’m)
2005R’m)
1. PRIVATELY ADMINISTERED FUNDS(Note 1) 55 982 45 812(a) Pensions 14 148 10 179(b) Lump sum payments 41 834 35 633
- On retirement or death 17 504 12 817- Resignations and terminations 22 498 16 738- Other 1 832 6 078
2. UNDERWRITTEN FUNDS(Note 1) 13 454 17 419(a) Pensions 1 176 2 484(b) Lump sum payments 12 278 14 935
- On retirement or death 7 240 9 730- Resignations and terminations 5 018 4 188- Other 20 1 017
3. OFFICIAL FUNDS 16 400 17 838(a) Pensions 10 700 10 508(b) Lump sum payments 5 700 7 330
- On retirement or death 2 300 2 870- Resignations and terminations 3 200 2 642- Other 200 1 818
4. TRANSNET FUND 4 590 4 185(a) Pensions 2 454 2 463(b) Lump sum payments 2 136 1 722
- On retirement or death 1 959 1 682- Resignations and terminations 37 12- Other (transfer out) 140 28
5. TELKOM FUND 45 20(a) Pensions - -(b) Lump sum payments 45 20
- On retirement or death 12 6- Resignations and terminations 33 13- Other - 1
6. POST OFFICE FUND 372 313(a) Pensions 224 209(b) Lump sum payments 148 104
- On retirement or death 34 55- Resignations and terminations 114 42- Other - 7
7. BARGAINING COUNCIL FUNDS 202 350(a) Pensions - -(b) Lump sum payments 202 350
- On retirement or death 30 58- Resignations and terminations 157 292- Other 15 -
8. FOREIGN FUNDS - -(a) Pensions - -(b) Lump sum payments - -
- On retirement or death - -- Resignations and terminations - -- Other - -
TOTAL 91 045 85 937
Note:
1. Table 10, dealing with non-submission rates, needs to be taken into consideration when interpreting this table.
TABLE 7 - BENEFITS PAID BY ALL RETIREMENT FUNDS IN SOUTH AFRICA
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Table 7 shows a summary of benefits paid by all pension funds. The benefits paid increased by 5.9%, from R85 937 million in 2005 to R91 045 million in 2006.
Note:
1. Table 10, dealing with non-submission rates, needs to be taken into consideration when interpreting this table.
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
100000
5598
2
4581
2
1345
4
1741
9
1640
0
1783
8
5007
4518
202
350
9104
5
8593
7
Privately Underwritten Official Transnet/Telkom/PO BCF Total administered
BENEFITS (R million)
2006 2005
TABLE 8 – BENEFITS BY FUNDS CATEGORY OF ALL RETIREMENT FUNDS IN SOUTH AFRICA (Note 1)
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Table 9.1
ASSETS2006 2005
R’ m% OF TOTAL
ASSETSR’ m
% OF TOTAL ASSETS
1. Immovable properties 4 628 0.5 4 683 0.62. Bills and bonds 78 540 8.0 67 724 8.63. Participating mortgage bonds 37 0.0 4 0.04. Debentures 5 378 0.5 530 0.15. Loans 1 107 0.1 662 0.16. Equities 218 962 22.0 184 143 23.37. Collective investment schemes 51 635 5.2 43 470 5.58. Insurance policies 470 310 47.3 375 683 47.69. Deposits and Krugerrands 48 012 4.8 34 052 4.310. Foreign Investments 98 126 9.9 61 702 7.811. Other assets 17 077 1.7 16 918 2.1TOTAL 993 812 100 789 571 100
Table 9.2
Notes:
- Property, plant and equipment, housing loan facilities, surplus improperly utilized receivable, transfers receivable, accounts receivable, contributions
receivable and cash at bank are not included above (see Table 16).
- Table 10, dealing with non-submission rates, needs to be taken into consideration when interpreting this table.
- Equities comprise of local listed equities, equity index-linked instruments preference shares and unlisted equities.
- Foreign investment includes listed foreign equities and unlisted equities.
- Other assets represent a combination of derivative market instruments and investments not listed on the table.
2006
47.3
22
4.8
9.91.7
80.5
5.2
0.5
Insurance policies 47.3%
Deposits and Krugerrands 4.8%
Foreign Investments 9.9%
Other 1.7%
Immovable Properties 0.5%
Bills and Bonds 8%
Debentures 0.5%
Equities 22%
Collective Investment schemes 5.2%
2005
47.6
23.3
4.3
7.82.1 0.6
8.60
5.5
Insurance policies 47.6%
Deposits and Krugerrands 4.3%
Foreign Investments 7.8%
Other 2.1%
Immovable Properties 0.6%
Bills and Bonds 8.6%
Debentures 0%
Equities 23.3%
Collective Investment schemes 5.5%
TABLE 9 - INVESTMENT PATTERN OF PENSION FUNDS REGISTERED WITH THE FSB IN TERMS OF THE PENSION FUNDS ACT(Note 1)
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Table 9.3
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:
Where R = Return on investments
A = Initial value of investments
B = End value of investments
i = 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 2002 (Note 1) 2003 (Note 1) 2004 (Note 1) 2005 (Note 2) 2006 (Note 2)
% returns 8.7 0.7 21.1 26.7 25.4
Notes:
1. The statistics for 2002, 2003, 2004 are only in respect of privately administered funds registered with the Financial Services
Board. These figures have been taken from previous annual reports.
2. The statistics for 2005 and 2006 are in respect of all types of retirement funds registered with the Financial Services
Board.
3. The sample of funds for 2005 is 4 665, while for 2006 it is based on 4 527 submissions.
R =2i
A + B - i
TABLE 9 - INVESTMENT PATTERN OF PENSION FUNDS REGISTERED WITH THE FSB IN TERMS OF THE PENSION FUNDS ACT - CONTINUED
18
Reasons given for non-submission or late submission of financial statements are as follows:
1. New format of financial statements 2. Electronic submission of financial statements 3. Clarity needed to be provided on the valuation of insurance policies 4. Lack of resources in the auditing profession for the sector 5. Administrators’ lack of resources for implementing the new format and delays in effecting the necessary system changes 6. Lack of compatibility of administration systems with the Registrar’s system for electronic submissions 7. Delays in submission of applications for full transfers and liquidation applications for terminating funds to the Registrar for approval (many
small funds are terminating by transferring to larger/umbrella funds, or are in the process of liquidating, and some administrators have provided the Registrar with lists of the terminations concerned.)
8. Ineffective and/or not properly constituted boards of management (orphan funds).
Regulatory interventions undertaken:
1. Reminders, office visits and workshops 2. On-site visits 3. Inspections 4. Penalties 5. Extensions supported by trustees and the auditing profession 6. Appointment of authorised representatives for a specified period to replace ineffective or dysfunctional boards of management.
Number of funds registered as at the cut-off date of 4 March 2009 11 663note¹
Less: Terminations: (6 049)
Funds in the process of liquidation: section 28 of the Act (1 530)
Funds in the process of terminating: full transfers section 14 of the Act (626)
Funds in the process of terminating: section 27(1)(a) of the Act (3 893)
Total number of active funds: 5 882
Curatorships 6
Unclaimedbenefitfunds 24
Orphan funds 1 491
Normal active funds 4 361
Total number of funds required to submit financial returns 5 882
Number of funds that submitted financial returns 4 384
Number of funds that failed to submit financial returns (Note4) as at the cut-off date of 4 March 2009 [FUNDS IN DEFAULT]
1 498
Notes: 1. Due to de-registrations (see page 4 and Table 1 on page 9), the number of funds registered as at 31 December 2006 that was required to submit financial
returns was 13 601, compared to the 11 663 as at 4 March 2009. 2. Underwrittenfundswerepreviouslyknownasaudit-exemptfunds. 3. Privately administered funds were previously known as self-administered funds. 4. Due to lack of audit resources in the industry, extension for the submission of unaudited returns was given until 31 October 2008 . The extension for signed
and audited 2006 returns expired on 28 February 2009. 5. The defaulting funds are mainly smaller funds with assets of less than R20 million, which may include funds that have not informed the registrar that they
are terminating, funds that ceased to operate, funds transferring to umbrella funds, funds lacking good governance or funds facing other challenges in
finalising their financial returns.
TABLE 10 - FUNDS IN DEFAULT FOR SUBMISSION OF 2006 FINANCIAL STATEMENTS BY THE FSB’S CUT-OFF DATE OF 4 MARCH 2009
19
NO. FUND NO. FUND NAMETOTAL
ASSETS (R’m)
FUND TYPE
1 12/8/3904 SOUTHAFRICANRETIREMENTANNUITYFUND 67,393 Private
2 12/8/4038 SENTRALEUITTREDINGANNUITEITSFONDS 48,560 Underwritten
3 12/8/564 ESKOMPENSIONANDPROVIDENTFUND 41,624 Private
4 12/8/5040 ENGINEERINGINDUSTRIESPENSIONFUND 36,477 Private
5 12/8/1215 SENTINELMININGINDUSTRYRETIREMENTFUND 30,132 Private
6 12/8/6776 LIFESTYLERETIREMENTANNUITYFUND 29,097 Underwritten
7 12/8/31505 TELKOMRETIREMENTFUND 20,150 Private
8 12/8/1373 STANDARDBANKGROUPRETIREMENTFUND 20,080 Private
9 12/8/25718 METALINDUSTRIESPROVIDENTFUND 19,466 Private
10 12/8/1216 MINEEMPLOYEESPENSIONFUND 16,883 Private
11 12/8/404 PROFESSIONALPROVIDENTSOCIETYRETIREMENTANNUITYFUND 16,764 Underwritten
12 12/8/3130 FNBPENSIONFUND 15,297 Private
13 12/8/27324 ABSAGROUPPENSIONFUND 14,056 Private
14 12/8/7697 SASOLPENSIONFUND 14,023 Private
15 12/8/23053 MINEWORKERSPROVIDENTFUND 13,368 Private
16 12/8/6461 MMRETIREMENTANNUITYFUND 12,885 Underwritten
17 12/8/559 DEBEERSPENSIONFUND 11,424 Private
18 12/8/363 MITTALSTEELSOUTHAFRICAPENSIOENFONDS[PENSIONFUND?] 8,309 Private
19 12/8/32435 DURBANPENSIONFUND 7,776 Private
20 12/8/998 AECIPENSIONFUND 7,480 Private
21 12/8/27024 CORPORATESELECTIONRETIREMENTFUND 7,408 Underwritten
22 12/8/909 CAPEMUNICIPALPENSIONFUND 6,905 Private
23 12/8/29256 MUNICIPALGRATUITYFUND 6,789 Private
24 12/8/2451 TONGAAT-HULETTPENSIONFUND 5,949 Private
25 12/8/32689 CAPEJOINTRETIREMENTFUND 5,934 Private
26 12/8/1070 SABCPENSIONFUND 5,924 Private
27 12/8/17068 PROTEKTORPRESERVATIONPENSIONFUND 5,775 Underwritten
28 12/8/34766 ALEXANDERFORBESRETIREMENTFUND(PROVIDENTSECTION) 5,353 Underwritten
29 12/8/30878 NATIONALTERTIARYRETIREMENTFUND 5,284 Private
30 12/8/19727 SOUTHAFRICANLOCALAUTHORITIESPENSIONFUND 5,239 Private
31 12/8/7394 DENELPENSIOENFONDS[PENSIONFUND?] 5,180 Private
32 12/8/30624 DENELRETIREMENTFUND 5,062 Private
33 12/8/33661 OLDMUTUALSTAFFRETIREMENTFUND 4,908 Private
34 12/8/32783 AUTOWORKERSPROVIDENTFUND 4,905 Private
35 12/8/390 JOHANNESBURGMUNICIPALPENSIONFUND 4,859 Private
36 12/8/27974 LIFESTYLERETIREMENTPRESERVERPENSIONPLAN 4,722 Underwritten
37 12/8/2134 ANGLO-AMERICANCORPORATIONPENSIONFUND 4,556 Private
38 12/8/31217 SACCAWUNATIONALPROVIDENTFUND 4,414 Private
39 12/8/23803 PRINTINGINDUSTRYPENSIONFUNDFORSATUMEMBERS 4,284 Private
40 12/8/385 UNILEVERSAPENSIONFUND 4,276 Private
41 12/8/3720 ALTRONGROUPPENSIONFUND 4,058 Private
42 12/8/5625 MUNICIPALEMPLOYEESPENSIONFUND 3,946 Private
TABLE 11 - TOP 100 FSB REGISTERED FUNDS RANKED BY TOTAL ASSETS(Note 1)
20
NO. FUND NO. FUND NAMETOTAL
ASSETS (R’m)
FUND TYPE
43 12/8/34768 ALEXANDERFORBESRETIREMENTFUND(PENSIONSECTION) 3,942 Underwritten
44 12/8/16669 MOTORINDUSTRYPENSIONFUND(2005) 3,936 Private
45 12/8/20246 OLDMUTUALSUPERFUNDPROVIDENTFUND(UMBRELLAFUND) 3,894 Private
46 12/8/16350 MURRAYANDROBERTSRETIREMENTFUND 3,696 Private
47 12/8/4557 PRUDENTRETIREMENTANNUITYFUND 3,589 Underwritten
48 12/8/1278 CAPEJOINTPENSIONFUND 3,521 Private
49 12/8/29999 MMPENSIONPRESERVATIONFUND 3,412 Underwritten
50 12/8/27975 LIFESTYLERETIREMENTPRESERVERPROVIDENTPLAN 3,409 Underwritten
51 12/8/553 NATALJOINTMUNICIPALPENSIONFUND(SUPERANNUATION) 3,381 Private
52 12/8/21267 CHEMICALINDUSTRIESNATIONALPROVIDENTFUND 3,371 Private
53 12/8/17781 METROPOLITANRETIREMENTANNUITYFUND 3,336 Underwritten
54 12/8/429 NEDGROUPPENSIONFUND 3,286 Private
55 12/8/36666 MOTORINDUSTRYPROVIDENTFUND 3,097 Private
56 12/8/35064 NATIONALFUNDFORMUNICIPALWORKERS 3,015 Private
57 12/8/15227 THEPRESERVATIONPENSIONFUND 3,010 Private
58 12/8/29493 NEDGROUPDEFINEDCONTRIBUTIONPROVIDENTFUND 3,010 Private
59 12/8/8900 NAMPAKGROUPPENSIONFUND 2,854 Private
60 12/8/20237 OLDMUTUALSUPERFUNDPENSIONFUND(UMBRELLAFUND) 2,775 Underwritten
61 12/8/5410 ENGENPENSIONFUND 2,771 Private
62 12/8/376 NESTLEPENSIONFUND 2,768 Private
63 12/8/3722 CITYOFJOHANNESBURGPENSIONFUND 2,701 Private
64 12/8/35423 MITTALSTEELSOUTHAFRICASELECTORPROVIDENTFUND 2,672 Private
65 12/8/32820 GALAXYPRESERVATION(PENSION)FUND 2,634 Private
66 12/8/29161 THEPRESERVATIONPROVIDENTFUND 2,623 Private
67 12/8/29609 INVESTEC INVESTMENT-LINKED PRESERVATION PENSION PLAN 2,581 Private
68 12/8/31320 UNIVERSITYOFSOUTHAFRICARETIREMENTFUND 2,560 Private
69 12/8/20362 PROTEKTORPRESERVATIONPROVIDENTFUND 2,513 Underwritten
70 12/8/27484 ISCOREMPLOYEEUMBRELLAPROVIDENTFUND 2,446 Private
71 12/8/9472 TOYOTASOUTHAFRICAPENSIONFUND 2,443 Private
72 12/8/10150 FOSCHINIGROUPRETIREMENTFUND 2,397 Private
73 12/8/28800 SANLAM BEWARINGSPENSIOENFONDS 2,380 Underwritten
74 12/8/16489 AMPLATSGROUPPROVIDENTFUND 2,265 Private
75 12/8/1652 SAPPIPENSIONFUND 2,226 Private
76 12/8/31796 SOUTHAFRICANMUNICIPALWORKERS`UNIONNATIONALPROVIDENTFUND 2,213 Private
77 12/8/22622 INVESTECINVESTMENTLINKEDRETIREMENTANNUITY 2,180 Private
78 12/8/5812 WOOLWORTHSGROUPRETIREMENTFUND 2,178 Private
79 13/8/318 JOINTMUNICIPALPENSIONFUND 2,157 Private
80 12/8/36983 KZNMUNICIPALPENSIONFUND 2,139 Private
81 12/8/468 SHELLSAPENSIONFUND 2,048 Private
82 12/8/29607 INVESTECINVESTMENTLINKEDPRESERVATIONPROVIDENTFUND 2,031 Private
83 12/8/327 TSHWANEMUNICIPALPENSIONFUND 2,005 Private
84 12/8/6255 PICK‘NPAYNON-CONTRIBUTORYPROVIDENTFUND 2,004 Private
TABLE 11 - TOP 100 FSB REGISTERED FUNDS RANKED BY TOTAL ASSETS - CONTINUED
21
NO. FUND NO. FUND NAMETOTAL
ASSETS (R’m)
FUND TYPE
85 12/8/29219 SOUTHAFRICANBREWERIESSTAFFPROVIDENTFUND(THE) 2,003 Private
86 12/8/30000 MMPROVIDENTPRESERVATIONFUND 1,906 Underwritten
87 12/8/412 VRYSTAATMUNISIPALEPENSIOENFONDS 1,841 Private
88 12/8/35733 ANGLOGOLDASHANTIPENSIONFUND 1,839 Private
89 12/8/35100 PERSONALPORTFOLIOSPRESERVATIONPENSIONFUND 1,789 Private
90 12/8/12403 ANGLOAMERICANGROUPPENSIONFUND 1,763 Private
91 12/8/551 AFRICANOXYGENLIMITEDPENSIONFUND 1,718 Private
92 12/8/37117 EXXAROPROVIDENTFUND 1,701 Private
93 12/8/26512 MONDIPENSIONFUND 1,684 Private
94 12/8/36006 CORPORATESELECTIONPENSIONFUND 1,674 Underwritten
95 12/8/16176 LIBERTYPENSIONFUND 1,653 Private
96 12/8/29492 NEDGROUPDEFINEDCONTRIBUTIONPENSIONFUND 1,632 Private
97 12/8/30920 BARLOWORLD(SOUTHAFRICA)RETIREMENTFUND(PROVIDENTSECTION) 1,611 Private
98 12/8/16271 BIDCORPGROUPPENSIONFUND 1,607 Private
99 12/8/32083 FUNDSATWORKUMBRELLAPROVIDENTFUND 1,605 Underwritten
100 12/8/34554 MEDIA24RETIREMENTFUND 1,568 Private
Note: 1. This table includes funds that submitted as at the cut-off date of 4 March 2009.
TABLE 11 - TOP 100 FSB REGISTERED FUNDS RANKED BY TOTAL ASSETS - CONTINUED
22
NO. FUND NO. FUND NAMEMEMBERS
TOTALFUND TYPE
1 12/8/3904 SOUTHAFRICANRETIREMENTANNUITYFUND 1 140 955 Private
2 12/8/4038 SENTRALEUITTREDINGANNUITEITSFONDS 902 801 Underwritten
3 12/8/6776 LIFESTYLERETIREMENTANNUITYFUND 465 389 Underwritten
4 12/8/4508 GAUTENGBUILDINGINDUSTRYPENSIONSCHEME 403 050 Private
5 12/8/17781 METROPOLITANRETIREMENTANNUITYFUND 269 649 Underwritten
6 12/8/6461 MMRETIREMENTANNUITYFUND 264 626 Underwritten
7 12/8/37022 BOSELENATIONALPROVIDENTFUND 237 371 Private
8 12/8/25718 METALINDUSTRIESPROVIDENTFUND 233 574 Private
9 12/8/6676 NATALJOINTMUNICIPALPENSIONFUND(RETIREMENT) 228 069 Private
10 12/8/7361 BUILDINGINDUSTRYPENSIONSCHEME(WESTERNPROVINCE) 213 133 Underwritten
11 12/8/27024 CORPORATESELECTIONRETIREMENTFUND 183 140 Underwritten
12 12/8/23053 MINEWORKERSPROVIDENTFUND 179 458 Private
13 12/8/37197 PRIVATESECURITYSECTORPROVIDENTFUND 176 292 Private
14 12/8/20246 OLDMUTUALSUPERFUNDPROVIDENTFUND(UMBRELLAFUND) 155 163 Private
15 12/8/32783 AUTOWORKERS’PROVIDENTFUND 152 926 Private
16 12/8/32588 KWAZULU-NATALJOINTMUNICIPALPROVIDENTFUND 136 687 Private
17 12/8/404 PROFESSIONALPROVIDENTSOCIETYRETIREMENTANNUITYFUND 124 311 Underwritten
18 12/8/31217 SACCAWUNATIONALPROVIDENTFUND 94 333 Private
19 12/8/36998 CONTRACTCLEANINGNATIONALPROVIDENTFUND 87 184 Private
20 12/8/20517 TOURISM,HOSPITALITYANDCATERINGPENSIONFUND(THACSA) 83 344 Underwritten
21 12/8/564 ESKOMPENSIONANDPROVIDENTFUND 76 734 Private
22 12/8/5040 ENGINEERINGINDUSTRIESPENSIONFUND 75 001 Private
23 12/8/16489 AMPLATSGROUPPROVIDENTFUND 68 909 Private
24 12/8/34766 ALEXANDERFORBESRETIREMENTFUND(PROVIDENTSECTION) 62 093 Underwritten
25 12/8/7705 MINES1970PROVIDENTFUND 60 047 Private
26 12/8/1215 SENTINELMININGINDUSTRYRETIREMENTFUND 57 865 Private
27 12/8/36438 CORPORATESELECTIONRETIREMENTFUNDNO.2 53 401 Underwritten
28 12/8/1216 MINEEMPLOYEESPENSIONFUND 49 845 Private
29 28/6856 PROSURERETIREMENTANNUITYFUND 49 800 Underwritten
30 12/8/9262 NATIONALRETIREMENTANNUITYFUND 45 350 Underwritten
31 12/8/5751 ISCORRETIREMENTFUND 41 735 Private
32 12/8/27324 ABSAGROUPPENSIONFUND 41 558 Private
33 12/8/31505 TELKOMRETIREMENTFUND 40 534 Private
34 12/8/34083 SIZANANI VOORSORGFONDS 40 177 Private
35 12/8/20237 OLDMUTUALSUPERFUNDPENSIONFUND(UMBRELLAFUND) 37 839 Underwritten
36 12/8/1373 STANDARDBANKGROUPRETIREMENTFUND 35 358 Private
37 12/8/3130 FNBPENSIONFUND 35 139 Private
38 12/8/37434 MOMENTUMRETIREMENTANNUITYFUND 33 092 Underwritten
39 12/8/32083 FUNDSATWORKUMBRELLAPROVIDENTFUND 30 892 Underwritten
40 12/8/36006 CORPORATESELECTIONPENSIONFUND 30 624 Underwritten
41 12/8/4009 FEDSURERETIREMENTANNUITYFUND 30 332 Underwritten
42 12/8/36666 MOTORINDUSTRYPROVIDENTFUND 29 320 Private
43 12/8/34971 SECURITYEMPLOYEESNATIONALPROVIDENTFUND 28 655 Private
TABLE 12 - TOP 100 FSB REGISTERED FUNDS RANKED IN ORDER OF MEMBERSHIP(Note 1 & 2)
23
NO. FUND NO. FUND NAMEMEMBERS
TOTALFUND TYPE
44 12/8/34768 ALEXANDERFORBESRETIREMENTFUND(PENSIONSECTION) 28 323 Underwritten
45 12/8/29256 MUNICIPALGRATUITYFUND 27 784 Private
46 12/8/32005 IMPALAWORKERSPROVIDENTFUND 26 539 Private
47 12/8/31796 SOUTHAFRICANMUNICIPALWORKERS`UNIONNATIONALPROVIDENTFUND 26 466 Private
48 12/8/35064 NATIONALFUNDFORMUNICIPALWORKERS 26 163 Private
49 12/8/17068 PROTEKTORPRESERVATIONPENSIONFUND 25 461 Underwritten
50 12/8/32184BARGAININGCOUNCILFORTHECONTRACTCLEANINGINDUSTRY(NATAL)PROVIDENTFUND
24 885 Private
51 12/8/27200 ABSAHOMEEMPLOYEES’PROVIDENTFUND 24 849 Private
52 12/8/21267 CHEMICALINDUSTRIESNATIONALPROVIDENTFUND 22 386 Private
53 12/8/26475 BIDCORPGROUPPROVIDENTFUND 21 941 Private
54 12/8/19727 SOUTHAFRICANLOCALAUTHORITIESPENSIONFUND 21 726 Private
55 12/8/5625 MUNICIPALEMPLOYEEPENSIONFUND 20 826 Private
56 12/8/7697 SASOLPENSIONFUND 20 666 Private
57 12/8/32689 CAPEJOINTRETIREMENTFUND 20 437 Private
58 12/8/6255 PICK‘NPAYNON-CONTRIBUTORYPROVIDENTFUND 19 705 Private
59 12/8/4557 PRUDENTRETIREMENTANNUITYFUND 19 456 Underwritten
60 12/8/1057 RETAILRETIREMENTFUND 19 326 Private
61 12/8/559 DEBEERSPENSIONFUND 18 693 Private
62 12/8/4317 PERPETUARETIREMENTANNUITYFUND 18 582 Underwritten
63 12/8/27974 LIFESTYLERETIREMENTPRESERVERPENSIONPLAN 18 412 Underwritten
64 12/8/31013 IMPERIALGROUPPROVIDENTFUND 18 323 Private
65 12/8/29100 ANGLOGOLDMEDICALBENEFITPROVIDENTFUND 18 291 Private
66 12/8/27139 MASAKHANEPROVIDENTFUND(1998) 18 211 Private
67 12/8/7755 NORTHANDWESTBOLANDBUILDINGINDUSTRYPENSIONSCHEME 17 653 Private
68 12/8/32435 DURBANPENSIONFUND 17 070 Private
69 12/8/25953 BLOEMFONTEINBUILDINGINDUSTRYPROVIDENTFUND 16 485 Private
70 12/8/34384 EDCONPROVIDENTFUND 16 418 Private
71 12/8/27975 LIFESTYLERETIREMENTPRESERVERPROVIDENTFUND 16 056 Underwritten
72 12/8/37676 DESTINYPROVIDENTFUND 15 800 Underwritten
73 12/8/34855 ABSASMALLENTERPRISEPROVIDENTFUND 15 065 Private
74 12/8/23803 PRINTINGINDUSTRYPENSIONFUNDFORSATUMEMBERS 14 760 Private
75 12/8/29493 NEDGROUPDEFINEDCONTRIBUTIONPROVIDENTFUND 14 388 Private
76 12/8/34199 PROVISIONFUND 14 340 Underwritten
77 12/8/32082 FUNDSATWORKUMBRELLAPENSIONFUND 14 211 Underwritten
78 12/8/909 CAPEMUNICIPALPENSIONFUND 14 180 Private
79 12/8/33661 OLDMUTUALSTAFFRETIREMENTFUND 14 074 Private
80 12/8/28359 THEHOSPITALITYANDGENERALPROVIDENTFUND 14 031 Private
81 12/8/5812 WOOLWORTHSGROUPRETIREMENTFUND 13 269 Private
82 12/8/27484 ISCOREMPLOYEES’UMBRELLAPROVIDENTFUND 12 875 Private
83 12/8/36749 RETIREMENT-ON-LINEPROVIDENTFUND 12 788 Private
84 12/8/36361 NETCARE1999PROVIDENTFUND 12 423 Private
85 12/8/21917 REINFORCEDPROVIDENTFUND 12 384 Private
TABLE 12 - TOP 100 FSB REGISTERED FUNDS RANKED IN ORDER OF MEMBERSHIP - CONTINUED
24
NO. FUND NO. FUND NAMEMEMBERS
TOTALFUND TYPE
86 12/8/5207 MOORGATERETIREMENTANNUITYFUND 11 947 Underwritten
87 12/8/20362 PROTEKTORPRESERVATIONPROVIDENTFUND 11 837 Underwritten
88 12/8/34811 AMPLATSMINESRETIREMENTFUND(PENSIONSECTION) 11 709 Private
89 12/8/34812 AMPLATSMINESRETIREMENTFUND(PROVIDENTSECTION) 11 669 Private
90 12/8/26805 CONSTRUCTIONINDUSTRYRETIREMENTBENEFITFUND 11 603 Private
91 12/8/31014 IMPERIALGROUPPENSIONFUND 11 595 Private
92 12/8/26585 PPWAWUNATIONALPROVIDENTFUND 11 457 Private
93 12/8/28800 SANLAM BEWARINGSPENSIOENFONDS 11 411 Underwritten
94 12/8/22622 INVESTECINVESTMENT-LINKEDRETIREMENTANNUITY 11 256 Private
95 12/8/34446 MEDI-CLINICRETIREMENTFUND 11 128 Private
96 12/8/30549 SATUNATIONALPROVIDENTFUND 11 051 Private
97 12/8/36961 EJOBURGRETIREMENTFUND 11 028 Private
98 12/8/37096 AONUMBRELLAPROVIDENTFUND 10 829 Private
99 12/8/36719 BRIDGINGPROVIDENTFUND 10 822 Private
100 12/8/3722 CITYOFJOHANNESBURGPENSIONFUND 10 755 Private
Note: 1. This table includes funds that had submitted as at the cut-off date of 4 March 2009.
2. Membership relating to unclaimed benefits have been included in this table.
TABLE 12 - TOP 100 FSB REGISTERED FUNDS RANKED IN ORDER OF MEMBERSHIP - CONTINUED
25
(A) BENEFIT ADMINISTRATORS
NO. NAME POSTAL ADDRESS24/246 ABSAINVESTMENTMANAGEMENTSERVICES(PTY)LTD POBOX974JOHANNESBURG200024/502 ABSATRUSTLIMITED POBOX4167FOURWAYS205524/451 ADMINPEOPLE(PTY)LTD POBOX4THEWOODLANDSGAUTENG208024/371 ADVICEATWORK(PTY)LTD PO BOX 61454 MARSHALLTOWN 210724/376 AFRICANLIFEASSURANCECOLTD POBOX1941HOUGHTON204124/352 AKANIRETIREMENTFUNDADMINISTRATORS(PTY)LTD PRIVATE BAG X36 KEMPTON PARK 162024/472 ALEXANDERFORBESFINANCIALSERVICES(PROPRIETARY)LTD PO BOX 787240 SANDTON 214624/458 ALEXANDERFORBESINDIVIDUALCLIENTADMINISTRATION(PROPRIETARY)
LIMITEDPO BOX 787240 SANDTON 2146
24/331 ALEXANDER FORBES LIFE LIMITED PO BOX 787240 SANDTON 214624/392 ANGLO OPERATIONS LIMITED PO BOX 61587 MARSHALLTOWN 210724/237 AONCONSULTINGSA(PTY)LTD PO BOX 1874 PARKLANDS 212124/462 AONSAPTYLTD PO BOX 1874 PARKLANDS 212124/263 ARCAYPRIVATEFINANCIALSERVICESEMPLOYEEBENEFITS(PTY)LTD POBOX1741HOUGHTON204124/416 ARLENTATRANSACTIONALSERVICES(PTY)LTD POBOX487CENTURYCITY744624/346 BAMBANANIBENEFITADMINISTRATORS(PTY)LTD PO BOX 19749 PRETORIA WEST 011724/474 BARGAININGCOUNCILFORTHEFURNITUREMANUFACTURINGINDUSTRY,
KWAZULU–NATALPOBOX1554DURBAN4000
24/226 BENSUREMANAGEMENTSERVICES(PTY)LTD POBOX3315RANDBURG212524/491 BOPHELOTRUSTSERVICES(PTY)LTD PO BOX 61203 MARSHALLTOWN 200024/395 BORWAFINANCIALSERVICES(PTY)LTD PO BOX 62244 MARSHALLTOWN 200024/218 BREFCO(PTY)LTD PO.BOX826WILGEHEUWEL173624/50 BROKSUREADMINISTRATORS(PTY)LTD PO BOX 16254 VLAEBERG 801824/504 CADIZ LIFE LIMITED PO BOX 299 SIMON’S TOWN 799524/102 CAPITAL ALLIANCE LIFE LTD PO BOX 260569 EXCOM 202324/22 CASSIENELLATTORNEYNOTARY&CONVEYANCE PO BOX 699 EDENVALE 219524/441 CEDAREMPLOYEEBENEFITS&CONSULTANTS(PTY)LTD POBOX2140HOUGHTON204124/232 CHAMPAGNETRUST(THE) PO BOX 699 EDENVALE 161024/240 CHANNE FINANCIAL SERVICES CC POBOX503UVONGO427024/361 CHANNEL LIFE LIMITED POBOX1273PARKLANDSJOHANNESBURG200024/225 CHANNEL MANAGEMENT SERVICES POBOX1273PARKLANDSJOHANNESBURG200024/357 CRYSTALRETIREMENTBENEFITS(PTY)LTD SUITE77PRIVATEBAGX6NORWOOD211724/389 DEWET’SINGELYF POBOX158KRUGERSDORP174024/298 DELOITTE&TOUCHEACTUARIESANDCONSULTANTS(PTY)LIMITED PO BOX 1986 GALLO MANOR 205224/405 DEON HATTINGH & ASSOCIATES CC PO BOX 2999 WILRO PARK 173124/374 DISCOVERYLIFELIMITED PO BOX 78722 RIVONIA 212824/131 DURANDJURGENS&ASSOCIATES(PTY)LTD PO BOX 7189 CRESTA 211824/424 DYNAMICWEALTHADMINISTRATORS(PTY)LTD POBOX11657ERASMUSKLOOF004824/402 DYNAM-IQUESACONSULTANTSANDACTUARIES(PROPRIETARY)LIMITED POSTNETSUITE306PRIVATEBAGX30500
HOUGHTON2041
24/296 EDGEEMPLOYEEBENEFITS(PTY)LTD PRIVATE BAG X9 BENMORE 201024/397 EFSINVESTMENTSOLUTIONS(PTY)LTD POBOX7520CENTURION004624/323 ENIGMASOLUTIONS POBOX1659RANDBURG212524/415 ETHEKWINIMUNICIPALITY POBOX1017DURBAN400024/396 EVERESTCORPORATEBENEFITS(PTY)LTD PO BOX 92386 NORWOOD 211724/115 EVOLUTIONCORPORATEBENEFITS(PTY)LTD PO BOX 1829 MILNERTON 743524/483 FAIRHEADSBENEFITSERVICES(PTY)LTD PO BOX 4392 CAPE TOWN 800024/313 FAIRSUREFUNDADMINISTRATORS(PTY)LTD PO BOX 15499 PANORAMA 7506
TABLE 13 – FSB REGISTERED ADMINISTRATORS AS AT 4 MARCH 2009
26
NO. NAME POSTAL ADDRESS24/343 FAMETRUST(PTY)LTD PO BOX 6717 WESTGATE 173424/493 FEDGROWPTYLTD PO BOX 782823 SANDTON 214624/377 FIHRSTMANAGEMENTSERVICES(PTY)LTD PO BOX 781038 SANDTON 214624/274 FINANCIALADMINISTRATIONSOLUTIONS(PTY)LTD 18 GROTTO ROAD RONDEBOSCH 770024/167 FINANCIALSERVICESCORPORATION(TRANSVAAL)(PTY)LTD POBOX87463HOUGHTON204124/318 FIRSTLIGHTADMINISTRATIONSERVICES(PTY)LTD POSTNETSUITE96PRIVATEBAGX31005
PLUMSTEAD780124/487 FOSCHINIRETAILGROUP(PTY)LTD PO BOX 6020 PAROW EAST 750124/335 FUNDWISEMANAGEMENTSERVICES(PTY)LTD POSTNETSUITE163PRIVATEBAGX10
MUSGRAVEROAD406224/144 FUSSELL&ASSOCIATESEMPLOYEEBENEFITS(PTY)LTD POBOX391766BRAMLEY201824/267 GIBFINANCIALSERVICES(PTY)LTD POBOX3211HOUGHTON204124/54 GLASSOCK(PTY)LTD(REFERTOVICGLASSOCK&ASS) PO BOX 72280 PARKVIEW 212224/63 GLENRANDMIBBENEFITSERVICES(SOUTH)(PTY)LTD POBOX3529RANDBURG212524/349 GLOBALASSETMANAGEMENT&FINANCIALSERVICES(PTY)LTD PO BOX 73614 FAIRLAND 203024/476 GLOBALINDEPENDENTADMINISTRATORS(PTY)LTD POSTNETSUITE208PRIVATEBAGX9BENMORE
201024/418 GM DE KLERK INCORPORATED PO BOX 61750 MARSHALLTOWN 210724/449 GQMFUNDADMINISTRATORS(PTY)LTD POSTNET NO 277 PRIVATE BAG X19 GARDENVIEW
BEDFORDVIEW 204724/366 HARRISDOWDEN&FONTAINECHARTEREDACCOUNTANTS(SA) PO BOX 651129 BENMORE 201024/220 HIBISCUSFINANCIALBROKERS(PTY)LTD PO BOX 357 MARGATE 427524/233 HOLLARDLIFEASSURANCECOMPANYLTD POBOX2697RANDBURG212524/369 INTEGRATEDFUTURES POSTNETSUITE156PRIVATEBAGX10015
RANDBURG212824/414 INTEGRITYRETIREMENTFUNDADMINISTRATORS(PTY)LTD POBOX11089ERASMUSKLOOF004824/49 INVESTECEMPLOYEEBENEFITSLIMITED PO BOX 785700 SANDTON 2146 24/439 INVESTECPERSONALFINANCIALSERVICES(PTY)LTD PO BOX 78055 SANDTON 214624/248 INVESTECPRIVATETRUSTLIMITED PO BOX 786800 SANDTON 214624/347 ISSEMPLOYEEBENEFITSADMINISTRATION(PTY)LTD PO BOX 1699 SAXONWORLD 213224/80 JEREMYGALLET&ASSOCIATES(PTY)LTD PO BOX 359 SAXONWOLD 213224/251 KEYTRENDSMANAGEMENTSERVICES POBOX25415MONUMENTPARK010524/465 KOPANOEMPLOYEEBENEFITS(PTY)LTD POBOX4590RANDBURG212124/289 LANCE VAN DRIEL & ASSOCIATES CC PO BOX 16350 VEGANVIEW 161224/463 LIBERTYPRIVATEFUNDSADMINISTRATORS POBOX10499JOHANNESBURG200024/55 LIFESENSEFINANCIALSERVICESADMINISTRATIONDIVISION(PTY)LTD PRIVATEBAGX135BRYANSTON202124/293 LIONOFAFRICAADMINISTRATIONSERVICES(PROPRIETARY)LIMITED PRIVATEBAGX1MOWBRAY770524/159 MCUBEDEMPLOYEEBENEFITS(PTY)LTD PO BOX 2305 BEDFORDVIEW 200824/117 MCUBEDLIFELIMITED PO BOX 41259 CRAIGHALL 202424/368 MASTERBUILDERSASSOCIATION(MBA)FREESTATE PO BOX 542 WELKOM 946024/450 MAXIMEMPLOYEEBENEFITS(PROPRIETARY)LIMITED PO BOX 32525 BRAAMFONTEIN 201724/453 METROPOLITANRETIREMENTADMINISTRATORS(PROPRIETARY)LIMITED PO BOX 2212 BELLVILLE 7535
24/283 MORITINGEMPLOYEEBENEFITS PO BOX 260226 EXCOM 202324/486 MORITING WEALTH MANAGERS PO BOX 273 BASSONIA 206124/79 MULTILECTADMINISTRATORS(PTY)LTD PO BOX 359 SAXONWOLD 213224/257 NBCEMPLOYEEBENEFITS(PTY)LTD PO BOX 32528 BRAAMFONTEIN 201724/330 NBCFUNDADMINISTRATIONSERVICES(PTY)LTD PO BOX 32528 BRAAMFONTEIN 201724/256 NBCNEGOTIATEDBENEFITSCONSULTANTS(PTY)LTD PO BOX 32528 BRAAMFONTEIN 201724/334 NEDGROUPLIFEASSURANCECOMPANYLIMITED PO BOX 149175 EAST END 401824/42 NICOLLAIDLAWDYNES&ASSOCIATESCC PO BOX 5721 WALMER 6065
TABLE 13 – FSB REGISTERED ADMINISTRATORS AS AT 4 MARCH 2009 - CONTINUED
27
NO. NAME POSTAL ADDRESS24/307 NMGCONSULTANTSANDACTUARIESADMINISTRATORS(PROPRIETORY)
LIMITEDPOBOX3075RANCBURG2125
24/324 OASISCRESCENTRETIREMENTSOLUTIONS(PTY)LTD PO BOX 1217 CAPE TOWN 800024/161 OLDMUTUALINVESTMENTADMINISTRATORS(PTY)LTD PO BOX 5408 CAPE TOWN 800024/35 OLDMUTUALLIFEASSURANCECOMPANY(SOUTHAFRICA)LIMITED PO BOX 1014 CAPE TOWN 800024/501 OLDMUTUALTRUSTLIMITED PO BOX 206 CAPE TOWN 800024/213 OVATIONGLOBALINVESTMENTSERVICES(PTY)LTD POBOX487CENTURYCITY744624/242 P & D FINANCIAL SERVICES CC PO BOX 13454 NORTHMEAD BENONI 151124/468 PANAFRICANBENEFITSERVICES(PTY)LIMITED POBOX69439BRYANSTON202124/322 PENPROADMINISTRATORS(PTY)LIMITED PO BOX 14656 FARRAMERE 151824/388 PIONEEREMPLOYEEBENEFITS(PTY)LTD PO BOX 52156 SAXONWOLD 213224/266 PROVIDENCEHEALTHCARERISKMANAGERS(PTY)LTD PO BOX 1672 PORT ELIZABETH 600024/221 PSICONSULTING(PTY)LTD PO BOX 652849 BENMORE 201024/280 REGENTLIFEASSURANCECOMPANYLTD PO BOX 4155 EDENVALE 161024/21 RENTMEESTERASSURANCELTD PO BOX 403 PRETORIA 000124/275 RETFUNDCONSULTANTSANDADMINISTRATORS PO BOX 2313 WINGATEPARK 015324/279 RETIREMENTFUNDSOLUTIONSHOLDINGS(PTY)LTD PO BOX 13355 HATFIELD PRETORIA 002824/469 RFSADMINISTRATORS(PTY)LTD PO BOX 13355 HATFIELD 002824/112 ROBSONSAVAGE(PTY)LTD POBOX3041HOUGHTON204124/378 ROODT INCORPORATED PO BOX 78894 SANDTON 214624/508 SANLAMTRUSTLIMITED PO BOX 1260 SANLAMHOF 753224/76 SANLAMUMBRELLAFUNDADMINISTRATORS(PTY)LTD POBOX18403WYNBERG782424/155 SCIENTIAACTUARIES&CONSULTANTS(PTY)LTD POSTENETSUITE190PRIVATEBAGX26
SUNNINGHILL215724/399 SELF-ASSURANCEBENEFITADMINISTRATORS(PTY)LTD POBOX87343HOUGHTON204124/408 SHERNOLRETIREMENTADMINISTRATOR(PTY)LTD POBOX84MEYERTON196024/381 SILICAFINANCIALADMINISTRATIONSOLUTIONS(PTY)LTD POSTNET 361 PRIVATE BAG X9 BENMORE 201024/336 SMEBENEFITADMINISTRATORS(PTY)LTD PO BOX 1252 LONEHILL 206224/134 SOUTHCITYEMPLOYEEBENEFITCONSULTANTS(PTY)LTD PO BOX 1470 PORT ELIZABETH 600024/359 SOUTHERNAFRICAQUANTUMBENEFITS(PTY)LTD PO BOX 781687 SANDTON 214624/297 SOVEREIGNFAIRSUREEMPLOYEEBENEFITS(PTY)LTD(GAUTENG) POBOX76470WENDYWOOD2144
24/143 SPECIALISTFUNDADMINISTRATORSCC PO BOX 1254 KLOOF 125424/394 SPEKTROFINADMINISTRATORS(PTY)LTD POSTNETSUITE169PRIVATEBAGX18LYNWOOD
RIDGE 004024/400 TABENGADMINISTRATIONSOLUTIONS(PTY)LTD PO BOX 35346 MENLO PARK 010224/495 TDFUNCLAIMEDBENEFITFUNDADMINISTRATIONSERVICESPTYLTD POSTNETSUITE96PRIVATEBAGX3PLUMSTEAD
7800
24/284 TEN-50-SIX HOLDINGS LTD PO BOX 23204 CLAREMONT 7735 24/111 TENNANTBENEFITCONSULTANTS(PTY)LTD POBOX64BUCCLEUCH206624/66 THERONDUPLESSISMANAGEMENTSERVICES(PTY)LTD POBOX48MIDDELBURGEASTERNCAPE590024/133 TMAINVESTMENTPRODUCTSSERVICES(PTY)LTD PO BOX 783113 SANDTON 219624/431 TRANSPARENTFINACIALSERVICES(PTY)LTD PO BOX 12722 THE TRAMSHED 012524/71 TRILOGYBENEFITSGROUP(PTY)LTD PRIVATEBAGX87BRYANSTON202124/64 ULTIMATEFUNDADMINISTRATORS(PTY)LTD PO BOX 721 CRAMERVIEW 206024/308 UMBRELLAMANAGEMENTSERVICESCOMPANY PO BOX 411589 CRAIGHALL 202424/404 VAUGHNSTERLINGPENSIONS(PTY)LTD PO BOX 98181 WATERKLOOF HEIGH PRETORIA
006524/292 VERSOFINANCIALSERVICES(PTY)LTD POBOX4300TYGERVALLEY753624/432 WA DAVIDSON CC PRIVATEBAGX3060RANDBURG212524/417 WELLSFABER ASSET MANAGEMENT PO BOX 312 RONDEBOSCH 7701
TABLE 13 – FSB REGISTERED ADMINISTRATORS AS AT 4 MARCH 2009 - CONTINUED
28
NO. NAME POSTAL ADDRESS24/60 WITWATERSRANDPENSIONADMINISTRATORS(PTY)LTD PO BOX 1760 NORTHCLIFF 211524/147 WYNNE-JONES&COMPANYEMPLOYEEBENEFITSCONSULTANTS(PTY)LTD POBOX2140HOUGHTON2041
( B) INVESTMENT ADMINISTRATORS
NO. NAME POSTAL ADDRESS24/478 27FOURINVESTMENTMANAGERS(PTY)LTD PO BOX 522417 SAXONWOLD 213224/190 ABVEST ASSOCIATES LIMITED PRIVATE BAG X291509 MELVILLE 210924/329 ACSIS LIMITED PO BOX 44604 CLAREMONT 773524/401 ADVANTAGEASSETMANAGERS(PTY)LTD PO BOX 330 GALLO MANOR 205224/471 AFCINVESTMENTMANAGEMENT(PTY)LTD 2NDFLOORDOUGLASMURRAYHOUSE18
PROTEA ROAD NEWLANDS 770024/422 AFENACAPITAL(PROPRIETARY)LIMITED PO BOX 23883 CLAREMONT 773524/69 ALLANGRAYGROUPLIMITED PO BOX 51318 V&A WATER FRONT 802024/437 ALLANGRAYLIMITED PO BOX 51318 WATERFRONT CAPE TOWN 800224/436 ALLANGRAYSOUTHAFRICA(PROPRIETARY)LIMITED PO BOX 51318 WATERFRONT CAPE 800224/158 APPLETON ASSET MANAGEMENT LTD POBOX2105JOHANNESBURG200024/434 ARGONASSETMANAGEMENT(PTY)LTD PO BOX 482 CAPE TOWN 800024/276 AURICAFINANCIALSERVICESGROUP(PTY)LTD PO BOX 811 SAXONWOLD 213224/364 BARNARDJACOBSMELLETPRIVATECLIENTSERVICES(PTY)LTD PO BOX 3359 PARKLANDS 212124/355 BOE(PTY)LIMITED PO BOX 86 CAPE TOWN 800024/177 BOE ASSET MANAGEMENT LTD PO BOX 86 CAPE TOWN 800024/350 CADIZAFRICANHARVESTASSETMANAGEMENT(PTY)LTD POBOX863DURBANVILLE755124/410 CADIZASSETMANAGEMENT(PTY)LTD PO BOX 44547 CLAREMONT 773524/473 CAPSTONE96PIT/AMAESTROINVESTMENTCONSULTING PO BOX 1289 CAPE TOWN 800024/390 CATALYSTFUNDMANAGERS(PTY)LTD PO BOX 44845 CLAREMONT 773524/430 CLUCASGRAYLIMITED PRIVATE BAG X1 MELROSE ARCH 207624/97 COMMERCIALUNIONINVESTMENTMANAGEMENT(SA)LTD PO BOX 2858 CAPE TOWN 800024/341 CONSILIUMCAPITALSA(PROPRIETARY)LIMITED PO BOX 2512 PARKLANDS 212124/353 CORNERSTONEFUNDMANAGERS(PTY)LTD PO BOX 4301 PRETORIA 000124/31 CORONATIONASSETMANAGEMENT(PTY)LTD PO BOX 993 CAPE TOWN 800024/363 CORPORATEMONEYMANAGERS(PTY)LTD PO BOX 41259 CRAIGHALL 202424/457 DISCOVERYLIFEINVESTMENTSERVICES(PROPRIETARY)LIMITED PO BOX 786722 RIVONIA 212824/311 DWMASSETMANAGEMENT(PTY)LTD POBOX11657ERASMUSKLOOF004824/479 EDGECAPITAL(PTY)LTD POBOX4188TYGERVALLEY753624/344 FAMEPORTFOLIOS(PTY)LTD PO BOX 6717 WESTGATE 173424/224 FENESTRAASSETMANAGEMENT(PTY)LTD PO BOX 45085 CLAREMONT 773524/189 FIRSTNATIONALASSETMANAGEMENT&TRUSTCOMPANY(PTY)LTD POBOX6901JOHANNESBURG200024/25 FOORDASSETMANAGEMENT(PTY)LTD PO BOX 135 HOWARD PLACE 745024/259 FRATER,LUYT&ASSOCIATES(PTY)LTD PO BOX 13 CAPE TOWN 800024/412 FUTUREGROWTH(PTY)LTD PRIVATE BAG X6 NEWLANDS 772524/480 HERMES ASSET MANAGEMENT PO BOX 53405 KENILWORTH 774524/373 HUYSAMERCAPITALINVESTMENTS(PTY)LTD PO BOX 98663 SLOANE PARK 215224/250 INDEPENDENTSECURITIESPTY POBOX2849HOUGHTON204124/348 INTERNEURON(PTY)LTD TERRACE T8 THE VILLAGE , BEACH ROAD
HOUTBAY780624/419 INTERNEURONCAPITALLIMITED TERRACE T8 THE VILLAGE , BEACH ROAD
HOUTBAY780624/61 INVESTECASSETMANAGEMENT(PTY)LTD POBOX3444TYGERVALLEY753624/356 INVESTECPORTFOLIOMANAGEMENT(PTY)LTD POBOX131186BRYANSTON2021
TABLE 13 – FSB REGISTERED ADMINISTRATORS AS AT 4 MARCH 2009 - CONTINUED
29
NO. NAME POSTAL ADDRESS24/387 INVESTECSECURITIESLIMITED PO BOX 78055 SANDTON 219624/426 JMBUSHAASSETMANAGERS(PTY)LTD PO BOX 31250 BRAAMFONTEIN 201724/391 KAGISOASSETMANAGEMENT(PTY)LTD PO BOX 1016 CAPE TOWN 800024/420 LEREKOMETIERCAPITALGROWTHFUNDMANAGERS(PTY)LTD PRIVATE BAG X11 NORTHLANDS 211624/433 LIFESTYLEANDWEALTHMANAGEMENT(PTY)LTD PO BOX 813 CRAMERVIEW 206024/365 MCUBEDASSETMANAGEMENT(PTY)LTD PO BOX 41259 CRAIGHALL 202424/212 MAWENZIASSETMANAGERS(PTY)LTD PRIVATE BAG X23736 CLAREMONT 773524/459 MEAGOTRADING(PTY)LTDT/A(‘MEAGO’) PO BOX 1180 EDENVALE 161024/484 MEDSCHEMEASSETMANAGEMENT(PTY)LTD POBOX70093BRYANSTON202124/14 MELVILLEDOUGLASINVESTMENTMANAGEMENT(PTY)LTD PO BOX 411184 CRAIGHALL 202424/398 MERGENCEAFRICAINVESTMENTS(PTY)LTD PO BOX 8257 ROGGEBAAI 801224/442 METROPOLITAN ASSET MANAGERS LIMITED PO BOX 2500 BELLVILLE 753524/375 MONEY-CAPASSETMANAGEMENT(PTY)LTD PO BOX 6485 WELTEVREDENPARK 171524/254 NEWREPUBLICBANKASSETMANAGEMENT(PTY)LTD PO BOX 784647 SANDTON 214624/345 NOBLEPRIVATEPORTFOLIOS(PTY)LTD PO BOX 73022 FAIRLAND 203024/454 NOVAREACTUARIESANDCONSULTANTS(PTY)LTD POBOX4742TYGERVALLEY753624/456 NOVAREINVESTMENTS(PTY)LTD POBOX4742TYGERVALLEY753624/236 OASISASSETMANAGEMENT(PTY)LTD PO BOX 1217 CAPE TOWN 800024/445 OASISCRESCENTCAPITAL(PTY)LTD PO BOX 1217 CAPE TOWN 800024/481 OBSIDIANCAPITAL(PTY)LIMITED PO BOX 1642 CRAMERVIEW 206024/126 OLDMUTUALINVESTMENTGROUP(SOUTHAFRICA)PTYLTD PO BOX 878 CAPE TOWN 800024/285 PEREGRINEQUANT(PTY)LIMITED PO BOX 44586 CLAREMONT 773524/494 PIFASSETMANAGEMENT(PTY)LTD PRIVATE BAG X15 MENLO PARK24/498 PLEXUSASSETMANAGEMENT(PTY)LTD POBOX863DURBAVILLE756024/429 POLARISCAPITAL(PTY)LTD PO BOX 23851 CLAREMONT 773524/421 PRODIGY-CORISASSETMANAGEMENT PO BOX 44547 CLAREMONT 773524/67 PRUDENTIALPORTFOLIOMANAGERS(SA)(PTY)LTD PO BOX 44813 CLAREMONT 773524/407 PSGKONSULTFINANCIALPLANNING(PTY)LTD POBOX1743HERMANUS720024/460 QTCAPITALMANAGEMENT(PTY)LTD PO BOX 413407 CRAIGHALL 202424/46 QUAYSTONELTD PO BOX 1843 SAXONWOLD 213224/303 QUYNMARTINASSETMANAGEMENT(PTY)LTD PO BOX 78055 SANDTON 214624/340 RE:CMHOLDINGS(PTY)LTD PO BOX 51615 WATERFRONT 800224/294 REALAFRICAASSETMANAGEMENT(PTY)LTD PO BOX 44946 CLAREMONT 773524/406 REGARDINGCAPITALMANAGEMENT(PTY)LTD PO BOX 45040 CLAREMONT 773524/489 RISCURASOLUTIONS(PTY)LTD POSTNETSUITE116PRIVATEBAGX1MELROSE
ARCH 207624/34 RMBASSETMANAGEMENT(PTY)LTD PO BOX 783414 SANDTON 214624/342 RMB PRIVATE BANK PO BOX 78243 SANDTON 214624/81 ROBERTCOWENINVESTMENTS(PTY)LTD PO BOX 52784 SAXONWOLD 213224/393 ROCKLANDASSETMANAGEMENT&CONSULTING(PTY)LTDT/AROCKLAND
INVESTMENT MANAGEMENT (“RIM”)SUITEOFNAUTICA,THEWATERCLUBBEACHROADMOUILLEPOINT8005
24/258 SANLAMINVESTMENTMANAGEMENT(PTY)LTD PRIVATEBAGX8TYGERVALLEY753624/435 SANLAMMULTI-MANAGERINTERNATIONAL(PTY)LTD PRIVATEBAGX8TYGERVALLEY753624/380 SANLAMPRIVATEINVESTMENTS(PTY)LTD PRIVATEBAGX8TYGERVALLEY753624/411 SASFINFRANKELPOLLAKSECURITIES(PTY)LTD POBOX299JOHANNESBURG200024/475 SHAREMAXPREMIUM(PTY)LTD POBOX1967BROOKLYNSQUARE007524/337 SIMEKA FINANCIAL SERVICES PO BOX 790 PARKLANDS 212124/482 SORTINOFUNDMANAGERS(PTY)LTD POBOX3444TYGERVALLEY753224/262 SOUTHERNASSETMANAGEMENT(PTY)LTD PO BOX 20 NEWLANDS 772524/135 STANDARD CORPORATE & MERCHANT BANK PO BOX 61344 MARSHALLTOWN 210724/122 STANLIB ASSET MANAGEMENT LIMITED PO BOX 203 MELROSE ARCH 2076
TABLE 13 – FSB REGISTERED ADMINISTRATORS AS AT 4 MARCH 2009 - CONTINUED
30
NO. NAME POSTAL ADDRESS24/288 TAQUANTAASSETMANAGERS(PTY)LTD PO BOX 23540 CLAREMONT 773524/428 TEN-50-SIX LIFE LIMITED POBOX13567MOWBRAY770524/440 TRIALPHAIINVESTMENTMANAGEMENT(PTY)LTD PO BOX 51608 V & A WATERFRONT 800224/187 TRI-LINEARASSETMANAGEMENT(PTY)LTD PO BOX 819 HOWARD PLACE 745024/18 TRI-LINEAR INVESTMENT MANAGERS PO BOX 4392 CAPE TOWN 800024/3 UALMERCHANTBANKLTD PO BOX 206 CAPE TOWN 800024/339 UMBONOFUNDMANAGERS(PTY)LTD POSTNETSUITE201PRIVATEBAGX30500
HOUGHTON204124/204 VALUEPORTFOLIOMANAGERS(PTY)LTD PO BOX 1727 BEDFORDVIEW 200824/268 VELOCITYASSETMANAGEMENT(PTY)LTD PRIVATE BAG X1005 CLAREMONT 773524/455 VERSOMULTIMANAGER(PTY)LTD POBOX4300TYGERVALLEY7536
(C) BENEFIT ADMINISTRATORS & INVESTMENT MANAGERS
NO. NAME POSTAL ADDRESS24/444 10XINVESTMENT(PTY)LTD SUITE219BSOVEREIGNQUAYS34SOMERSET
ROAD GREENPOINT 800524/403 ALLANGRAYINVESTMENTSERVICESLIMITED PO BOX 21318 WATERFRONT CAPE TOWN 800224/413 BREAKWATERCAPITAL(PTY)LTD 1STFLOOR7WESTQUAYROADV&A
WATERFRONT 800124/272 CITADELADMINISTRATIONSERVICES(PTY)LTD PO BOX 23388 CLAREMONT 773524/245 CORISCAPITAL(PTY)LTD PRIVATE BAG X14 HIGHVELD PARK 016924/171 EKURHULENIMETROPOLITANMUNICIPALITY PO BOX 3 BEDFORDVIEW 200824/327 GLACIERFINANCIALSOLUTIONS(PTY)LIMITED PRIVATEBAGX5TYGERVALLEY753624/223 GOLDING,TORR&DEDECKER(PTY)LTD PO BOX 786347 SANDTON 214624/314 GRANTTHORNTONCAPITAL(PTY)LTD PRIVATE BAG X 28 BENMORE 201024/372 IDEADMINISTRATORS(PTY)LTD POBOX487CENTURYCITY744624/98 INDEPENDENT NEWSPAPERS HOLDINGS LTD POBOX1014JOHANNESBURG200024/59 INVESTEC INVESTMENT MANAGEMENT SERVICES PO BOX 785700 SANDTON 214624/217 INVESTMENTSOLUTIONSLTD PO BOX 786055 SANDTON 214624/286 J.R.WINSONTRADINGANDINVESTMENT(PTY)LTD 20 PITCHFORD ROAD NORTHCLIFF
JOHANNESBURG2195 24/5 JOHANNESBURGSTOCKEXCHANGE POBOX1174JOHANNESBURG2000 24/2 LIBERTYGROUPLIMITED POBOX10499JOHANNESBURG200024/207 MARRIOTTTRUST(PTY)LTD POBOX572DURBAN400024/142 METALINDUSTRIESBENEFITFUNDSADMINISTRATORS POBOX7507JOHANNESBURG200024/96 METROPOLITAN LIFE LTD PO BOX 2212 BELVILLE 753524/90 MOMENTUMGROUPLIMITED POBOX7400CENTURION004624/446 OLDMUTUALFUNDADMINISTRATIONSERVICES(PTY)LTD PO BOX 66 CAPE TOWN 800024/151 OLDMUTUALINVESTMENTSERVICES(PTY)LTD PO BOX 460 HOWARD PLACE 745024/94 PIETERMARITZBURG-MSUNDUZITRANSITIONALLOCALCOUNCIL POBOX261PIETERMARITZBURG320024/370 PRESCIENTINVESTMENTMANAGEMENT(PTY)LTD PO BOX 31142 TOKAI 796624/448 PSGFUTUREWEALTHLIMITED POBOX1273PARKLANDSJOHANNESBURG219624/145 PUBLICSERVANTSASSOCIATIONOFSA PO BOX 40404 ARCADIA 000724/227 REGALEMPLOYEEBENEFITSLTD PO BOX 1757 NORTHCLIFF 211524/85 SANLAM PO BOX 1 SANLAMHOF 753224/129 SOUTHAFRICANRESERVEBANK PO BOX 427 PRETORIA 000124/500 STANDARDEXECUTORSANDTRUSTEESLIMITED PO BOX 61373 MARSHALLTOWN 210724/178 STANLIB WEALTH MANAGEMENT LIMITED PO BOX 202 MELROSE ARCH 207624/150 UALINVESTMENTPLANNINGSERVICES(PTY)LTD POBOX582JOHANNESBURG2000
TABLE 13 – FSB REGISTERED ADMINISTRATORS AS AT 4 MARCH 2009 - CONTINUED
31
D) EMPLOYER ADMINISTRATORS
NO. NAME POSTAL ADDRESS24/194 ADCOCK INGRAM LTD POBOX2499HALFWAYHOUSE168524/47 ADMINISTRATIEWEBUROVANDIEGEREFORMEERDEKERKEINSA POBOX20004NOORDBRUG252224/19 AECI LTD PRIVATE BAG X21 GALLO MANOR 205224/383 ALITESCONSULTANTSANDACTUARIES(PTY)LTD PO BOX 646 PARKLANDS 212124/304 ASSUPOLLIFE PO BOX 35900 MENLO PARK 010224/139 BEACONREGISTRARS(PTY)LTD PO BOX 414041 CRAIGHALL 202424/149 BOE BANK BESIGHEIDSDIVISIE VAN BOE BANK BEPERK PO BOX 4 PAARL 762224/113 CGUINSURANCELTD POBOX3555JOHANNESBURG200024/228 CHAMBER OF MINES OF SA PO BOX 61809 MARSHALLTOWN 210724/174 COOPERS&LYBRANDINCORPORATED(JOHANNESBURG) POBOX2536JOHANNESBURG200024/104 CROCODILEVALLEYCITRUSCOMPANY(PTY)LTD PRIVATEBAG11210NELSPRUIT120024/239 CTP LIMITED PO BOX 6060 PAROW EAST 750124/438 EPECONSULTING PO BOX 553 BASSONIA 206124/136 EDGARS CONSOLIDATED STORES LTD PO BOX 200 CROWN MINES 202524/176 ELLERINE HOLDINGS LTD PO BOX 122 BEDFORDVIEW 200824/354 ESKOMPENSIONANDPROVIDENTFUND PRIVATEBAG50BRYANSTON202124/84 ESKORT LIMITED POBOX1ESTCOURT331024/106 FOSCHINIGROUP(PTY)LTD PO BOX 6020 PAROW EAST 750124/146 GRANT THORNTON KESSEL FEINSTEIN PRIVATE BAG X28 BENMORE 201024/301 IGOLIDEHEALTHNETWORK(PTY)LTD PRIVATE BAG X2053 CARLETONVILLE 250024/9 INDUSTRIALDEVELOPMENTCORPORATIONOFSALTD PO BOX 784055 SANDTON 214624/127 INTEROC(PTY)LTD PO BOX 607 SPRINGS 156024/206 JICMINING&CONSTRUCTION(PTY)LTD POBOX10654CENTURION004624/140 JOINTMUNICIPALPENSIONFUND PO BOX 13355 HATFIELD 002824/290 KLERKDORPMEDICALBENEFITSOCIETY PO BOX 326 KLERKSDORP 257024/209 KWAZULUNATALMASTERBUILDERS&ALLIEDINDUSTRIESASSOCIATION PO BOX 582 WESTVILLE 363024/162 LAND&AGRICULTURALBANKOFSA(LANDBANK) PO BOX 375 PRETORIA 000124/86 MARLEY(SA)(PTY)LTD PO BOX 127 OLIFANTSFONTEIN 166524/409 MEDSCHEMELIFEASSURANCECOMPANYLIMITED POBOX67335BRYANSTON202124/181 MERCANTILE BANK LTD PO BOX 782699 SANDTON 214624/114 METHODIST CONNEXIONAL OFFICE POBOX50216MUSGRAVE406224/10 MINESBENEFITSOCIETY POBOX23257JOUBERTPARK204424/78 MOTORINDUSTRYFUNDADMINISTRATORS(PTY)LTD PRIVATEBAGX10095RANDBURG212524/108 NEDERDUITSEGEREFORMEERDEKERKINSA PRIVAATSAK 8 BELLVILLE 753524/26 NEWCASTLETRANSITIONALLOCALCOUNCIL PRIVATE BAG X6621 NEWCASTLE 294024/235 NEWCOMENTRUSTCC PO BOX 26072 GEZINA 008424/121 PRESBYTERIANCHURCHOFSOUTHERNAFRICA PO BOX 96188 BRIXTON 201924/358 PRIMETANK(PTY)LTD PO BOX 55398 NORTHLANDS 211624/278 PROTHERMSYSTEMS(PTY)LTD POBOX1109BRAMLEY201824/170 RAND WATER POBOX1127JOHANNESBURG200024/15 SATYPOGRAPHICALUNION(SATU) PO BOX 1993 PRETORIA 000124/208 SPECIALIZEDENGINEERINGPRODUCTSCC PO BOX 2837 KEMPTON PARK 162024/125 ST ANNE’S DIOCESAN COLLEGE PRIVATEBAGX6002HILTONKWAZULU-NATAL
324524/200 STANDARD BANK OF SA LTD POBOX7758JOHANNESBURG200024/154 TONGAATHULETTLIMITED PO BOX 3 TONGAAT 440024/326 TRANSNET LTD PRIVATE BAG X41 BRAAMFONTEIN 201724/8 VRYSTAATMUNISIPALEPENSIOENFONDS PO BOX 843 KROONSTAD 9500
TABLE 13 – FSB REGISTERED ADMINISTRATORS AS AT 4 MARCH 2009 - CONTINUED
32
DESCRIPTION 2005 FUND COUNT COSTS/INCOME * 100 COSTS/ CONTRIBUTIONS* 100Funds with < 20 members 2 188 7.40% 28.03%Funds with < 50 members 811 5.64% 15.75%Funds with < 100 members 625 5.30% 15.02%Funds with < 200 members 568 4.65% 12.69%Funds with < 500 members 616 4.30% 13.11%Funds with < 1 000 members 336 3.65% 12.47%Funds with < 5 000 members 411 3.19% 11.55%Funds with < 10 000 members 54 3.62% 16.17%Funds with > 10 000 members 99 2.22% 8.36% Total funds sampled 5 708
DESCRIPTION 2006 FUND COUNT COSTS/INCOME * 100 COSTS/ CONTRIBUTIONS * 100Funds with < 20 members 1 494 5.98% 63.45%Funds with < 50 members 527 4.86% 20.58%Funds with < 100 members 434 5.54% 18.83%Funds with < 200 members 432 4.29% 16.16%Funds with < 500 members 539 3.90% 14.28%Funds with < 1 000 members 301 3.25% 12.83%Funds with < 5 000 members 385 2.90% 12.66%Funds with < 10 000 members 61 2.97% 14.69%Funds with > 10 000 members 101 0.15% 0.69% Total funds sampled 4 274
Note: 1. Costs includes reinsurance premiums, retirement fund tax, expenses incurred in managing investments and all items disclosed in note 11 of the financial
statements, e.g. actuarial fees, administration fees, audit fees, consulting fees, levies, penalties, trustee fees and remuneration, and principal officer expenses.
2. It does not include amounts allocated to unclaimed benefits as these costs have already been offset against unclaimed benefits in note 7 of the financial statements.
3. Auditfees:Underwrittenfundswererequiredtosubmitauditedannualfinancialstatementsfortheveryfirsttime,ashaspreviouslybeentherequirement
for privately administered funds. Funds with assets of less than R6 million are not compelled to conduct audits.
TABLE 14 - COST - TO - INCOME RATIOS OF FSB REGISTERED FUNDS
33
Notes2006
Current periodR’000
2005Previous period
R’000ASSETSNon-current assets 995 372 235 790 730 424Property, plant and equipment 1 17 444 11 584Investments (including investment properties) 2 993 812 314 789 571 781Housing loan facilities 1 498 580 1 143 559Surplus improperly utilised receivable 12 43 897 3 500
Current assets 17 308 211 14 161 986Transfers receivable 3 1 439 546 906 412Accounts receivable 5 756 098 4 512 015Contributions receivable 9 1 927 630 1 680 719Cash at bank 8 141 932 7 060 604Surplus improperly utilised receivable 12 43 005 2 236
Total assets 1 012 680 446 804 892 410
(Applicable to defined contribution funds)FUNDS AND LIABILITIESMembers’ funds and surplus accounts 645 801 495 511 826 136Members’ individual accounts 637 859 575 507 335 760Amounts to be allocated 13 7 393 686 4 049 774Member surplus account 548 234 440 602Reserves 79 222 480 65 942 150Reserve accounts 79 049 656 65 840 666Revaluation reserve: Property, plant and equipment 4 172 824 101 484Total funds and reserves 725 023 975 577 768 286
(Applicable to defined benefit funds)FUNDS AND LIABILITIESFunds and surplus accounts 243 581 774 194 389 780Accumulated funds 243 340 247 193 867 437Member surplus account 241 527 522 343Reserves 17 991 209 12 856 031Reserve accounts 4 703 203 3 944 022Revaluation reserve: Property, plant and equipment 4 13 288 006 8 912 009Total funds and reserves 261 572 983 207 245 811Non-current liabilities 5 189 554 3 283 278Employer surplus account 1 950 945 1 216 530Financial liabilities 50 402 117 857Provisions 149 103 74 748Unclaimedbenefits 7 3 039 104 1 874 143
Current liabilities 20 893 934 16 595 035Transfers payable 5 1 471 848 1 551 219Benefits payable 6.1 and 6.2 15 303 502 11 415 020Accounts payable 3 839 826 3 321 421Retirement fund taxation 8 278 758 307 375
Total funds and liabilities 1 012 680 446 804 892 410
TABLE 15 - STATEMENT OF NET ASSETS AND FUNDS OF FSB REGISTERED FUNDS
34
Notes2006
Current periodR’000
2005 Previous period
R’000
Contributions received and accrued 9 59 136 971 53 357 211Contributions transferred from reserve accounts 30 246 13 736Contributions transferred from surplus accounts 40 223 192 083Surplus improperly utilised 168 579 121 445Reinsurance proceeds 2 999 737 2 804 871Net investment income 10 198 656 963 146 102 920 (less) Allocated to unclaimed benefits 379 274 26 353Other income 10.1 7 225 258 4 424 978Less:Re-insurance premiums 4 363 674 4 062 762Administration expenses 11 3 657 241 2 890 841Retirement fund taxation 8 1 829 713 1 982 992Net income before transfers and benefits 258 028 075 198 054 296
Transfers and benefits 69 291 981 55 475 305Transfers from other funds 3 13 607 714 13 431 570(less)Transfers to other funds 5 8 776 258 5 675 911
(less) Benefits6.1.1 and
6.2.1 74 123 437 63 230 964
Net income after transfers and benefits 188 736 094 142 578 991
Funds and reserves 797 370 315 641 950 633Balance at beginning of period 795 898 161 640 094 390Prior period adjustments 2 292 777 1 040 743
Transfer between reserve accounts (442 665) 217 590Investment return allocated (201 216) (63 969)- Current members 65 490 83 857- Former members (7 602) (232)- Surplus and reserve accounts (259 104) (147 594)Surplus apportionment 604 108 261 828Revaluation surplus: Property, plant and equipment 4 0 1 714 536
Transfer between reserve accounts (245 741) (547 402)Employer surplus account 55 004 (559 719)Member surplus account (300 745) 12 317
Allocations to/from surplus accounts (673 107) 243 427Benefits to former members (675 659) 238 516Surplus transfers payments (38 973) 16 266Benefit enhancements - other (48 001) (2 786)Surplus transfers received (89 526) 8 569Balance at end of period 986 106 409 784 529 624
TABLE 16 - STATEMENT OF CHANGES IN NET ASSETS AND FUNDS OF FSB REGISTERED FUNDS
35
1. Property, plant and equipment
2006R’000
2005R’000
Gross carrying amountAt beginning of period 70 114 70 447Additions 11 790 3 044(less) Disposals 3 529 (499)Revaluation reserve 1 985 103Other movements (131) (285)At end of period 80 229 72 810
Accumulated depreciation and impairment 62 785 61 226At beginning of period 58 997 56 923Depreciation charges (6 773) (4 301)Accumulated depreciation on disposals 3 032 308Impairment 68 299Other movements (21) 11Net carrying amount at end of period 17 444 11 584
2. Investment summary
2006R’000
2005R’000
Cash and deposits 50 850 990 37 084 600Krugerrands 8 496 80Loans (other than housing loans) 1 106 758 662 488Debentures 5 393 974 537 318Bills, bonds and securities 82 434 974 72 020 942Investment properties 4 636 594 4 683 490Equities: 257 233 841 202 633 222 - Equities with primary listing on JSE 176 469 331 146 912 810 - Equities with secondary listing on JSE 38 301 131 36 954 772 - Foreign listed equities 38 542 850 15 822 658 - Equity index-linked instruments 516 392 127 212-Unlistedequities 3 404 137 2 815 770Preference shares 1 275 158 1 437 815Insurance policies: 496 843 226 392 538 434 - Non-linked related policies 196 062 801 139 044 234 - Linked related policies 300 780 425 253 494 200Collective investment schemes 76 483 542 60 638 071Derivative market instruments (58 494) 1 066 008Participating mortgage bonds 41 151 25 366Investment in participating employer(s) 14 443 373 13 202 644Other 3 118 731 3 041 303Total 993 812 314 789 571 781
TABLE 17 - NOTES TO THE FINANCIAL STATEMENTS OF FSB REGISTERED FUNDS
36
3. Transfers from other funds
2006 R’000
2005R’000
In terms of section 14 1 313 817 814 937 Transfers in terms of section 15B 103 960 244Individual transfers 21 735 83 610Prospective approvals in terms of section 14 34 7 621Total 1 439 546 906 412
Transfers approved 13 202 685 131 49 836Return on transfers 405 029 281 734Statement of changes in net assets and funds 13 607 714 13 431 570
4. Revaluation reserve - Property, plant and equipment
2006R’000
2005R’000
At beginning of period 9 378 014 5 848 136 Revaluation 4 082 816 4 879 893Impairments (less) 0 0Transfer to statement of changes in net assets and funds (less) 0 1 714 536 At end of period 13 460 830 9 013 493
5. Transfers to other funds
2006R’000
2005R’000
In terms of section 14 1 158 117 1 496 303 Transfers in terms of section 15B 12 583 401 Individual transfers 114 752 48 281 Prospective approvals in terms of section 14 186 396 6 234 Total 1 471 848 1 551 219
Transfers approved 8 175 681 5 328 452Return on transfers 600 577 347 459Statement of changes in net assets and funds 8 776 258 5 675 911
NOTES TO THE FINANCIAL STATEMENTS – CONTINUED
37
6. Benefits
6.1 Benefits – current members
2006R’000
2005R’000
Monthly pensions 933 617 371 833Lump sums on retirements 1 870 806 1 488 689
Full benefit 1 692 541 1 313 815Pensions commuted 178 265 174 874
Lump sums before retirement 9 930 135 8 816 263Disability benefits 245 162 560 317Death benefits 3 663 989 2 579 891Withdrawal benefits 5 653 438 5 286 318Retrenchment benefits 367 546 389 737
Minimum benefit payments made in terms of section 15 102 430 89 427Defaults - housing loan facilities 13 182 (2 564)Other 440 058 263 238Total (6.1) 13 290 228 11 026 888
Benefits for current period 71 177 534 62 077 197Return allocated 708 913 242 830Statement of changes in net assets and funds (6.1.1) 71 886 447 62 320 027
6.2 Benefits in terms of surplus apportionment
2006R’000
2005R’000
Enhancements to pensioners 17 614 110 800Enhancements to former members 1 995 660 277 332Total benefits (6.2) 2 013 274 388 132
Surplus allocated 1 690 429 859 986Return allocated 546 561 50 951Statement of changes in net assets and funds (6.2.1) 2 236 990 910 937
Total benefits (6.1+6.2) 15 303 502 11 415 020
NOTES TO THE FINANCIAL STATEMENTS – CONTINUED
38
7. Unclaimed benefits
2006R’000
2005R’000
At beginning of period 1 890 612 907 627Transferred from benefits payable 1 050 433 1 223 492Investment income allocated 379 274 26 257Less: 281 215 283 233
Tracing expenses 12 (11)Administration expenses 3 139 3 357Other expenses 25 433 21 248
Benefits paid 252 631 258 639Balance at end of period 3 039 104 1 874 143
8. Retirement fund taxation
2006R’000
2005R’000
Taxable income 17 292 406 13 687 920Less: Formulae reduction 4 615 438 3 011 491Retirement fund taxable amount 12 676 968 10 676 429
Retirement fund taxation at relevant rate 1 810 325 1 973 022Adjustments 19 388 9 970Retirement fund taxation (as per statement of changes in net assets and funds) 1 829 713 1 982 992
At beginning of period 322 729 312 724Retirement fund taxation 1 829 713 1 982 992Penalties and interest 1 193 1 603Other adjustments 4 214 (2 519)Retirement fund taxation paid 1 879 091 1 987 425Balance at end of period 278 758 307 375
NOTES TO THE FINANCIAL STATEMENTS – CONTINUED
39
9. Contributions (Note 1)
2006R’000
2005R’000
Member contributions - received and accrued 664 168 622 358Employer contributions - received and accrued 995 737 1 062 188Additional contribution in respect of actuarial shortfall 130 303 19 618Additionalvoluntarycontributions–employer 4 529 12 541Additionalvoluntarycontributions–members 3 658 2 508Other 129 235 (38 494 )
Total contributions receivable 1 927 630 1 680 719
Towards retirement 52 607 197 47 378 630Toward re-insurance and expenses 6 529 774 5 978 581Statement of changes in net assets and funds 59 136 971 53 357 211
Note: 1. In conclusion, the expectation of AVC (additional voluntary contributions) are in line with valuator’s recommendations and almost all of the above funds
showing negative AVC forms part of contributions receivable which are legislated in terms of section 13A of the Act.
NOTES TO THE FINANCIAL STATEMENTS – CONTINUED
40
10. Net investment income
2006R’000
2005R’000
Income from investments 49 910 696 35 978 359Dividends 8 180 057 6 964 356Interest 14 126 829 9 880 572Rentals 486 004 444 285Collective investment schemes distribution 4 092 375 2 015 152Income from insurance policies 23 025 431 16 673 994
Interest on late payment of contributions 26 091 37 101Interest levied on surplus improperly utilised 1 060 065 98 522Adjustment to fair value 150 470 851 112 092 690
201 467 703 148 206 672
Less: Expenses incurred in managing investments 2 784 403
2 078 976Less: Interest paid on borrowings 26 337 24 776Total 198 656 963 146 102 920
10.1 Other income
2006R’000
2005R’000
Bad debts recovered 995 570Other e.g. Security lending fees, profit on sale of investments and commission. 7 224 263 4 424 408
7 225 258 4 424 978
NOTES TO THE FINANCIAL STATEMENTS – CONTINUED
41
11. Administration expenses
Notes2006
R’0002005
R’000Actuarial fees 86 996 71 005Administration fees 2 079 406 1 571 186Audit fees 131 294 86 933
Audit services 121 563 83 192Expenses 2 899 2 158Other 6 832 1 583
Consultancy fees 268 125 136 119Depreciation - at cost 6 929 5 952Depreciation - at revaluation 87 96Fidelity Insurance 21 717 20 418Levies 105 843 97 800Other 704 045 663 086Office expenses 33 615 26 793Operating lease payments 11 495 1 161Penalties 3 564 472Principal officer expenses 11.3 22 622 22 564Staff expenses 11.2 137 612 149 712Secretarial fees 472 656Trustee fees and remuneration 11.1 46 558 40 245Less: Amount allocated to unclaimed benefits 3 139 3 357Total 3 657 241 2 890 841
11.1 Trustee expenses
2006R’000
2005R’000
Remuneration 11 757 10 530Meeting allowances 6 159 7 771Expenses 25 402 19 570Other payments 3 240 2 374Total 46 558 40 245
11.2 Staff expenses
2006R’000
2005R’000
Remuneration 107 106 120 620Contributions to retirement fund 11 504 8 031Training expenses 1 129 1 730Other payments 17 873 19 331Total 137 612 149 712
NOTES TO THE FINANCIAL STATEMENTS – CONTINUED
42
11.3 Principal officer expenses
2006R’000
2005R’000
Fees as trustee 3 745 1 927Remuneration 12 648 12 744Allowances 734 2 021Contributions to retirement fund 500 386Bonus 681 241Other payments 4 314 5 245Total 22 622 22 564
12. Surplus improperly utilised receivable
2006R’000
2005R’000
Opening balance 76 352 12 376Amount payable by employer 81 358 79 887Interest raised 10 494 15 473Less
Payments received 46 013 22 176Settlement from employer surplus account 35 813 79 824Other (524) 0
Total amount receivable 86 902 5 736
Disclosed as:Non-current portion 43 897 3 500Current portion 43 005 2 236
13. Amounts to be allocated
2006R’000
2005R’000
Surplus to be apportioned 924 092 447 736Investment return to be allocated 3 012 981 1 442 894Other, e.g. pending claims, unallocated deposits and investment return to be allocated 3 456 613 2 159 144
Total amounts to be allocated 7 393 686 4 049 774
NOTES TO THE FINANCIAL STATEMENTS – CONTINUED
43
R’000A Total assets of the fund as per Statement of Net Assets and Funds 1 012 680 446B Less: Non-investment items of Statement of Net Assets and Funds: 9,227,621
B.1 Property Plant and Equipment 17,444B.2 Current Assets (excluding cash at bank) 9,210,177
C Sub-total (A-B) 1,003,452,825
Categories of assets % Fair Value % ofFair Value
R’000 R’000
1. Deposits in banks, mutual banks, Postbank and SAFEX: 100% 57 428 953 5.72(a) Deposits and balances in current and savings accounts with a
bank or mutual bank, including negotiable deposits and money-market instruments in terms of which such bank is liable, or deposits and savings accounts, accounts with the Post Office Savings Bank and margin deposits with Safex:
100% 54 515 303 5.43
(i) Per bank or mutual bank 20% 52 531 237 5.24(ii) Postbank 20% 424 632 0.04(iii) SAFEX 5% 1 559 434 0.16
(b) Deposits and balances in current and savings accounts with a bank outside the Republic, including negotiable deposits and money instruments in terms of which such a bank is liable
15% 2 913 650 0.29
2. Krugerrands 10% 29 992 0.003. Bills, bonds and securities issued or guaranteed loans to, or
guaranteed by:100% 15 777 050 1.57
(a) Inside the Republic: 12 570 902 1.25(i) Local authorities by law to levy rates upon immovable
property100% 10 520 336 1.05
- per local authority 20%(ii) Development boards established by section 4 of the Black
Communities Development Act, 1984 (Act No. 4 of 1984)20% 91 578 0.01
(iii) Rand Water Board 20% 151 667 0.02(iv) Eskom 20% 1 307 039 0.13(v) Land and Agricultural Bank of South Africa 20% 197 591 0.02(vi) Local Authorities Loans Fund Board 20% 302 691 0.03
(b) Territories outside the Republic -Bills, bonds and securities issued or guaranteed by the foreign Government concerned
15% 3 206 148 0.32
4. Bills, bonds and securities issued by, and loans to an institution in the Republic, which bills, bonds, securities and loans the Registrar had approved in terms of section 19(1)(h) of the Act before the replacement of that section by section 8(a) of the Act No. 53 of 1989, as well as bills, bonds and securities issued by and loans to an institution in the Republic, which institution the Registrar had likewise approved before such deletion
100% 10 389 446 1.04
- per institution 20%
TABLE 18 - SCHEDULE IB - ASSETS HELD IN COMPLIANCE WITH REGULATION 28
44
R’000 R’000
5. Bills, bonds and securities issued by, and loans to an institution in the Republic, which bills, bonds, securities and loans the Registrar had approved in terms of section 19(1)(i) of the Act before the replacement of that section by section 8(a) of the Act No. 53 of 1989, as well as bills, bonds and securities issued by and loans to an institution in the Republic, which institution the Registrar had likewise approved before such deletion
100% 3 015 530 0.30
- per institution 20%
Limitations in respect of investments in items 6 and 7 90% 309 252 886 30.82
6. Immovable property and claims secured by mortgage bonds thereon. Units in collective investment schemes in property shares and shares in loans to and debentures, both convertible and non-convertible, of property companies:
25% 8 729 864 0.87
These investments are subject to the following limitation:(a) Inside the Republic- 25% 8 687 526 0.87
Per any single property or property development project 5%(b) Outside the Republic - 10% 42 338 0.00
Per any single property or property development project 5%7. Preference and ordinary shares in companies, excluding shares
in property companies. Convertible debentures, whether voluntarily or compulsorily convertible, and units in equity unit trust schemes of which the objective is to invest their assets mainly in shares:
75% 300 523 022 29.95
Subject to the following limitations:(a) Inside the Republic - 75% 220 849 251 22.01
Preference and ordinary shares in companies, convertible debentures, whether voluntarily or compulsorily convertible(i) Unlistedshares,unlistedconvertibledebentures,shares
and convertible debentures listed in the Development Capital Sector of the JSE
5% 17 756 512 1.77
(ii) Shares and convertible debentures listed on the JSE, other than the Development Capital Sector
75% 203 092 739 20.24
(aa) Companies with a market capitalisation of R2 000 million or less
75% 72 262 257 7.20
- per company 10%(bb) Companies with a market capital of more than
R2 000 million75% 130 830 482 13.04
- per company 15%
(b) Territories outside the Republic 15% 35 334 509 3.52Preference and ordinary shares in companies, convertible debentures, whether voluntarily or compulsorily convertible(i) Unlistedshares,unlistedconvertibledebentures 2.5% 5 515 095 0.55
Categories of assets % Fair Value % ofFair Value
R’000 R’000
TABLE 18 - SCHEDULE IB - ASSETS HELD IN COMPLIANCE WITH REGULATION 28 - CONTINUED
45
(ii) Shares and convertible debentures listed on any recognised foreign exchange
15% 29 819 414 2.97
(aa) Companies with a market capitalisation of R2 000 million or less
15% 7 765 688 0.77
- per company 10%(bb) Companies with a market capitalistion of more
than R2 000 million15% 22 053 726 2.20
- per company 15%
(c) Inside the RepublicUnitsinequitycollectiveinvestmentschemesofwhichtheobjective is to invest their assets mainly in shares
75% 18 833 781 1.88
(d) Outside the republicUnitsinequitycollectiveinvestmentschemeswhichobjectiveistoinvest their assets mainly in shares
15% 25 505 481 2.54
8. Listed and unlisted debentures, units in collective investment schemes with the objective to invest in income-generating securities, and any secured claim against individuals and companies
25% 25 639 638 2.56
These investments are subject to the following limitations:(a) Inside the Republic - 25% 20 600 626 2.05
(i) Claims against residents 25% 3 133 494 0.31- claim per any one individual resident 0.25%
(ii) Claims against companies 25% 17 467 132 1.74- claim per any one company 5%
(b) Territories outside the Republic- 15% 5 039 012 0.50
(i) Claims against residents 15% 1 098 142 0.11- claim per any one individual resident 0.25%
(ii) Claims against companies 15% 3 940 870 0.39- claim per any one company 5%
9. Investments in the business of a participating employer inside the Republic in terms of:
13 806 036 1.38
(a) The provision of section 19(4) of the Act 5% 10 115 500 1.01(b) The exemptions granted in terms of section 1(4A) of the Act 10% 3 690 536 0.37
10 Any other assets not referred to in this Annexure, excluding: 2.5% 2 549 602 0.25(a) Money in hand in the Republic 95% 1 078 155 0.11(b) Loans granted to members in accordance with: 95% 1 500 207 0.15
(i) The provisions of section 19(5) of the Act 1 497 814 0.15(ii) Exemptions granted in terms of section 19(6)(a) of the Act 2 393 0.00
Limitations for investment in items 6-9, and items 10(a) and (b) 95% 351 276 922 35.2
Categories of assets % Fair Value % ofFair Value
R’000 R’000
TABLE 18 - SCHEDULE IB - ASSETS HELD IN COMPLIANCE WITH REGULATION 28 - CONTINUED
46
(c) Bills, bonds or securities issued or guaranteed by the Government of the Republic or by a provisional administration
100% 46 881 140 4.67
(d) UnitsinacollectiveinvestmentschemeasdefinedintheCollective Investment Schemes Control Act, 2002, the underlying assets of which consist only of :
100% 5 895 146 0.59
(i) Assets referred to in paragraphs (i), (ii) and (iii) of item 1(a) of this Annexure
100% 3 648 219 0.36
(ii) Assets referred to in paragraph (c) of item 10 of this Annexure; or
100% 1 019 344 0.10
(iii) Assets referred to in items 3, 4 and 5 of this Annexure. 100% 1 227 583 0.1211 Fair value of units in a collective investment scheme
included in total assets to be excluded in terms of subregulation (2)a)(i) of Regulation 28
30 206 414 3.01
12 Fair value of insurance policies included in total assets to be excluded in terms of subregulations 2(a)(ii) and (3) of regulation 28
480 002 630 47.84
TOTAL (equal to the fair value of assets (C) above) 1 003 452 825 100.00
Investments outside the Republic % % of Fair value
Fair value of assets
(a) Deposits with banks outside the Republic 15% 0.29 2 913 650(b) Bills, bonds and securities issued by a Government outside the Republic 15% 0.32 3 206 148(c) Immovable property, units in collective investment schemes in property shares, shares
in, loans to and debentures of property10% 0.00 42 338
(d) Preference and ordinary shares in companies, convertible debentures outside the Republic
15% 3.52 35 334 509
(e) UnitsinequitycollectiveinvestmentschemesoutsidetheRepublic 15% 2.54 25 505 481(f) Debentures and other secured claims against individuals and companies and units in
income collective investment schemes outside the Republic15% 0.50 5 039 012
(g) Other 2.5% 0.04 353 221TOTAL 7.21 72 394 359
(Limited to 15% of fair value of assets in Annexure)
TABLE 18 - SCHEDULE IB - ASSETS HELD IN COMPLIANCE WITH REGULATION 28 - CONTINUED
Categories of assets % Fair Value % ofFair Value
R’000 R’000
47
Department Name Position Telephone Email
DEO Mr Jurgen Boyd Deputy Executive Officer (DEO)
012 428 8099 jurgenb@fsb.co.za
Ms Florence Legodi Personal Assistant to the DEO
012 428 8036 florencel@fsb.co.za
Research and Policy Ms Alta Marais Head of Department 012 428 8065 altam@fsb.co.za
Adv Leslie Primo Legal Specialist 012 428 8116 lesliep@fsb.co.za Ms Loraine de Swardt Systems Manager 012 428 8020 lorained@fsb.co.zaMs Cecilia Steyn 012 422 2855 cecilias@fsb.co.zaMr Gordon Motlhamme 012 428 8115 gordonm@fsb.co.za
Prudential Supervision Ms Wilma Mokupo Head of Department 012 428 8032 wilmam@fsb.co.za
Mr Sisa Mtana Departmental Assistant 012 428 8163 sisa@fsb.co.za
Mr Charles Pretorius Manager 012 428 8134 charlesp@fsb.co.zaMr Stephen Rondganger 012 367 7233 stephenr@fsb.co.zaMs Portia Matle 012 428 8034 portiam@fsb.co.zaMr Isaac Nkoana 012 428 8082 isaacn@fsb.co.za
TABLE 19 – THE PENSIONS DEPARTMENT OF THE FSB
48
Mr Julian Prinsloo 012 428 8138 julianp@fsb.co.zaMr Tawanda Mapfumo 012 367 7232 tawanda@fsb.co.zaMr Thabiso Phori 012 367 7234 thabisop@fsb.co.zaMs Margaret Sentle 012 428 8171 margarets@fsb.co.zaMs Victoria Mabunda 012 428 8086 vickym@fsb.co.za
Mr Danny Kgaka Manager 012 428 8188 dannyk@fsb.co.zaMr Ezekiel Mollet Raseroka 012 422 2810 molletr@fsb.co.zaMr Thabo Maponya 012 428 8169 thabom@fsb.co.zaMs Rekha Sewpersad 012 422 2813 rekhas@fsb.co.zaMr Vuyani Mancapha 012 367 7231 vuyanim@fsb.co.zaMr Carlo da Gama 012 422 2918 carlod@fsb.co.zaMs Rita Nana 012 422 2842 rita@fsb.co.zaMs Lebogang Malatji 012 428 8197 lebogangm@fsb.co.zaMr Floyd K Mabena 012 428 8048 floydm@fsb.co.zaMr Arthur Sebolao 012 422 2877 arthurs@fsb.co.za
Licensing & Registration Ms Fikile Mosoma Head of Department 012 428 8072 fikilem@fsb.co.za
Ms Jessica Mtileni Departmental Assistant: 012 428 8031 jessicam@fsb.co.za
Mr Papi Kekana Manager Team 1(Note1) 012 428 8132 papik@fsb.co.zaMr Mpho Morake 012 428 8180 mphom@fsb.co.zaMs Anita Pullen 012 428 8022 anitap@fsb.co.zaMr Benny Moloko 012 428 8005 bennym@fsb.co.zaMs Nkateko Khoza 012 428 2835 nkatekok@fsb.co.zaMr Moses Mahlangu 012 428 8033 mosesm@fsb.co.zaMs Victoria Motloung 012 367 7223 victoriam@fsb.co.za Ms Francis Kekana 012 422 2886 francisk@fsb.co.zaMr Thato Mogolwane 012 428 8113 thatom@fsb.co.za
Ms Conny Molefe Manager Team 2 (Note2) 012 428 8125 connym@fsb.co.zaMr Edwin Tshabalala 012 428 8154 edwint@fsb.co.zaMsYolandevanTonder 012 428 8165 yolandev@fsb.co.zaMr Tebogo Ramushu 012 422 2888 tebogor@fsb.co.zaAdv. Sibusiso Mtombeni 012 367 7203 sibusisom@fsb.co.zaMs Sylvia van Wyk 012 428 8069 sylvia@fsb.co.zaMs Maureen Masilela 012 428 8177 maureenm@fsb.co.zaMs Natasha Marhye 012 422 2923 natasham@fsb.co.zaMr Ashley Indurjith Manager Team 3(Note3) 012 428 8159 ashleyj@fsb.co.zaMr John Mackay 012 422 2817 johnm@fsb.co.za
TABLE 19 – THE PENSIONS DEPARTMENT OF THE FSB
49
Adv. Johan van Vollenhoven 012 428 8153 johanv@fsb.co.zaMs Sibongile Komati 012 428 8166 sibongilek@fsb.co.zaMr Keith Setaka 012 428 8151 keiths@fsb.co.zaMr Ronald Kekana 012 428 8195 ronaldk@fsb.co.zaMs Oniccah Matseke 012 428 8023 oniccahm@fsb.co.zaMs Jodine Scholtz 012 428 8172 jodine@fsb.co.za
Note 1: Team 1 portfolio of administrators: PSG Future, Verso, Southcity, AON, Sanlam, ABSA, Old Mutual, Tennant, Old Mutual Investment Admin, Coris Capital and Cedar EB
Note 2: Team 2 portfolio of administrators:ChannelLife,Firstlight,Brefco,JeremyGallet,Mcubed,UFA,AlexanderForbes,Metlife, Momentum, Investec Management, Adviceatwork, Small to Medium Professional Administrators
Note 3: Team 3 portfolio of administrators: Broksure Admin, Robson Savage, Hollard Life, NBC, Liberty Life, Fussell & Associates, Maxim, Capital Alliance, Glenrand MIB, Lifesense, Vic Glassock
Surveillance & Enforcement Ms Corlia Buitendag Head of Department 012 428 8030 corliab@fsb.co.za
Ms Thembekile Tshabalala Secretary 012 428 8030 thembekile@fsb.co.za
Adv. Matome Thulare Manager 012 428 8071 matomet@fsb.co.zaMr Ryan Neale 012 428 8157 ryann@fsb.co.zaAdv. Gloria Seletela 012 422 2824 glorias@fsb.co.za Mr Anton van Graan 012 422 2890 antonv@fsb.co.za Ms Mamiki Motale 012 428 8035 mamikim@fsb.co.zaMr Eric Mtshweni 012 428 8192 ericm@fsb.co.zaMs Takalani Lukhaimane 012 422 2916 takalanil@fsb.co.za Mr Sunnyboy Masangu 012 422 2833 sunnyboy@fsb.co.za Mr Madula Mananye 012 428 8093 madulam@fsb.co.za Mr Joseph Makwakwa 012 422 2861 josephm@fsb.co.za Mr Gordon Moeng 012 367 7226 gordonm@fsb.co.za Mr Pumelele Dawedi 012 422 2986 pumeleled@fsb.co.za
TABLE 19 – THE PENSIONS DEPARTMENT OF THE FSB
50
Notes
51
Notes
52
Change of Address
As of 1 October 2009 the FSB’s new home will be:
Riverwalk Office Park, Block B 41 Matroosberg Road (Corner of Garsfontein and Matroosberg roads)Ashlea Gardens, Extension 6 Menlo ParkPretoria South Africa0081
Groenkloof
Engen Garage
New Garsfontein
Onramp
Old Address:Rigel Office Park, 446 Rigel Avenue
South, Erasmusrand
New Address:Riverwalk Office
Park, 41 Matroosberg Rd, Ashlea Gardens,
Ext 6
N1 Johannesburg
Botha
M9 Rigel / Delmas
Garsfontein
Atterbury Offramp
Menlyn Park Shopping Centre
Polokwane
Mat
roo
sber
g R
oad
Lois
Ave
nu
eAshlea Gardens
N
EW
S
Directions:
From Johannesburg N1Follow the N1 North (Ben Schoeman), Pietersburg (Polokwane). Pass Rigel off ramp (OLD FSB). Continue on the N1 towards Polokwane. Take the New Garsfontein off ramp. Turn left into Garsfontein Road. Turn right into Matroosberg Road. Look for Riverwalk Office Park on your right hand side. Enter the boom gates. The FSB is in Block B.
From Polokwane Follow the N1 south towards Johannesburg. ▌Once you have reached Pretoria, take the Atterbury off ramp. ▌Turn left into Atterbury Road. ▌Turn right into Lois Avenue also spelt Louis.▌Land mark - Menlyn Park Shopping Centre will be on your right hand side.▌Turn right into Garsfontein road. ▌Turn right into Matroosberg Road. ▌Look for Riverwalk Office Park on your right hand side. ▌Enter the boom gates. ▌The FSB is in Block B.
Main Entrance
The Financial Services Board is a unique independent institution established by statute to oversee the
South African Non-Banking Financial Services Industry in the public interest. The FSB is committed to
promote and maintain a sound financial investment environment in South Africa.
We strive to be there for you at all times, and we wish to help and guide our partners, employees,
stakeholders and customers through the tough economic times and other struggles we face in daily
life.
FSB aims to be a guiding light for you.
A commitment to you
53
Jurisdiction
The Financial Services Board administers the following Acts of Parliament:
1. Pension Funds Act, 24 of 19562. Friendly Societies Act, 25 of 19563. Financial Services Board Act, 97 of 19904. Financial Supervision of the Road Accident Fund Act, 8 of 19935. Long-term Insurance Act, 52 of 1998 6. Short-term Insurance Act, 53 of 19987. Inspection of Financial Institutions Act, 37 of 19988. Financial Institutions (Protection of Funds) Act, 28 of 20019. Financial Advisory and Intermediary Services Act, 37 of 200210. Collective Investment Schemes Control Act, 45 of 2002 (Repealed: Participation Bonds Act – 55/1981, Unit Trusts Control Act, 54 of 198111. Securities Services Act, 36 of 200411. Securities Services Act, 36 of 2004. (Repealed: Custody and Administration of Securities Act, 85 of 1992; Financial Markets Control Act, 55 of 1989, Insider Trading Act, 135 of 1998, Stock Exchanges Control Act,1/1985)12. Financial Services Ombudsman Schemes Act, 37 of 2004.
Publications
The Financial Services Board publishes a quarterly bulletin, the FSB Bulletin, and distributes it free of charge. Subjects cover developments in the financial services industry, new legislation, survey finding, reports on conferences and personal portfolios.
The Financial Services Board publishes a number of annual reports besides this one:
Annual Report of the Registrar of Long-term Insurance •Annual Report of the Register of Short-term Insurance •Annual Report of the Register of Retirement Funds•Annual Report of the Register of Friendly Societies; and •Annual Report of the Register of Collective Investments Schemes.•
Contact (012 428 8000) for a copy, or visit the FSB website.
Postal Address PO Box 35655
Menlo Park, 0102
Contact Centre toll-free numbers 0800 202 0870800 011 443
Contact number (012) 428 8000
Email address info@fsb.co.za
Website www.fsb.co.za
General Information
F o r t y - E i g h t h A n n u a l R e p o r t - 2 0 0 6
Registrar of Pension Funds
I S B N : 9 7 8 - 0 - 6 2 1 - 3 7 5 6 6 - 4R P : 2 4 4 / 2 0 0 7
The Financial Services Board is a unique independent institution established by statute to oversee the
South African Non-Banking Financial Services Industry in the public interest. The FSB is committed to
promote and maintain a sound financial investment environment in South Africa.
We strive to be there for you at all times, and we wish to help and guide our partners, employees,
stakeholders and customers through the tough economic times and other struggles we face in daily
life.
FSB aims to be a guiding light for you.
A commitment to you
53
Jurisdiction
The Financial Services Board administers the following Acts of Parliament:
1. Pension Funds Act, 24 of 19562. Friendly Societies Act, 25 of 19563. Financial Services Board Act, 97 of 19904. Financial Supervision of the Road Accident Fund Act, 8 of 19935. Long-term Insurance Act, 52 of 1998 6. Short-term Insurance Act, 53 of 19987. Inspection of Financial Institutions Act, 37 of 19988. Financial Institutions (Protection of Funds) Act, 28 of 20019. Financial Advisory and Intermediary Services Act, 37 of 200210. Collective Investment Schemes Control Act, 45 of 2002 (Repealed: Participation Bonds Act – 55/1981, Unit Trusts Control Act, 54 of 198111. Securities Services Act, 36 of 200411. Securities Services Act, 36 of 2004. (Repealed: Custody and Administration of Securities Act, 85 of 1992; Financial Markets Control Act, 55 of 1989, Insider Trading Act, 135 of 1998, Stock Exchanges Control Act,1/1985)12. Financial Services Ombudsman Schemes Act, 37 of 2004.
Publications
The Financial Services Board publishes a quarterly bulletin, the FSB Bulletin, and distributes it free of charge. Subjects cover developments in the financial services industry, new legislation, survey finding, reports on conferences and personal portfolios.
The Financial Services Board publishes a number of annual reports besides this one:
Annual Report of the Registrar of Long-term Insurance •Annual Report of the Register of Short-term Insurance •Annual Report of the Register of Retirement Funds•Annual Report of the Register of Friendly Societies; and •Annual Report of the Register of Collective Investments Schemes.•
Contact (012 428 8000) for a copy, or visit the FSB website.
Postal Address PO Box 35655
Menlo Park, 0102
Contact Centre toll-free numbers 0800 202 0870800 011 443
Contact number (012) 428 8000
Email address info@fsb.co.za
Website www.fsb.co.za
General Information
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