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South African Actuarial Journal Volume 4 (2004)

 

The conversion of members’ rights in South African retirement funds from defined benefits to defined contributions and the statutory apportionment of the resulting actuarial surplus

Author(s): JP Andrew
Abstract:
This paper reviews and discusses the history of the conversion of members’ rights in South African retirement funds from defined benefits to defined contributions. It explains the development of the law in this regard, including legislation governing the apportionment of surplus on conversion. It draws lessons from the process and discusses its ongoing effects.
Keywords: Retirement funds; defined benefits; defined contributions; conversion; apportionment of surplus

The conversion of members’ rights in South African retirement funds from defined benefits to defined contributions and the statutory apportionment of the resulting actuarial surplus (pdf)

Exercising actuarial discretion in the pricing of transfer values

Author(s): MW Lowther
Abstract:
This paper considers professional aspects of how actuaries should determine retirement-fund transfer values subsequent to the introduction of statutory minimum benefits in South Africa. It reviews past practices and in particular the exercise of actuarial discretion. It concludes that, in the future, there will still be scope for actuarial discretion when transfer values are determined. In exercising this discretion, actuaries must take decisions that are justifiable in terms of the reasons given, report adequately on such decisions and the impact thereof, and clearly indicate that the information should be distributed to all the parties concerned.
Keywords: Professionalism; transfer values; statutory minimum benefits; actuarial discretion

Exercising actuarial discretion in the pricing of transfer values (pdf)

Editorial

SAAJ Volume 4 Editorial (pdf)

The views and opinions expressed in this journal are, unless otherwise stated, those of the authors. Editorial opinion or comment is, unless otherwise stated, that of the Editor and publication thereof does not indicate the agreement of the Actuarial Society of South Africa.

Actuarial Society of South Africa
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ISSN-8: 1680-2179
ISSN-13: 977-1680-2170-02