RAND WATER PROVIDENT FUND ANNUAL REPORT 2022-2023

3.4 Obtain the actuarial valuation report of the Fund from the Principal Officer and inspect the actuarial valuation report for the employer contribution rate recommended by the valuator. Note the employer contribution rate recommended by the actuary in the report. 3.5 Calculate the employer contribution rates for each member selected by dividing the contribution obtained in 3.2.2 by the salary per the supporting documentation obtained in procedure 3.2.2. Agree the calculated employer contribution rates to the rate per actuarial valuation report obtained in procedure 3.4. Note any differences.

Not applicable

Not applicable

4

Surplus apportionment in terms of Section 15C (this will include reserve account distributions) Inspect the latest actuarial valuation report obtained in procedure 3.4 for (a) Section(s) 15B [and 15C] surplus apportionment. If applicable, note the surplus apportionment amount/value.

4.1

We inquired from Fund administrator, ‘Rand Water Provident Fund’, represented by Mr. Amos Mojapelo (Senior Accountant) and noted that the actuarial valuation of the Fund was last performed and approved by the Board of Fund on 19 November 2019. The Rand Water Provident Fund has been granted an exemption from the requirement to conduct an actuarial valuation. Consequently, the Fund does not generate a surplus that needs to be apportioned.

4.1.1 If a surplus apportionment was

Not applicable

recommended per the actuarial valuation report in procedure 4.1, obtain the minutes of meetings of the Board of Fund from Fund administrator and inspect for the approval of the Section 15B [and 15C] surplus.

4.1.2 If a Section 15B surplus apportionment was recommended per the actuarial valuation report in procedure 4.1, obtain the approval of the Authority for the Section 15B surplus from the Fund administrator.

Not applicable.

Surplus apportionment allocation Obtain a list of approved surplus allocations to active and/or former members and/ or pensioners in the current year noted in procedure 4.1, from the Fund administrator, ‘Rand Water Provident Fund’, represented by Mr. Amos Mojapelo (Senior Accountant), and perform the following procedures:

4.2

Not applicable.

72 Rand Water Provident Fund Annual Report | 2022-2023