ACTUARIAL PROFESSION IS SET FOR TRANSFORMATION

PENSION FUNDS ADJUDICATOR DETERMINATION, 07.02.2006: DUTRIEUX vs AGRICULTURAL RESEARCH COUNCIL

On 7 February 2006, the Pension Funds Adjudicator made a determination that was referred to in media reports as a landmark ruling for disabled persons. The determination dealt with, inter alia, the calculation of the actuarial reserve value and the disability benefits of the complainant. ASSA's comment on the determination is linked to this paragraph.

HONORARY MEMBERSHIP OF ACTUARIAL SOCIETY AWARDED FOR FIRST TIME

Honorary Membership of the Actuarial Society of South Africa (“ASSA”) was awarded to Mr Peter Clark, Prof Tamsanqa Kambule and Ms Gloria Serobe at the ASSA Annual General Meeting, which was held at the Sandton Convention Centre on 18 November this year. It is the first time since its establishment in 1948 that ASSA has awarded honorary membership to anybody.

COMMENT BY ACTUARIAL SOCIETY: TAXATION ON RETIREMENT FUNDS

RELEASE OF ASSA 2003 AIDS AND DEMOGRAPHIC MODEL

The ASSA 2003 AIDS and Demographic Model was released on 28 November 2005. ASSA2003 is the first AIDS and Demographic model to take the government’s Comprehensive Plan for HIV and AIDS into account at a provincial level. The model has been designed by South African demographers and actuaries based on detailed South African data. Using these data, the model projects the numbers of South Africans living with HIV, new infections, AIDS deaths, AIDS sickness and many more statistics into the future.

For full release, see linked document. The Model will be available under the Resource Centre from 1 December 2005 onwards.

RELEASE OF ASSA2002 AIDS MODEL

The name ASSA2002 refers to the most recent antenatal data used to calibrate the model. The most recently released antenatal data are those from the 2002 survey. The report on this survey was released in August last year, but the ASSA AIDS Committee have to wait a further six months after the release of the report before they can request the detailed data from the Department of Health. This delay has, however, allowed the Committee to include calibration to the mortality data from the population register up to the 2002/3 year.

ARE LIVING ANNUITIES REALLY SO GREAT?

ASSA2000 MODEL