The Score provident funds are administered by Alexander Forbes Consultants and Actuaries, who also provide consulting and actuarial services. All the Score South African fund assets are managed by Investment Solutions and the Botswana assets by Investec Asset Management (Botswana).  

All funds are defined-contribution funds.  

All Score stores have been sold or converted into Pick n Pay franchise stores and members of the Score fund are being transferred into the appropriate fund of their new employer. The only members remaining on the fund are pensioners.  

This is the main Boxer retirement plan and is a defined-contribution contributory provident fund. There are 8 Trustees and 2 alternate Trustees. Members elect half the Trustees, with the Company appointing the other half. Trustee meetings are held quarterly. Benefits from the fund include Group Life and Disability cover. On 23 June 2009, the Fund was advised that it had fulfilled all the requirements of section 15B (9) of the Pension Funds Act of 1956, with regard to the apportionment of its surplus as at 30 June 2009.  

This is a defined-contribution contributory provident fund. Union members may elect to join this fund on commencement of employment at Boxer. The Company does not play any role in the running or administration of this fund, or the election of Trustees.  

This is a defined-contribution contributory provident fund for senior management of the Company. This is an umbrella fund with independently appointed Trustees. An internal advisory committee made up of two members elected and two Company- appointed participants deal with matters pertaining to the Boxer members.  

In terms of Australian legislation employers are required to contribute 9% of employees’ gross salaries to a superannuation fund of each employee’s choice. If employees do not specify a superannuation fund of choice, contributions must be made on behalf of the employee to a fund selected by the Company. Franklins provides its employees with a choice of two funds:  

This fund is for all corporate, head office and other non-retail employees. It is underwritten by AMP Life Limited as part of their Custom Super Plan. Approximately 250 employees are members of this Scheme.  

This fund is for all employees covered by the Enterprise Bargaining Agreement. Approximately 4 343 employees are members of this fund.  

Both funds are defined-contribution and non-contributory.  

Seven employees have opted for their contributions to be made by Franklins on their behalf to complying superannuation funds of their choice.  

Franklins has no other liability as regards retirement funding and there is no medical aid nor post-retirement medical aid liability. Medical aid is taken care of by the Federal Government Medicare Scheme and personal compulsory top-up arrangements.  

The Pick n Pay Retirement Scheme comprises two separate funds, the Pick n Pay Non-contributory Provident Fund and the Pick n Pay Paid-up Pension Fund.  

The Pick n Pay Retirement Scheme is defined-contribution in nature. However, certain members were guaranteed that should their defined-contribution benefit be less than their previous defined-benefit guarantee (under the previous Pick n Pay Retirement Fund) they would retain the former. Due to this guarantee, and the fact that the pensioners are also paid by this scheme, the scheme’s liabilities may be broken down between those which are defined-contribution in nature and those which are defined-benefit and for which the employer has an obligation to make additional contributions to ensure this element of the scheme is fully funded.  

Pick n Pay contributes a total of 16.48% of salary towards the defined-contribution benefits offered to the members of the scheme. Out of this, 12.77% is allocated towards retirement savings and the balance, 3.71%, is allocated towards the reinsurance of death benefits, disability benefits and fund expenses. A further 0.86% of salary is contributed towards funding the guarantees outlined above.  

There are 16 746 members of the Pick n Pay Retirement Scheme and 1 143 pensioners.  

Executive members of the previous Pick n Pay Retirement Fund are guaranteed that the capital value of their benefit at normal retirement date will not be less than that which they enjoyed under that fund. A defined-benefit obligation arises in this regard.  

Members who joined the Pick n Pay Medical Scheme prior to 1 January 1997 will receive an additional pension on retirement to assist with post-retirement medical scheme contributions. Some of the members have already retired and are in receipt of a post-retirement medical pension. The full obligation for both active members and retirees is provided for in the financial statements. There is no subsidy for members who joined the Pick n Pay Medical Scheme after 1 January 1997.  

The provision of disability benefits, equal to 75% of the scheme salary on date of disability, has been fully insured with a registered insurer at a cost of 0.52% of total salary cost.  

The Pick n Pay Retirement Scheme is administered by NMG Consultants and Actuaries Administrators. The consultants and actuaries are NMG Consultants and Actuaries. The investment advisor is Fifth Quadrant Actuaries and Consultants.  

The SACCAWU Fund is administered by Old Mutual and is currently under curatorship. Employees, who are union members, have a choice of joining this fund instead of the Pick n Pay Retirement Scheme when they commence employment. There are 21 751 employees who have elected to join this fund.