Page 140 - DUT Annual Report 2020

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DURBAN UNIVERSITY OF TECHNOLOGY ANNUAL REPORT 2020
DURBAN UNIVERSITY OF TECHNOLOGY
NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020
9. RETIREMENT BENEFIT OBLIGATIONS (continued)
9.1 Pension obligations - National Tertiary Retirement Fund (“NTRF”) (continued) 9.1.1 Exposure to actuarial risks (continued)
Regulatory risk
The fund’s benefits are governed by the rules of the fund, operating within the relevant regulatory framework. To the extent that the government can change that regulatory framework, the University is exposed to a risk. In particular, regulations introducing issues like minimum benefits or minimum pension increases may result in higher benefits to members and a higher associated cost.
Expected top up payments over the next 4 years commencing 1 January 2022 are as follows:
Year ending 31 December 2022 – 13 640 000 Year ending 31 December 2023 – 8 668 000 Year ending 31 December 2024 – 13 841 000
Year ending 31 December 2025 –
Defined pension benefits
5 433 000
2020 2019 R’000 R’000
518
14 471
93 996 (79 525)
14 471
963 7 815 2 902 0 10 274 (7 483)
14 471
10 717 (7 483)
3 234
10 274
Made up as follows:
Defined benefit obligation 78 000 Plan assets at fair value (77 482)
Net (asset)/liability 518 The movement in the net defined benefit obligation over the year is
as follows:
At beginning of year 14 471 Interest costs 7 052 Service costs 2 299 Contributions by plan participants 0 Actuarial Loss/(Gain) (17 526) Expected return on plan assets (5 778)
At end of year 518 The amounts recognised in the consolidated income statement and
other comprehensive income are as follows:
Interest and service costs 9 351 Expected return on plan assets (5 778)
Total, included in personnel (staff costs) 3 573 The amounts recognised in other comprehensive income are as
follows:
Net actuarial gains recognised during the year (17 526)