Notes to the annual financial statements

for the year ended 30 September

  In line with the group’s policy to provide retirement benefits to its employees, 76% (2009: 80%) of the group’s employees belong to various retirement schemes.  
  Industrial legislation requires that certain employees be members of designated industry schemes. At year-end 14% (2009: 14%) of the group’s employees were members of such schemes, most notably the Engineering Industries’ Pension Fund and Metal Industries’ Provident Fund. The total employer contributions for the year to these funds amounted to R12,0 million (2009: R7,6 million).  
  A total of 41% (2009: 38%) of the group’s total employees, are members of the Reunert Retirement Fund, which consists of both the Reunert Pension Fund and Reunert Provident Fund. The Reunert Retirement Fund is a defined contribution plan, apart from death benefits that are paid by the Pension Fund, which is registered in terms of the Pension Funds Act, 1956. The fund was last reviewed by the actuary at 28 February 2007 and found to be in a sound financial position. The total employer contribution to this fund amounted to R57,4 million (2009: R48,3 million).  
  The remaining 21% (2009: 28%) of the group’s total employees, who are not members of the abovementioned schemes, participate in other benefit plans, which consist of five defined contribution plans. All of these funds are subject to the Pension Funds Act, 1956. The total employer contributions to these funds amounted to R23,6 million (2009: R26,0 million).