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1 BP SOUTHERN AFRICA PROVIDENT FUND TRUSTEE REPORT AS AT 30 JUNE 2018
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BP SOUTHERN AFRICA PROVIDENT FUND TRUSTEE REPORT AS AT 30 JUNE 2018
Introduction 01
Your board of trustees
Your fund’s service providers 03
Investment strategy 04
Economic commentary for quarter 2, 2018 07
Your fund’s investment performance 09
Membership details & benefit payments 10
Summary of income and expenditure
Fund matters 11
Rule amendments
Parting shot 12
Fund details 13
CONTENTS
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INTRODUCTION
The BP Southern Africa Provident Fund (“the fund”) was established on 01 July 1993. The objective of the fund is to provide retirement, death, disability and funeral benefits to its members. The fund is a separate legal entity to the employer and its operation is governed by the Pension Funds Act, 24 of 1956, as amended. Death benefits are provided in terms of the insurance policy issued in the name of the fund, whilst the disability and funeral benefits are provided via separate employer-owned insurance policies.
The Trustees’ Report is designed to keep you informed about your fund, its financial status; its board of trustees; amendments to the rules of the fund; economic update; investment portfolios and performance; summary of the income and expenditure account; membership profile for the year ended 30 June 2018, and other matters of importance.
Copies of the fund’s annual financial statements as at 30 June 2018 will be available for perusal from the principal officer.
It’s important to establish the financial goals you want to achieve and to keep these goals in mind throughout the different stages of your life. Remember, investments need time to grow and investing isn’t about the picture you see on paper, but rather a real lifestyle and goal that you will achieve one day.
Get into the habit of reviewing your investments and learning what investing is about. Take an interest in your finances because, at the end of the day, your financial well-being will help you to enjoy the things that matter most to you.
Speak to your financial adviser and make sure you save enough to reach your financial goals.
YOUR BOARD OF TRUSTEES
The fund is managed by a board of trustees appointed by your employer and trustees elected by you, the members of the fund. The trustees meet regularly, and in terms of the Pension Funds Act, have a fiduciary duty towards the fund and a legal duty to act in the best interests of the members. The trustees’ duties include:
• Managing the fund according to the rules of the fund as well as pension fund and tax laws.• Taking all reasonable steps to ensure that your interests are always protected.• Acting with care, diligence and in good faith.• Avoiding conflicts of interest.• Acting with fairness for all members and beneficiaries.• Ensuring that proper control systems are in place.• Ensuring that you get appropriate and adequate communication.• Ensuring that the operation and administration of the fund complies with all relevant laws.• Taking reasonable steps to make sure contributions are paid on time.• Obtaining expert advice where they lack expertise, which includes the appointment of professional investment managers and the review of their performance and the appointment of professional employee benefit consultants and the review of the benefits of the fund.
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The following trustees made up your retirement fund’s board as at 30 June 2018:
Employer appointed trustees Member elected trustees
Mr. Doug Klein Mr. Motukuane MokoenaMr. Sibongiseni Mashile Mr. Harry TruebodyMr. Andre Stapelberg (Chairman) Mr. Russel GlassMr Bongani Khumalo Mr. Cassiem Dawood
Alternate employer appointed trustees Alternate member elected trustees
Ms. Tasneem Onia (1st alternate) Ms. Mondo Komane (1st alternate)Mr. Tebogo Mekoa (2nd alternate) Mr. Jeremiah Sebola (2nd alternate)Ms. Portia Motloung (3rd alternate) Mr. Selemeng Matjuda (3rd alternate)Ms. Michelle Naidoo (4th alternate) Ms. Hlengiwe Spencer (4th alternate)
Principal officer
Ms. T Mlotshwa
Member trustee elections
A rule amendment was submitted to extend the tenure of member elected trustees who are elected in the current election process to 5 and 3 years and for the tenure of the alternate member elected trustees to expire at the same time i.e. 31 December 2020 and 31 December 2022. Thus, an election will be held prior to 31 December 2020 for two of the four elected trustees and their designated alternates and the tenures for the newly elected member elected trustees and their alternates will commence on 01 January 2021. Rule amendment 9 was approved by the FSCA on 3 December 2018.
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YOUR FUND’S SERVICE PROVIDERS
The trustees appointed the following companies to help manage your fund:
Service Provider Function
Actuaries and consultants
Alexander Forbes Financial Services
(Pty) Ltd
These are the mathematical and financial experts, who perform the necessary calculations, such as benefit calculations, and who also make sure that the fund is in a sound financial position. They also advise the trustees on the management of the fund, including the investment strategy.
Investment consultants
Willis Towers Watson (Pty) Ltd
These are investment experts, who advise the trustees on setting the investment strategy for the fund and assist with assessing the performance of fund’s investment portfolios.
Communication consultants
Old Mutual Corporate
Consultants
These are communication experts, who advise the trustees on setting the communication strategy for the fund, and assist with communicating fund and other important information to members in a simple and meaningful way.
AdministratorsAlexander Forbes Financial Services
(Pty) Ltd
The fund’s administrators handle all the day-to-day administrative duties of the fund. They make sure contributions are received on time, benefits are paid out, and new members are registered, and so on.
Auditors Deloitte & Touche
The auditors examine the fund’s financial statements once a year to make sure the fund’s financial situation is above board and that the information reported in the financial statements is correct and accurate.
Investment managers
Sygnia Asset Management
These are the specialists who invest members’ contributions according to the fund’s investment strategy. The aim is to grow members’ contributions over the long term.
Bankers Standard Bank of South Africa
This is the bank where the fund holds its accounts, from which, and into which, fund money is paid.
Insurers Alexander Forbes Life and Old Mutual
As a member of the fund and an employee of BP Southern Africa (Pty) Ltd, you enjoy cover under certain insurance policies. These policies include death benefits, disability income benefits, and funeral benefits. Insurers are specialists who underwrite the fund’s risk and pay out benefits in the event of unforeseen events (i.e. death and disability) in exchange for a monthly premium.
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INVESTMENT STRATEGY
The board of trustees offers you a choice of where to invest your money in the fund. This means that you can also choose how much involvement you want in managing your money. The fund has adopted the following three strategies:
Life Stage Model 1 – Funding for cash (the default investment strategy)
If you do not feel comfortable enough to make your own investment decisions, you can default to the life stage model (funding for cash or with-profit annuity). This strategy uses the three risk-profiled portfolios, which are managed by Sygnia Asset Management, to invest your fund credit and contributions according to your age.
Your fund credit and contributions are invested 100% in the Long-Term portfolio until six years before your normal retirement date. After such time, your fund credit and contributions are invested in two increasingly conservative investment portfolios (that have fewer shares in the portfolio) as you get closer to your normal retirement age. The switching between portfolios takes place at the end of every quarter. According to this model your retirement savings are fully invested in a growth orientated portfolio (the Long-term portfolio) while you are more than six years from the normal retirement date, which aims to produce good returns relative to inflation over the long-term. As you get closer to the normal retirement date (six years or less), you will be invested into more conservative portfolios as capital preservation becomes more important.
The life stage funding for cash model assumes the member will buy a with profit annuity and/or take cash at retirement.
The funding for cash life stage model (the default life stage model) consists of three portfolios, namely: a) Long Term Portfolio; b) Stable Portfolio; and c) Income Protection Portfolio.
The diagram below shows the funding for cash life stage model of the Fund, linking the percentage investment in each portfolio to the age of the member:
Term to retirement
Life Stage Model funding for cash
8 years or more
100% 100%
80%
60% 60%
75% 75% 75%
40% 40%
25% 25% 25%20%
Long Term Stable Income Protection
7 years 1 year2 years3 years4 years5 years6 years
100%
80%
60%
40%
20%
0%
5
Years to retirement 8+ 7 6 5 4 3 2 1 0Long Term Portfolio 100% 100% 80% 60% 40% 25%
Reti
rem
ent
(Age
60
or
65)Stable Portfolio 20% 40% 60% 75% 75% 25%
Income Protection Portfolio 25% 75%
Total 100% 100% 100% 100% 100% 100% 100% 100%
Life Stage Model 2 – Funding for a living annuity
If you want to be invested in a model that automatically moves your investments into more conservative portfolios as you approach retirement, but the default life stage model (funding for cash or with-profit annuity) chosen by the board of trustees does not meet your needs, you can choose to invest in the life stage model (funding for living annuity).
Your fund credit and contributions are invested 100% in the Long-Term portfolio until you reach five years before your normal retirement date. After this time, your fund credit and contributions are invested increasingly in a conservative investment portfolio (that has fewer shares in the portfolio) as you get closer to your normal retirement age. The switching between portfolios takes place at the end of every quarter. According to this model your retirement savings are fully invested in a growth orientated portfolio (the Long-term portfolio) while you are more than five years from the normal retirement date, which aims to produce good returns relative to inflation over the long-term. As you get closer to the normal retirement date (five years or less), you will be invested into more conservative portfolios as capital preservation becomes more important.
This life stage model is however more aggressive than the default life stage model (or life stage model funding for cash) as you retain a higher exposure to the Long-Term Portfolio in the years closer to the normal retirement date.
This life stage model assumes the member will buy a living annuity at retirement.
The funding for a living annuity model consists of two portfolios, namely: a) Long Term Portfolio; and b) Stable Portfolio.
The diagram below shows the funding for a living annuity life stage model of the Fund, linking the percentage investment in each portfolio to the age of the member:
100% 100%100%90%
80%70%
60%
40%30%
20%10%
50% 50%
Term to retirement
Life Stage Model funding for a living annuity
8 years or more
Long Term Stable
7 years 1 year2 years3 years4 years5 years6 years
100%
80%
60%
40%
20%
0%
6
Years to retirement 8+ 7 6 5 4 3 2 1 0
Long Term Portfolio 100% 100% 100% 90% 80% 70% 60% 50%
Reti
rem
ent
(Age
60
or
65)
Stable Portfolio 10% 20% 30% 40% 50%
Total 100% 100% 100% 100% 100% 100% 100% 100%
In the case of both life stage models, members’ fund credits will be transitioned into the relevant portfolios on a quarterly basis. Transitioning of the members’ fund credits will start nine months (three quarters) before a member’s birthday.
Level three: Most amount of involvement / Member choice portfolios
Consistent with the principle of libertarian paternalism members can opt out of the default investment strategy. The Fund would like to provide investment choice portfolios across investment horizons and risk appetites.
Accordingly, the Fund offers a range of different investment choice portfolios which can broadly be classified as follows: a) The investment portfolios (or “building blocks”) of the life stage models, namely the Long Term, the Stable and the Income Protection (or Money Market) portfolios; b) Money market portfolio – this portfolio is aimed at members who want to preserve their capital. The current money market portfolio utilised is the Sygnia Money Market Fund. This portfolio is the same portfolio that underlies the Income Protection portfolio; and c) Principle based choice – the Fund currently offers a Shari’ah compliant portfolio which is managed by Sygnia (the Sygnia Islamic Balanced Fund).
If the age-related life stage models do not meet your needs, you can choose to invest in any of the portfolios selected by the fund’s trustees in the list that follows:
Portfolio Risk ratingShariah compliant portfolio Higher risk
Lower risk
Long Term
Stable
Income Protection (or Money Market)
Note that you could also invest in any combination of the Long Term, Stable and Income Protection portfolios.
The portfolios currently underlying the building block portfolios are:
Portfolio Current underlying portfolioShariah compliant portfolio Sygnia Islamic Balanced
Long Term Sygnia Signature 70
Stable Sygnia Signature 40
Income Protection (or Money Market) Sygnia Money Market
The board of trustees strongly recommends that you obtain financial advice if you are considering switching portfolios. You can contact the Alexander Forbes Individual Advice Centre on 0860 103 294 or the Old Mutual Client Service Centre on 0860 50 60 70 for assistance. Please be sure to read the notes on the switch form carefully before making your choice.
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ECONOMIC COMMENTARY FOR QUARTER 2, 2018Market overview
The FED hiked rates and shrunk its balance sheet USD strength. 85% of emerging market external debt is in USD. 65% of global trade is in USD.In conjunction with US-China trade wars and US sanctions, led to an emerging market crisis: Shanghai Composite Index entered a bear market, the Turkish lira plunged 25% and Argentina was forced to raise interest rates to 60%. The US withdrew from the Iran nuclear treaty, pushing up the oil price.
Turmoil in Europe: Lack of progress in Brexit negotiations, Italian populist government’s refusal to adhere to EU budgetary limits and French yellow vest protests.US held up until final quarter: Ninth FED hike came home to roost, US corporate earnings disappointed and the government entered a partial shutdown. This resulted in a massive change in FED rhetoric, a pivotal catalyst for markets.
The global outlook
Growth: The US is still experiencing strong growth however strong USD and high real yields are now starting to impact the US consumer. During December 2018, consumer confidence fell the most in 41 years, as company earnings disappointed, interest rates rose and the US government entered a shutdown. The S&P500 had its worst December since 1931.
Change: FED has taken a more patient stance as it nears the neutral rate, and at the January meeting announced that balance sheet normalisation could end earlier than expected (Q2 2020 vs Q1 2021, with $500bn less QT (leaving $1tr in reserves up from $500bn). This means more USD liquidity which benefits global markets through the carry trade.
Oil rose to a four-year high of US$85/barrel in October, largely driven by supply disruptions, geopolitical concerns in the Middle East, sanctions against Iran and the Venezuelan economic collapse.
However, in December, oil touched US$50/barrel, down nearly 40% despite OPEC having announced a 1.2m barrels/day supply cut.
Oil remained low due to softer demand forecasts and record oil supply from the US and Iran. A lower oil price, when supply driven, is slightly positive for economic growth and good for inflation.
Low return environment
Equities are still required as they will outperform bonds, credit and cashBut in a low return environment, volatility will cause higher levels of risk than before.
Solution:
Sygnia: Has added credit, and reduced equity to ensure more stable diversified returnsClients: Review the transition of life staging models to absorb volatility
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Our local outlook
Local equities recovered in the month of June 2018 despite trade wars escalation and weak South African Q1 2018 GDP. The All share index rose 2.8% in ZAR. Capped SWIX 0.7%and TOP 40 index 3.6%.
On a sector view SA Resources was the major contributor, up by 6%, followed by SA Industrials (4.2%). SA financials continued to disappoint, falling by 2.9 % (from -3.5% in May) in reaction to higher interest rate expectations. Global equities ended the month pretty much flat. The MSCI ACWI was down 0.5% while the MSCI Emerging Market Index fell 4.1% in USD
South African GDP contracted 2.2% in first quarter of 2018 (annualised), from a previous 3.1% expansion in the final quarter of 2017. This was the largest quarter-on-quarter decline since Q1 2009. The biggest downward contributions came from mining, manufacturing and agriculture. The data confirms in-house analysis that the South African economy remains troubled and requires deeper economic reform.
Local property has struggled to recover since a poor first quarter saw the sector fall some 20%. Property fell another 2.2% in the second quarter (Q2), falling by 5.9% in May and 3.5% in June 2018. The sector was impacted by rising inflation expectations and rising bonds yields
SA equities had net foreign inflows of USD 0.3 billion in June, after the outflows in May (-1.6 billion USD). Meanwhile, SA bonds had their highest sell-off on record foreign outflows of USD 2.5 billion. Emerging Markets like South Africa have experienced portfolio outflows on account of the strengthening USD and the pressure it places on countries who have large external borrowing requirements
The Rand stretched losses during June, nearing the 14 rand/ dollar level, a 7.5% depreciation. Global trade war escalation, weak domestic GDP numbers and the shift of global risk appetite away from the emerging markets hurt the rand. South African’s CPI inflation slowed to 4.4% in May 2018, after a 4-month high of 4.5% in April 2018.The slowdown in inflation rate was mainly due to lower prices of food and non-alcoholic drinks. The weaker rand, rising oil prices and VAT increases are expected to push CPI higher over the coming months but tight domestic credit and economic growth will likely prevent a breach of the SARB’s inflation target
Market performance as at 30 June 2018
The US inflation increased to 2.8 % in May 2018 (6-Year High) from 2.5 % in April. The Fed lifted interest rates by 25 basis points for a second time this year, to between 1.75% and 2.0%, projecting two more rate increases this year. The European Central Bank has announced that it plans to end it’s the quantitative easing policy in December 2018. Tightening monetary policy by major central banks is placing pressure on growth assets like equities and Emerging Markets.
Local bonds continued to underperform in June 2018 as higher inflation expectations drove interest rates higher. The All Bond Index (ALBI) fell 1.2%, while Emerging Markets bonds also lost ground in June, the JP Morgan EM Bond Index ended the month 3.1% lower. The yield on the benchmark R186 South African bond traded above 9% at the end of the month. Global
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bonds continued to weaken in June 2018 due to rising global inflation expectations. The Citi world Government bond index fell by -0.3% in USD
US-China trade tensions continue to escalate. The tariffs are insignificant at this stage but they are harming global growth expectations and negatively impacting risk appetite as a result. PMI-numbers in key economies fell in June 2018 but remain above the neutral 50-point mark, showing the relative strength of the global economy.
Asset class performance in Rand terms for periods ended 30 June 2018 was:
Asset Classes Index 1 Month 3 Months 1 Year 3 Years 5 YearsLocal Equities FTSE/JSE All Share Index 2.81% 3.77% -6.06% 6.36% 6.86%
Listed properties SA Property Index (SAPI) -3.45% -2.19% -9.94% 0.93% 6.71%
Local Bonds BESA All Bond Index -1.17% -3.78% 7.35% 7.77% 7.38%
Inflation-linked bonds Inflation-Linked Bond Index -2.11% -4.99% 1.51% 3.25% 5.31%
Local Cash STeFI Index 0.60% 1.77% 7.26% 7.41% 6.94%
Global Equities MSCI World Index 0.54% -9.38% -0.54% 5.35% 11.31%
Global Bonds Citi WGBI -6.45% -6.24% 10.56% -3.30% 4.33%
* The returns for the global asset classes have been converted from dollars to rands. Sources: INET BFA, DataStream, Bloomberg
YOUR FUND’S INVESTMENT PERFORMANCE
All the money in the fund makes up the fund’s assets. To make the fund’s assets grow, your trustees appoint investment managers to invest the money. If markets perform well, the fund’s assets can earn good investment returns but if the markets perform poorly, the investment returns earned can be poor and you could lose money in the short term. However, remember that retirement saving is a long-term investment.
The following table gives you the gross percentage return earned on your fund’s assets:
Portfolio (December 2018) 3 months 1 Year 5 years
Sygnia Signature 70 1.1% -2.7% 7.8%
Benchmark 1.3% -2.9% 7.6%
Sygnia Signature 40 -1.9% 2.5% 8.4%
Benchmark -1.3% 2.2% 7.9%
Sygnia Old Mutual Albaraka -4.3% 0.0% 6.7%
Benchmark
Sygnia Money Market Fund 2.1% 8.5% 7.8%
Benchmark
FTSE/JSE All Share -4.88% -8.53% 5.77%
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MEMBERSHIP DETAILS & BENEFIT PAYMENTS
The following tables show you the membership movements for the year under review:
Active members as at 30 June 2017
960
New members 74
Adjustments* 2
Less:
Withdrawals 55
Retrenchments 16
Retirements 11
Deaths 2
Transfers 2
Active members as at 30 June 2018
948
*The adjustments to the opening balance refers to three late additions by way of book overs and two late exists on the fund.
SUMMARY OF INCOME AND EXPEDNITURE
The summary of the fund’s financial position for various financial years are presented below:
Financial year end 2018 2017 2016Accumulated funds at start of financial year ( 01 July) R 815 356 724 R 828 340 241 R 856 705 560
Add:
Contributions received R 62 451 922 R 60 558 191 R 56 434 844
Investment growth R 72 057 589 R 23 740 192 R 67 005 699
Reinsurance proceeds R 1 619 833 R 1 547 199 R 1 685 662
Transfer in and other income R 57 233 R 3 497 821 R 703 293
Less:
Benefits paid R 91 190 517 R 96 036 951 R 147 179 794
Transfers out R 0 R 0 R 0
Fees, expenses and taxes R 7 519 760 R 6 260 967 R 6 714 813
Investment return on unclaimed benefits R 29 442 R 29 002 R 300 210
Accumulated funds at end of financial year (30 June) R 849 803 586 R 815 356 724 R 828 340 241
Fees and expenses 2018 2017 2016Reinsurance premiums R 5 283 312 R 4 161 698 R 4 519 993
Administration expenses R 2 236 448 R 2 099 269 R 2 194 820
Total R 7 519 760 R 6 260 967 R 6 714 813
Type of benefit
payment2018 2017 2016
Retirement benefits
R 35 499 243 R 19 609 305 R 56 880 139
Death benefits R 4 250 700 R 3 625 428 R 3 920 691
Withdrawal benefits
R 56 153 192 R 70 620 012 R 86 378 964
Divorce benefits R 2 402 579 R 2 182 206 R 0
Settlement benefits
R 0 R 0 R 0
Total R 98 305 714 R 96 036 951 R 147 179 794
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FUND MATTERS
Take control of your financial future with AF Online
The trustees encourage you to take a greater interest in your retirement planning. AF Online is a practical website where you can find real-time information about your retirement savings to keep up to date with your investments and benefits. AF Online is user-friendly, with easy access to the financial tools and information you need to help you secure your financial well-being. All members of the BP Southern Africa Provident Fund can register for access at www.afonline.co.za.
Benefit statements
Every year you receive a benefit statement detailing the contributions paid to the fund on your behalf and the values of your withdrawal, death, disability, and retirement benefits at the date of the statement. You can use the information on these benefit statements to make sure you’re on track for the retirement you want. Check your details carefully and let your payroll administrator know if there are any changes.
RULE AMENDMENTS
Retirement fund rules must be registered under the Pension Funds Act and approved under the Income Tax Act. Changes made to the rules are called amendments and must be registered and approved by the Financial Services Board (“FSB”).
Rule amendment no. Effective from Purpose of the rule amendment
Rule amendment no. 8
1 December 2017
- To specify the conditions that will apply if Members decide to change contribution rates on a date other than 1 April each year.- To correct a provision dealing with a default contribution rate that is currently misleading.- To provide for the risk death benefit to be based on the amount that can be purchased with a percentage of the Employer’s contribution.
Rule amendment no. 9 1 December 2018
- To allow for independent external trustees to be remunerated.- To extend the tenure of trustees to 5 years with mid-term elections.- To correct and incorrect cross reference, and - To remove certain outdated provisions in the rules.
The rule amendment (i.e RA 8) to give effect to the revised lump sum death benefit structure has been registered and the implementation date has now been confirmed as 1 December 2017
Kindly note that all rule amendments are available for inspection at the registered office of the fund and the fund’s website (www.bpsaprovidentfund.co.za).
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PARTING SHOT
In the current economy, we’re faced with many financial challenges, such as high inflation and high interest rates. These are causing the cost of living to rise and economists are warning us to spend with caution, as higher costs of living can negatively affect our ability to save.
Saving makes many things possible, such as providing for your children’s education, buying a home or a car, or allowing you to travel.
Financial well-being is about helping you achieve what matters most to you at each stage of your life by learning how to use the finances available to you.
An important role of an adviser is to raise your general financial knowledge to empower you to make informed financial decisions. These could be decisions on investments, risk reduction, risk management and understanding the choices you have to make.
Getting expert advice will help you save more, protect the assets you have, and avoid unnecessary strain on your monthly income as you get closer to retirement.
Your retirement fund is here to help you save for your future years and so it’s a good idea to speak to your financial adviser at least once a year to help you ensure a comfortable retirement. Alternatively, ask one of the funds trustees to advise who you can contact for further financial assistance.
The importance of having a valid will
A will is a legal document that outlines your wishes about the distribution of your assets and the care of your dependants. It is especially important to have a valid will in place if you have minor children.
If you die without a will, it means you have died “intestate”. When this happens, the intestacy laws of the state where you reside will determine how your property is distributed upon your death. This includes any bank accounts, securities, real estate, and other assets you own at the time of death.
FUND DETAILS
Please tell us if you have unresolved queries with the BP Southern Africa Provident Fund or are unhappy with any matter relating to your Provident Fund. Your feedback is important to us and we take your complaints seriously.
If you have a complaint about any aspect of the BP Southern Africa Provident Fund, please follow the process outlined in the fund’s complaints procedure which is made available on the fund’s website.
Written queries may be forwarded to the fund’s registered address marked for the attention of the principal officer as presented below:
Thabisiwe MlotshwaPrincipal OfficerBP Southern Africa Provident FundAddress: Portswood Ridge, Dock Road, V&A Waterfront, Cape Town, 8001Email: [email protected] Telephone: 021 408 2734
Regards,Board of Trustees of the BP Southern Africa Provident Fund
Contact details: Tel: 021 401 9300 Email: [email protected]
Indemnity Statement: This trustee report was produced by Old Mutual Corporate Consultants on behalf of the BPSA Provident Fund, BP Southern Africa (PTY) Ltd, Portswood Ridge, Dock Road, V&A Waterfront, Cape Town 8001. While every effort has been made to ensure that the information in this trustee report is correct, the BPSA Management Board take no responsibility for any loss or damage suffered by
any person as a result of their reliance on the information contained herein. Reference to ‘the Fund’ or ‘your Fund’ refers to theBPSA Provident Fund.
SPECIAL RECOGNITION AWARDFOR FINANCIAL KNOWLEDGE AND UNDERSTANDING
