Objectives

The primary objective of this tender is to procure actuarial valuation services for Vhembe District Municipality. The service aims to deliver comprehensive actuarial reports aligned with GRAP 25 standards, covering membership data analysis, liability valuation, calculation of expenses, actuarial gains and losses, and projections for the 2024/25 financial year. The reports are intended to meet International Accounting Standards (IAS) requirements and be scrutinized by the Auditor General.

Scope

The scope encompasses the delivery of actuarial valuation reports based on professional guidance notes issued by the Actuarial Society of South Africa. Key activities include:

• Membership data analysis and reconciliation
• Liability valuation
• Calculation of annual expenses (service and interest costs)
• Assessment of actuarial gains and losses
• Projection of expenses and liabilities for 2024/25

The methodology involves data collection, verification, model creation, scenario testing, and report compilation, ensuring compliance with relevant standards and standards of the Actuarial Society of South Africa.

Technical Requirements

• Delivery of actuarial valuation reports in accordance with GRAP 25 standards
• Use of professional guidance notes issued by the Actuarial Society of South Africa
• Analysis and reconciliation of membership data
• Liability valuation and expense calculation
• Scenario testing for assumptions such as medical inflation and mortality rates
• Preparation of a comprehensive GRAP 25 actuarial valuation report, including drafting, review, and finalization

Skills Requirements

• Relevant experience in actuarial valuations for government entities (minimum of one project, with evidence such as appointment letters and delivery notes)
• Qualified professionals including:
  • Actuary with BSC Actuarial Science (20 points)
  • Senior Actuarial Specialist with BSC Mathematics (15 points)
  • Actuarial Specialist with BSC Science (5 points)
• Ability to analyze, verify, and reconcile complex membership and financial data
• Proficiency in modeling, scenario testing, and report drafting aligned with professional standards
• Experience in applying GRAP 25 standards and IAS requirements