Objectives

The primary objective of this tender is to procure a qualified and experienced service provider to perform GRAP 25 valuations on post-retirement medical benefits for ERWAT. The process aims to ensure accurate valuation, compliance with accounting standards, and support ERWAT's financial reporting obligations.

Scope

The scope includes:

• Conducting actuarial valuations of post-retirement medical benefits in accordance with GRAP 25.
• Supporting the valuation with assumptions used and assessing liabilities affecting ERWAT.
• Delivering a comprehensive valuation report signed off by a qualified valuator and actuary.
• Applying a GRAP 104 (Revised) compliant Expected Credit Loss (ECL) modelling methodology for impairment assessments.
• Commencing work in July 2026, with valuation calculations for the year ending 30 June 2026.

Technical Requirements

The technical requirements include:

• Provision of a GRAP 104 (Revised) compliant ECL modelling methodology supporting impairment measurement.
• Preparation of valuation assumptions, including economic conditions, debtor risk profiles, and relevant factors.
• Assessment of liabilities and impact on financial statements.
• Submission of a signed valuation report by a registered and certified actuary and valuator.
• Inclusion of all relevant assumptions, calculations, and supporting documentation.

Skills and Skills Requirements

The bidder must demonstrate:

• Qualified actuaries and valuators with relevant experience in GRAP 25 valuations.
• Proficiency in actuarial modelling, especially in impairment and ECL calculations aligned with GRAP 104 (Revised).
• Experience in financial reporting and compliance with South African accounting standards.
• Ability to prepare comprehensive valuation reports with clear assumptions and methodologies.
• Certified qualifications and proof of registration of the valuation team members.