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2015

RCS GROUP CONSOLIDATED FINANCIAL STATEMENTS

43

29.

Employee benefits (continued)

Retirement funds (continued)

Liberty Life Pension Fund: Defined contribution plan

All employees of the Massdiscounters credit business were transferred to the Liberty Life Pension Fund. The employees and the

employers make equivalent contributions in respect of pension fund benefits. In addition, the employers contribute to death and

disability benefits, reinsurance, and administration and management costs.

Liberty Life Provident Fund: Defined contribution plan

The Liberty Life Provident Fund, which is governed by the provisions of the Pension Funds Act No. 24 of 1956, is a defined

contribution plan. It provides comprehensive retirement and associated benefits for members and their dependants. All permanent

employees of RCS Group, excluding those that are employed by RCS Botswana Proprietary Limited and RCS Namibia Proprietary

Limited, are members of the provident fund. The employer pays 14% contributions in respect of provident fund benefits. In

addition, the employers contribute to death and disability benefits, reinsurance, and administration and management costs.

Sanlam Retirement Annuity: Defined contribution plan

All permanent employees of RCS Investment Holdings Namibia Proprietary Limited under normal retirement age are required to

be members of retirement annuities managed by Sanlam. The employees and the employers make equivalent contributions in

respect of retirement annuity benefits. In addition, the employers contribute to death and disability benefits, reinsurance, and

administration and management costs.

Number of members

Contributions

9 Months ended

12 Months ended

9 Months ended

12 Months ended

31 December 2015

31 March 2015

31 December 2015

31 March 2015

Summary per fund

R’000

R’000

Alexander Forbes Retirement Annuity

6

6

14

37

Sanlam Retirement Annuity

4

3

7

18

Liberty Life Provident Funds

1 070

901

16 111

18 411

Liberty Life Pension Fund

8

8

54

70

1 088

918

16 186

18 536

Medical aid schemes

BOMaid: Defined contribution plan

All permanent staff of the RCS Botswana Proprietary Limited are required to become members of the medical plans of their choice

offered by BOMaid. Total membership currently stands at 2 (31 March 2015: 3) principal members. The total payments amounted

to R11 561 (31 March 2015: R18 580). The RCS Group has no obligation to fund medical aid contributions for current or retired

employees.

NotestotheConsolidatedFinancialStatements

(continued)

for the period ended 31 December 2015