Tiger Brands | Annual Financial Statements 2022

		GROUP
	(R'million)	2022	2021
29	Pension asset
	Movement in the net asset recognised in the statement of financial position
	Balance at the beginning of the year	117,9	153,5
	Contributions paid	263,3	256,6
	Employer surplus transferred*	(81,3)	(39,5)
	Other movements (net expense in the income statement)	(255,5)	(255,1)

	Interest cost	(23,4)	(24,5)
	Current service cost	(267,8)	(261,0)
	Interest on plan assets	37,1	31,0
	Interest on limit	(1,4)	(0,6)
	Remeasurements recognised in other comprehensive income	–	2,4
	Net actuarial (loss)/gain in terms of IAS 19R	(4,0)	11,5
	Unrecognised gain/(loss) due to paragraph 65 limit in terms of IAS 19R	4,0	(9,1)

	Balance at the end of the year	44,4	117,9
	The net asset is included in the statement of financial position as follows:
	Other investments – refer note 16	8,0	80,3
	Pension fund contributions holiday – refer note 20	38,9	39,9
	Defined pension fund liability – refer note 24	(2,5)	(2,3)
		44,4	117,9

	Detailed disclosure and the respective assumptions and valuation inputs have been included in Annexure E.
	*	The current year relates to the contribution holiday taken by the company in the Tiger Brands DC Pension Fund and the Tiger Brands Management Provident Fund, which was funded from the employer surplus accounts in 2022. In the prior year due to the closure of the ICS Pension Fund, the employer’s surplus relating to this fund was transferred to other Tiger Brands funds during the year, leaving nil asset and liability balance in this pension fund.