Actuarial valuation of the sahrc long service award (kruger coin) obligation under grap 25

Closing date: 13 November 2026 at 11:00 (GMT+2).

Published date: 03 November 2026.

Briefing: Not applicable.

Enquiries must be submitted at least 3 working days before the closing date.

Procurement enquiries:

• Contact: Tender office
• Email: [email protected]
• Telephone: 011 877 3600

Technical enquiries:

• Contact: Patrick Maluleke
• Email: [email protected]
• Telephone: 011 877 3600

Submission address (email): [email protected]

Physical address (for reference):

South African Human Rights Commission

Supply Chain Management

32 Princess of Wales Terrace

Sunnyside Office Park

Parktown

Submission method: email only.

Submission email: [email protected]

Closing time: 13 November 2026 at 11:00 (GMT+2). Late submissions are not considered.

Subject line must include the RFQ number (RFP-HO-10-2026) and the assignment title.

Annexure A pricing schedule must be saved and attached separately from the documents evidencing functionality, so that pricing is not considered during functionality evaluation.

Returnable forms and documents (all must be completed and submitted):

• Annexure A pricing schedule (fully completed, separate attachment).
• SBD 4 (Bidder's Disclosure): discloses any relationship with state employees or the procuring institution; false disclosure disqualifies.
• SBD 6.1 (Preference Points Claim Form): claims specific-goal points; points are allocated based on evidence submitted, not solely on the claim.
• Central Supplier Database (CSD) report showing active registration and tax compliance status.
• B-BBEE certificate or sworn affidavit, where specific-goal points are claimed.
• Proof of FASSA membership, CV of key personnel, and signed reference letters for mandatory requirements.
• Signed declaration of any current/recent services to the Commission and any relationship with the Auditor-General engagement team (conflict of interest).

Minor administrative defects may be rectified within 7 working days after closing, but only for clerical errors; pricing and material amendments cannot be corrected after closing.

B-BBEE certificates or affidavits with errors, omissions, or expired validity cannot be amended or considered after closing.

Bids from persons in the service of the state, or companies/close corporations with directors/members in state service, will not be considered.

Evaluation is in three phases: Phase 1 (administrative compliance and responsiveness), Phase 2 (functionality), Phase 3 (price and specific goals).

Adjudication uses the 80/20 preference point system under the Preferential Procurement Regulations, 2022.

Phase 1 – Administrative compliance: all returnable forms and mandatory documents must be submitted; failure disqualifies.

Phase 2 – Functionality (maximum 100 points):

• Experience of the firm (30 points): number of GRAP 25 or IAS 19 employee benefit valuations for organs of state, public entities or municipalities in the last 5 years, verified via reference letters. Scoring: less than 3 = 0; 3 = 10; 4 to 6 = 20; 7 or more = 30.
• Experience of the lead actuary (25 points): years of employee benefit valuation experience, verified via CV. Scoring: less than 5 = 0; 5 to 6 = 15; 7 to 9 = 20; 10 or more = 25.
• Methodology and approach (25 points): approach to data validation, assumption setting, valuation of the Kruger coin benefit (coin price basis, escalation, sensitivity analysis). Scoring: poor = 0 to 8; adequate = 9 to 17; strong = 18 to 25.
• Project plan and capacity (10 points): work plan aligned to timeframes, team structure, peer review, availability for audit support. Scoring: poor = 0 to 3; adequate = 4 to 7; strong = 8 to 10.
• FASSA membership (10 points): no valid membership = 0; valid membership = 10.

Minimum qualifying score to proceed to Phase 3: 70 out of 100. Functionality points do not carry into the 80/20 calculation.

Phase 3 – Price and specific goals (100 points):

• Price (maximum 80 points): calculated using the formula Ps = 80 × (1 - (Pt - Pmin) / Pmin), where Pt is the price under consideration and Pmin is the lowest acceptable price.
• Specific goals (maximum 20 points):
• 51% or more black-owned: 10 points.
• 51% or more black women-owned: 5 points.
• 51% or more black youth-owned: 3 points.
• 51% or more disability-owned: 2 points.

Specific-goal points are verified against the CSD report and/or valid B-BBEE certificate/affidavit.

The Commission requires an actuarial valuation of its Long Service Award obligation, settled in Kruger coins, in accordance with GRAP 25 (Employee Benefits) and GRAP 3 (Accounting Policies, Changes in Accounting Estimates and Errors).

The valuation must be signed by a Fellow of the Actuarial Society of South Africa (FASSA).

The benefit is delivered in kind (Kruger coins) and is exposed to gold price and Rand exchange rate movements.

Key parameters to be confirmed at inception: qualifying service milestones (5-year intervals), coin specification and quantity per milestone (quarter, half, full Kruger coin), coin source (SA Mint) and cost basis including VAT, and policy effective date (2017).

Valuation dates: 31 March 2026 (Part A) and 31 March 2027 (Part B); also 31 March 2025 if restatement of opening balance is required.

Valuation performed in two stages: first in the third quarter of the financial year (prior period error and comparative), then after year-end (closing balance for classification and disclosure).

Scope of work:

• Review and validate employee data (dates of birth, appointment dates, continuous service, prior service).
• Verify qualifying years of service, eligibility, and next award milestone for each employee.
• Reconcile awards and coins issued in previous years to Commission records.
• Identify and report data anomalies in writing.
• Review the Employee Handbook and benefit provisions; confirm classification as another long-term employee benefit under GRAP 25.
• Develop and document actuarial assumptions: discount rate, coin price and escalation, mortality, withdrawal, ill-health, retirement, with justification.
• Calculate the Long Service Award liability and present value of the obligation at each valuation date.
• Calculate current service cost, interest cost, remeasurements, and reconciliation of the liability.
• Perform sensitivity analyses on discount rate, coin price escalation, and withdrawal rates.
• Prepare a detailed actuarial valuation report, GRAP 25 disclosure schedules, accounting journals, and supporting working papers.
• Prepare a schedule supporting restatement of comparative information where a prior period error is confirmed.
• Provide audit support: respond to Auditor-General queries, revise valuation if material adjustments are required, present results to management and Audit Committee, and remain available until completion of the 2026/27 audit.

Deliverables and timeframes (measured from date of letter of appointment):

• Inception meeting and confirmation of data requirements: within 3 working days.
• Validated employee database and data anomaly report: within 10 working days.
• Documented actuarial assumptions (including coin price basis) for approval: within 12 working days.
• Draft actuarial valuation report as at 31 March 2026 (Part A): within 20 working days.
• Final signed report, executive summary, GRAP 25 disclosure schedules, journals, working papers, and management presentation (Part A): within 25 working days.
• Final signed valuation as at 31 March 2027 (Part B) with disclosure schedules and journals: on or before 31 December 2026 and 30 April 2026 (as stated).
• Responses to Auditor-General queries: within 3 working days of receipt, until completion of the 2026/27 audit.

The Commission will provide employee data, Employee Handbook, schedule of awards, prior audit finding, and contact details within 5 working days of inception; the firm must confirm data sufficiency in writing.

Any service beyond the stated scope requires prior written approval of the Chief Financial Officer or delegated official.

The bidder must demonstrate a methodology covering data validation, assumption setting, and the valuation of the Kruger coin benefit, including the coin price basis, escalation, and sensitivity analysis.

The methodology is evaluated under functionality (25 points): poor = 0 to 8; adequate = 9 to 17; strong = 18 to 25.

The project plan must be aligned to the timeframes, include team structure, peer review, and availability for audit support (10 points).

The valuation must apply the projected unit credit method and actuarial assumptions in accordance with GRAP 25.

The bidder must establish and justify a basis for valuing the Kruger coin benefit, including coin price at each valuation date and assumed escalation rate.

Sensitivity analyses must be performed on the discount rate, coin price escalation, and withdrawal rates.

Mandatory experience and qualifications:

• The valuation must be performed and signed by a Fellow of the Actuarial Society of South Africa (FASSA) who is a member in good standing, with proof of membership.
• The lead actuary must have at least 10 years' post-qualification experience in employee benefit valuations under GRAP 25 or IAS 19, supported by a CV.
• The firm must have completed at least 3 employee benefit valuations under GRAP 25 or IAS 19 for organs of state, public entities or municipalities in the last 5 years, supported by signed reference letters stating scope and value.

Desirable experience:

• Experience in valuing benefits settled in kind or linked to commodity or asset prices.
• Internal peer review by a second Fellow of the Actuarial Society of South Africa.
• Demonstrated capacity to support the audit within Auditor-General timeframes.

Pricing must be submitted on Annexure A as a fixed, all-inclusive fee, inclusive of VAT, travelling, subsistence and all disbursements.

Annexure A must state separate fees for Part A, Part B, and audit support.

Annexure A must also state an hourly rate per grade of staff for additional services, applicable only with prior written approval.

Payment is made against approved deliverables within 30 days of receipt of a valid tax invoice and acceptance of the deliverable.

Quoted prices must remain valid for at least 60 days from the closing date and are not subject to escalation.

Only firm prices are accepted; non-firm prices (subject to exchange rate variations) will not be considered.

Pricing format: fixed, all-inclusive fee, inclusive of VAT, travelling, subsistence and all disbursements, submitted on Annexure A pricing schedule.

Annexure A must state separate fees for Part A, Part B, and audit support.

Annexure A must also state an hourly rate per grade of staff for additional services, applicable only with prior written approval.

Payment: within 30 days of receipt of a valid tax invoice and acceptance of the deliverable, subject to approved contract value.

Quoted prices must remain valid for at least 60 days from the closing date and are not subject to escalation.

No bid security, bonds, or guarantees are specified.

The Commission reserves the right not to make an award.

Mandatory requirements (failure to demonstrate any disqualifies the quotation):

• The valuation must be performed and signed by a Fellow of the Actuarial Society of South Africa (FASSA) who is a member in good standing, with proof of membership.
• The lead actuary must have at least 10 years' post-qualification experience in employee benefit valuations under GRAP 25 or IAS 19, supported by a CV.
• The firm must have completed at least 3 employee benefit valuations under GRAP 25 or IAS 19 for organs of state, public entities or municipalities in the last 5 years, supported by signed reference letters stating scope and value.
• The firm must be registered on the Central Supplier Database (CSD) with a valid tax compliance status.
• The firm must submit a signed declaration of any current or recent services to the Commission and any relationship with the Auditor-General engagement team that could create a conflict of interest.

Tax compliance:

• Bidders must provide a SARS Tax Compliance Status (TCS) PIN or a CSD number if no TCS PIN is available.
• For consortia, joint ventures, or sub-contractors, each party must submit a separate TCS certificate/PIN/CSD number.
• Bids from persons in the service of the state, or companies/close corporations with directors/members in state service, will not be considered.

B-bbee:

• B-BBEE certificate or sworn affidavit required to claim specific-goal points.
• Certificates/affidavits must be valid at the closing date; expired ones are not considered.
• Errors or omissions in B-BBEE documents cannot be corrected after closing; points are allocated strictly based on the valid document submitted.

Desirable (not mandatory):

• Experience in valuing benefits settled in kind or linked to commodity/asset prices.
• Internal peer review by a second FASSA.
• Demonstrated capacity to support the audit within Auditor-General timeframes.

Evaluation is in three phases: administrative compliance (Phase 1), functionality (Phase 2), and price and specific goals (Phase 3), using the 80/20 preference point system.

Phase 1 requires all returnable forms and mandatory documents; failure disqualifies.

Phase 2 functionality (100 points) with minimum threshold of 70 points to proceed; functionality points do not carry into the 80/20 calculation.

Functionality criteria:

• Firm experience (30 points): number of GRAP 25/IAS 19 valuations for organs of state, public entities or municipalities in last 5 years (less than 3 = 0; 3 = 10; 4-6 = 20; 7+ = 30).
• Lead actuary experience (25 points): years of employee benefit valuation experience (less than 5 = 0; 5-6 = 15; 7-9 = 20; 10+ = 25).
• Methodology and approach (25 points): data validation, assumption setting, Kruger coin valuation, sensitivity analysis (poor = 0-8; adequate = 9-17; strong = 18-25).
• Project plan and capacity (10 points): work plan, team structure, peer review, audit availability (poor = 0-3; adequate = 4-7; strong = 8-10).
• FASSA membership (10 points): no valid membership = 0; valid membership = 10.

Phase 3: price (80 points) and specific goals (20 points).

Price formula: Ps = 80 × (1 - (Pt - Pmin) / Pmin).

Specific goals: 51% black-owned = 10; 51% black women-owned = 5; 51% black youth-owned = 3; 51% disability-owned = 2.

Specific-goal points are verified against CSD and/or B-BBEE certificate/affidavit.