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Post-retirement benefit obligations (Tables)

12 Months Ended

Jun. 30, 2019

Post-retirement benefit obligations

Post-retirement benefit obligations

				2019		2018
for the year ended 30 June		Note		Rm		Rm
Post-retirement healthcare obligations		33.1
South Africa				3 825		3 995
United States of America				268		248
				4 093		4 243
Pension obligations		33.2
Foreign — post-retirement benefit obligation				9 014		8 046
Less short-term portion of post-retirement pension and medical benefit obligations				(399	)	(389	)
Total post-retirement benefit obligations				12 708		11 900
Pension assets		33.2
South Africa — post-retirement benefit asset				(555	)	(582	)
Foreign — post-retirement benefit asset				(719	)	(916	)
Total post-retirement benefit assets				(1 274	)	(1 498	)
Net pension obligations				7 740		6 548

Schedule of actuarial valuations

		Healthcare benefits		Pension benefits
Last actuarial valuation — South Africa		31 March 2019		31 March 2019
Last actuarial valuation — United States of America		30 June 2019		30 June 2019
Last actuarial valuation — Europe		n/a		1 April 2019
Full/interim valuation		Full		Full
Valuation method adopted		Projected unit credit		Projected unit credit

Schedule of actuarial assumptions

		South Africa				United States of America				Europe
		2019		2018		2019		2018		2019		2018
at valuation date		%		%		%		%		%		%
Healthcare cost inflation
initial		7,5		7,5		8,5	*	7,0	*	n/a		n/a
ultimate		7,5		7,5		4,5	*	5,5	*	n/a		n/a
Discount rate — post-retirement medical benefits		10,5		9,9		3,6		3,9		n/a		n/a
Discount rate — pension benefits		10,0		9,9		2,7		2,7		1,6		1,8
Pension increase assumption		4,7		4,5		n/a	**	n/a	**	1,8		1,8
Average salary increases		5,5	+	5,5	+	4,2		4,2		2,8		2,8
Weighted average duration of the obligation — post-retirement medical obligation		15 years		15 years		9 years		9 years		n/a		n/a
Weighted average duration of the obligation — pension obligation		13 years		13 years		13 years		13 years		18 years		17 years

* The healthcare cost inflation rate in respect of the plans for the United States of America is capped. All additional future increases due to the healthcare cost inflation will be borne by the participants.

** There are no automatic pension increases for the United States of America pension plan.

+ Salary increases are linked to inflation.

Healthcare

Post-retirement benefit obligations

Benefit obligation by geographic area

		South Africa				United States of America				Total
		2019		2018		2019		2018		2019		2018
for the year ended 30 June		Rm		Rm		Rm		Rm		Rm		Rm
Projected benefit obligation		3 825		3 995		268		248		4 093		4 243
Less short-term portion		(178	)	(177	)	(20	)	(20	)	(198	)	(197	)
Non-current post-retirement healthcare obligation		3 647		3 818		248		228		3 895		4 046

Reconciliation of obligation recognised

		South Africa				United States of America				Total
		2019		2018		2019		2018		2019		2018
for the year ended 30 June		Rm		Rm		Rm		Rm		Rm		Rm
Total post-retirement healthcare obligation at beginning of year		3 995		3 921		248		242		4 243		4 163
Movements recognised in the income statement:		459		542		26		18		485		560
current service cost		53		73		13		10		66		83
interest cost		407		472		13		8		420		480
curtailments and settlements		(1	)	(3	)	—		—		(1	)	(3	)
Actuarial (gains)/losses recognised in other comprehensive income:		(468	)	(258	)	8		(5	)	(460	)	(263	)
arising from changes in financial assumptions		(293	)	(54	)	7		(6	)	(286	)	(60	)
arising from changes in actuarial experience		(175	)	(204	)	1		1		(174	)	(203	)
Benefits paid		(161	)	(210	)	(20	)	(19	)	(181	)	(229	)
Translation of foreign operations		—		—		6		12		6		12
Total post-retirement healthcare obligation at end of year		3 825		3 995		268		248		4 093		4 243

Schedule of sensitivity analysis for actuarial assumptions

		South Africa				United States of America
		2019		2018		2019		2018
for the year ended 30 June		Rm		Rm		Rm		Rm
1% point change in actuarial assumptions:
Increase in the healthcare cost inflation		518		582		—	*	—	*
Decrease in the healthcare cost inflation		(417	)	(475	)	—	*	—	*
Increase in the discount rate		(417	)	(452	)	(23	)	(21	)
Decrease in the discount rate		507		562		28		25

* A change in the healthcare cost inflation for the United States of America will not have an effect on the above components or the obligation as the employer’s cost is capped and all future increases due to the healthcare cost inflation are borne by the participants.

Pension

Post-retirement benefit obligations

Reconciliation of obligation recognised

		South Africa				Foreign				Total
		2019		2018		2019		2018		2019		2018
for the year ended 30 June		Rm		Rm		Rm		Rm		Rm		Rm
Projected benefit obligation at beginning of year		47 285		46 508		11 020		9 774		58 305		56 282
Movements recognised in income statement:		5 694		5 678		677		596		6 371		6 274
current service cost		1 042		1 028		454		386		1 496		1 414
curtailments and settlements		3		—		(14	)	—		(11	)	—
interest cost		4 649		4 650		237		210		4 886		4 860
Actuarial (gains)/losses recognised in other comprehensive income:		262		(2 950	)	1 098		462		1 360		(2 488	)
arising from changes in demographic
assumptions		—		—		(7	)	20		(7	)	20
arising from changes in financial assumptions		174		(2 950	)	1 059		312		1 233		(2 638	)
arising from change in actuarial experience		88		—		46		130		134		130
Member contributions		482		447		—		—		482		447
Benefits paid		(2 482	)	(2 398	)	(278	)	(477	)	(2 760	)	(2 875	)
Transferred to held for sale assets		—		—		—		(30	)	—		(30	)
Translation of foreign operations		—		—		48		695		48		695
Projected benefit obligation at end of year		51 241		47 285		12 565		11 020		63 806		58 305
unfunded obligation*		—		—		8 868		7 915		8 868		7 915
funded obligation		51 241		47 285		3 697		3 105		54 938		50 390

* Certain of the foreign defined benefit plans have reimbursement rights under contractually agreed legal binding terms that match the amount and timing of some of the benefits payable under the plan. This reimbursive right has been recognised in long-term receivables at fair value (2019 – R217 million; 2018 – R305 million). A decrease of R83 million (2018 — decrease of R1 million) has been recognised as a loss in other comprehensive income in respect of the reimbursive right.

Schedule of sensitivity analysis for actuarial assumptions

		South Africa				Foreign
		2019		2018		2019		2018
for the year ended 30 June		Rm		Rm		Rm		Rm
1% point change in actuarial assumptions
Increase in average salaries increase assumption		12		14		494		454
Decrease in average salaries increase assumption		(12	)	(13	)	(430	)	(368	)
Increase in the discount rate		(1 654	)	(1 447	)	(1 806	)	(1 634	)
Decrease in the discount rate		2 463		1 981		2 370		2 174
Increase in the pension increase assumption		2 541		2 035		1 142	*	1 071	*
Decrease in the pension increase assumption		(1 727	)	(1 523	)	(934	)*	(851	)*

* This sensitivity analysis relates only to the Europe obligations as there are no automatic pension increases for the United States of America pension plan, and thus it is not one of the inputs utilised in calculating the obligation.

Schedule of allocation of plan assets

		South Africa				United States of America
		2019		2018		2019		2018
at 30 June		%		%		%		%
Equities		53		53		38		32
resources		6		6		7		5
industrials		2		3		4		3
consumer discretionary		10		12		4		4
consumer staples		11		12		3		2
healthcare		5		3		4		3
information technologies		5		4		7		7
telecommunications		3		1		2		2
financials (ex real estate)		11		12		7		6
Fixed interest		13		10		49		59
Direct property		15		17		5		5
Listed property		4		5		—		—
Cash and cash equivalents		4		4		—		—
Third party managed assets		11		11		—		—
Other		—		—		8		4
Total		100		100		100		100

		South Africa(1)				United States of America
		Minimum		Maximum		Minimum		Maximum
Asset classes		%		%		%		%
Equities
local		30		45		—		100
foreign		15		30		—		100
Fixed interest		5		25		—		100
Property		10		25		—		100
Other		—		15		—		100

(1) Members of the defined contribution scheme have a choice of four investment portfolios. The targeted allocation disclosed represents the moderate balanced investment portfolio which the majority of the members of the scheme have adopted. The total assets of the fund under these investment portfolios are R139 million, R52 080 million, R791 million and R1 034 million for the low risk portfolio, moderate balanced portfolio, aggressive balanced portfolio and money market portfolio, respectively. Defined benefit members’ funds are invested in the moderate balanced portfolio. The money market portfolio is restricted to active members from age 55.

Schedule of net defined benefit liability (asset)

		South Africa				Foreign				Total
		2019		2018		2019		2018		2019		2018
for the year ended 30 June		Rm		Rm		Rm		Rm		Rm		Rm
Projected benefit obligation (funded)		51 241		47 285		3 697		3 105		54 938		50 390
defined benefit portion		21 550		19 970		3 697		3 105		25 247		23 075
defined benefit option for defined
contribution members		29 691		27 315		—		—		29 691		27 315
Plan assets		(54 115	)	(50 128	)	(4 270	)	(3 890	)	(58 385	)	(54 018	)
defined benefit portion		(24 254	)	(22 502	)	(4 270	)	(3 890	)	(28 524	)	(26 392	)
defined benefit option for defined
contribution members		(29 861	)	(27 626	)	—		—		(29 861	)	(27 626	)
Projected benefit obligation (unfunded)		—		—		8 868		7 915		8 868		7 915
Asset not recognised due to asset limitation		2 319		2 261		—		—		2 319		2 261
Net liability/(asset) recognised		(555	)	(582	)	8 295		7 130		7 740		6 548

		South Africa				Foreign				Total
		2019		2018		2019		2018		2019		2018
for the year ended 30 June		Rm		Rm		Rm		Rm		Rm		Rm
Pension asset		(555	)	(582	)	(719	)	(916	)	(1 274	)	(1 498	)
Pension benefit obligation		—		—		9 014		8 046		9 014		8 046
long-term portion		—		—		8 813		7 854		8 813		7 854
short-term portion		—		—		201		192		201		192
Net liability/(asset)		(555	)	(582	)	8 295		7 130		7 740		6 548

Schedule of reconciliation of plan assets of funded obligation

		South Africa				Foreign				Total
		2019		2018		2019		2018		2019		2018
for the year ended 30 June		Rm		Rm		Rm		Rm		Rm		Rm
Fair value of plan assets at beginning of year		50 128		48 340		3 890		2 514		54 018		50 854
Movements recognised in income statement:		4 702		4 707		113		67		4 815		4 774
interest income		4 927		4 829		113		67		5 040		4 896
interest on asset limitation		(225	)	(122	)	—		—		(225	)	(122	)
Actuarial gains/(losses) recognised in other comprehensive income:		229		(1 959	)	285		180		514		(1 779	)
arising from return on plan assets		229		(1 959	)	285		180		514		(1 779	)
(excluding interest income)
Plan participant contributions*		482		447		—		—		482		447
Employer contributions* +		1 056		991		6		1 233		1 062		2 224
Benefit payments		(2 482	)	(2 398	)	(121	)	(314	)	(2 603	)	(2 712	)
Translation of foreign operations		—		—		97		210		97		210
Fair value of plan assets at end of year		54 115		50 128		4 270		3 890		58 385		54 018
Actual return on plan assets		4 931		2 748		398		247		5 329		2 995

* Contributions, for the defined contribution section, are paid by the members and Sasol at fixed rates.

+ In 2018, in the United States of America there was a once-off payment R963 million (US$75 million) made by the employer to the fund.

Schedule of contributions to plans

		South Africa		Foreign
		Rm		Rm
Pension contributions		1 106		120

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