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OCR: N 31 March 31 March 31 March 1 October 1996 1995 1994 1991 Telkom Pension Fund Funding (9%) Actuarial valuation 75.5 52.6 Actuarial calculation 77.1 76.0 Deficit (Rm) Actuarial valuation 1 143 1 589 Actuarial calculation 200 1 299 Employer contribution (Rm) 128.7 269.4 245.9 Telkom Retirement Fund Deficit (Rm) Actuarial calculation 1 246 Employer contribution (Rm) 175.6 The Company guarantees the financial obligations of the Pension and Retirement funds. The actuarially valued deficit of the Pension Fund at 30 September 1991, plus interest, as determined by the State Actuary has been guaranteed by the SA Government.