Report on Insurance and Pensions 2007 - Central Bank of Trinidad ...

ACTUARIAL INVESTIGATIONS
SUMMARIES OF THE RESULTS AND RECOMMENDATIONS
OF THE ACTUARIAL INVESTIGATIONS ARE REPORTED HEREUNDER (continued)
NAME OF PLAN
ACTUARY
VALUATION
DATE
RESULTS AND
RECOMMENDATIONS
Mittal Steel Point Lisas
Limited Employees’
Pension Fund Plan
Bacon Woodrow & De Souza
89.087
Limited
10.910
89.763
10.192
0.003 0.045
December 31,
2006
90.908
9.058
0.034
The valuation revealed a past service surplus of
91.868 93.004
$182.5 million with a funding level of 139.33%.
It was recommended 8.100 that:-6.963
(a) The Company pays contributions at the
minimum 0.032 rate of 6.0% 0.033 of member’s
wages.
The next actuarial valuation must be carried
out no later than December 31, 2009.
Victoria Nursing Home
Limited Pension Fund
Plan
Sagicor Life Inc.
December 1,
2004
The valuation revealed a past service surplus of
$170,000 with a funding level of 120.6%.
It was recommended that:-
(a) The surplus be utilized to meet wind
up expenses and to increase members
benefits.
The plan was wound up with an effective date
of December 1, 2004.
The Business
Development Company
Staff Pension Fund Plan
Apex Consulting Limited
January 1, 2004
The valuation revealed a past service surplus of
$1.866 million with a funding level of 257%.
It was recommended that:-
(a) The Company should contribute to the
Plan at the rate of 7.4% of pensionable
earnings for approximately the next 24
years.
The next actuarial valuation must be carried
out no later than January 1, 2007.
Mainstream Foods
Limited Pension Plan
Sagicor Life Inc.
April 1, 2004
The valuation revealed a past service deficit of
$244,314.
It was recommended that:-
(a) The Company increase its contribution
rate to 11.1 % of salaries immediately.
The next valuation is due to take place as at
April 1, 2007.
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REPORT ON INSURANCE AND PENSIONS