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
Laughlin and de Gannes
Limited Pension Fund
Plan
KR Consulting Limited
January 1,
2006
The valuation revealed a past service
surplus of $0.22 million with a funding
level of 111.4%.
It was recommended that:-
(a) The Company and Members
should resume contributing to the
Plan at the rate of 8.3% of salaries
with effect from January 1, 2009.
(b) The remaining surplus should be
carried forward as a contingency
reserve against future adverse
experience.
The next valuation should be performed
as at January 1, 2009.
Southern Sales &
Service Company
Limited Pension Fund
Plan
KR Consulting Limited
January 1,
2006
The valuation revealed a past service
surplus of $14.5 million with a funding
level of 154%.
It was recommended that:-
(a) The Company should continue
to contribute at the same rate as
Members until the next valuation,
(b) Discussions be held with the
Trustees and the Plan Actuary as
to the use of the surplus.
The next valuation should be performed
as at January 1, 2009.
The Trinidad & Tobago
Loan Association
Pension Fund Plan
Clico
December 31,
2006
The valuation revealed a past service
surplus of $10.93 million with a funding
level of 316%.
It was recommended that:-
(a) Consideration be given to further
improving the plan benefits e.g.
increasing the accrual rate for
future service and increasing
pensions,
(b) The Company should continue to
match the members’ contributions
of 2% of members’ salaries,
(c) The balance of the surplus should
be carried forward as a margin
against future contingencies.
The next valuation should be performed
as at December 31, 2009.
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REPORT ON INSURANCE AND PENSIONS