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
Caribbean Packaging
Industries Limited Junior
Staff Plan
Bacon Woodrow & De Souza
Limited
89.087
10.910
0.003
December 31,
2005
89.763
10.192
0.045
90.908
9.058
0.034
The valuation revealed a past service
91.868 93.004
surplus of $0.108 million with a funding
level of 102%. 8.100 6.963
It was recommended that:-
(a) The Company 0.032 should 0.033 continue
contributing at the rate of 8%
of salaries and carry the surplus
forward as a contingency reserve,
(b) The Trustees should ask Sagicor Life
for details of the assets underlying
the deposit administration contract
to ensure that the nature of these
assets is appropriate for the Plan’s
liabilities. This should be done
as part of implementing a formal
Statement of Investment Policy.
The next actuarial valuation should be
performed as at December 31, 2008.
Berger Paints Trinidad
Limited Pension Fund
Plan
Eckler Partners
December 31,
2003
The valuation revealed a past service
surplus of $1.511 million with a funding
level of 195%.
It was recommended that:-
(a) Effective January 1, 2004 the
contribution holiday for the
Company and the members may
continue for the ensuing triennium,
(b) Consideration should be given to
improving the death in service
benefit to equal the commuted
value of the pension accrued to
the date of death,
(c) The normal form of pension after
retirement can be improved from
a five-year guaranteed period to a
ten-year guaranteed period.
The next actuarial valuation should be
performed as at December 31, 2006.
REPORT ON INSURANCE AND PENSIONS 69