Report on Insurance and Pensions 2007 - Central Bank of Trinidad ...
Report on Insurance and Pensions 2007 - Central Bank of Trinidad ...
Report on Insurance and Pensions 2007 - Central Bank of Trinidad ...
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ACTUARIAL INVESTIGATIONS<br />
SUMMARIES OF THE RESULTS AND RECOMMENDATIONS<br />
OF THE ACTUARIAL INVESTIGATIONS ARE REPORTED HEREUNDER (c<strong>on</strong>tinued)<br />
NAME OF PLAN<br />
ACTUARY<br />
VALUATION<br />
DATE<br />
RESULTS AND<br />
RECOMMENDATIONS<br />
Y De Lima & Company<br />
Limited Pensi<strong>on</strong> Fund<br />
Plan<br />
89.087<br />
10.910<br />
0.003<br />
Bac<strong>on</strong> Woodrow & De Souza<br />
Limited<br />
89.763<br />
10.192<br />
0.045<br />
December 31,<br />
2005<br />
90.908<br />
9.058<br />
0.034<br />
91.868<br />
8.100<br />
0.032<br />
93.004<br />
The valuati<strong>on</strong> revealed a past service<br />
surplus <strong>of</strong> $5.098 milli<strong>on</strong> with a funding<br />
level <strong>of</strong> 157%. 6.963<br />
It was recommended that:-<br />
(a) The Company <strong>and</strong> 0.033 Members<br />
can c<strong>on</strong>tinue their c<strong>on</strong>tributi<strong>on</strong><br />
holiday until the next valuati<strong>on</strong>,<br />
(b) The Management Committee<br />
should discuss the Plan’s<br />
investment strategy with the<br />
Trustees <strong>and</strong> the Company with<br />
a view to implementing a formal<br />
Statement <strong>of</strong> Investment Policy.<br />
The next valuati<strong>on</strong> should be performed<br />
<strong>on</strong> or before December 31, 2008.<br />
William H Scott Ltd<br />
Pensi<strong>on</strong> Plan<br />
CLICO<br />
February 28,<br />
2006<br />
The valuati<strong>on</strong> revealed a past service<br />
surplus <strong>of</strong> $2.518 milli<strong>on</strong> with a funding<br />
level <strong>of</strong> 220%.<br />
It was recommended that:-<br />
(a) The Company should c<strong>on</strong>tribute at<br />
the rate <strong>of</strong> 5% <strong>of</strong> salaries,<br />
(b) C<strong>on</strong>siderati<strong>on</strong> should be given<br />
to improving the benefits <strong>of</strong> the<br />
Plan with particular reference to<br />
increasing the accrual rate <strong>and</strong><br />
granting increases to pensi<strong>on</strong>s<br />
in payment to compensate for<br />
inflati<strong>on</strong> since retirement.<br />
The next valuati<strong>on</strong> to be c<strong>on</strong>ducted as at<br />
February 28, 2009.<br />
T&T Nati<strong>on</strong>al Petroleum<br />
Marketing Company Ltd<br />
C<strong>on</strong>tributory Pensi<strong>on</strong><br />
Plan 1<br />
Bac<strong>on</strong> Woodrow & De Souza<br />
Limited<br />
March 31,<br />
2005<br />
The valuati<strong>on</strong> revealed a past service<br />
surplus <strong>of</strong> $55.2 milli<strong>on</strong> with a funding<br />
level <strong>of</strong> 147%.<br />
It was recommended that:-<br />
(a) The Company should c<strong>on</strong>tinue to<br />
c<strong>on</strong>tribute at the rate <strong>of</strong> 12% <strong>of</strong> salaries,<br />
(b) The Trustees review the Plan’s<br />
investment strategy with the<br />
Management Committee <strong>and</strong> the<br />
Company with a view to diversifying<br />
the asset portfolio. This review<br />
should be completed as part <strong>of</strong><br />
implementing a formal statement.<br />
The next valuati<strong>on</strong> should be performed<br />
as at March 31, 2008.<br />
70<br />
REPORT ON INSURANCE AND PENSIONS
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