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 ...
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 Y De Lima & Company Limited Pension Fund Plan 89.087 10.910 0.003 Bacon Woodrow & De Souza Limited 89.763 10.192 0.045 December 31, 2005 90.908 9.058 0.034 91.868 8.100 0.032 93.004 The valuation revealed a past service surplus of $5.098 million with a funding level of 157%. 6.963 It was recommended that:- (a) The Company and 0.033 Members can continue their contribution holiday until the next valuation, (b) The Management Committee should discuss the Plan’s investment strategy with the Trustees and the Company with a view to implementing a formal Statement of Investment Policy. The next valuation should be performed on or before December 31, 2008. William H Scott Ltd Pension Plan CLICO February 28, 2006 The valuation revealed a past service surplus of $2.518 million with a funding level of 220%. It was recommended that:- (a) The Company should contribute at the rate of 5% of salaries, (b) Consideration should be given to improving the benefits of the Plan with particular reference to increasing the accrual rate and granting increases to pensions in payment to compensate for inflation since retirement. The next valuation to be conducted as at February 28, 2009. T&T National Petroleum Marketing Company Ltd Contributory Pension Plan 1 Bacon Woodrow & De Souza Limited March 31, 2005 The valuation revealed a past service surplus of $55.2 million with a funding level of 147%. It was recommended that:- (a) The Company should continue to contribute at the rate of 12% of salaries, (b) The Trustees review the Plan’s investment strategy with the Management Committee and the Company with a view to diversifying the asset portfolio. This review should be completed as part of implementing a formal statement. The next valuation should be performed as at March 31, 2008. 70 REPORT ON INSURANCE AND PENSIONS
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 Master Mix of Trinidad Limited Staff Pension Fund Plan 89.087 Apex Consulting Ltd 10.910 0.003 June 1, 2004 90.908 9.058 0.034 91.868 8.100 0.032 93.004 The valuation revealed a past service surplus of $2.229 million with a funding level of 146%. 6.963 It was recommended that:- (a) The Company and the 0.033 Members could continue to enjoy full contribution holidays for the ensuing triennium. The next valuation is due to take place as at June 1, 2007. Amoco Trinidad Oil Company Pension Plan Bacon Woodrow & De Souza Limited December 31, 2005 The valuation revealed a surplus of $51.7 million with a funding level of 113%. It was recommended that:- (a) The surplus should be carried forward as a contingency against future adverse experience, (b) The Company should continue to contribute at the rate of 9.5% of Member’s pensionable earnings. The next valuation be conducted as at December 31, 2008. REPORT ON INSURANCE AND PENSIONS 71
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- Page 66 and 67: ACTUARIAL INVESTIGATIONS SUMMARIES
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- Page 82 and 83: APPENDIX A Directors: Secretary: Au
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- Page 96 and 97: APPENDIX A GULF INSURANCE LIMITED I
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- Page 106 and 107: APPENDIX A SCOTIALIFE INSURANCE LIM
- Page 108 and 109: APPENDIX A TATIL LIFE ASSURANCE LIM
- Page 110 and 111: APPENDIX A THE GREAT NORTHERN INSUR
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- Page 114 and 115: APPENDIX A UNITED INSURANCE COMPANY
- Page 116 and 117: APPENDIX B LIST OF REGISTERED AGENT
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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 />
Master Mix <strong>of</strong> <strong>Trinidad</strong><br />
Limited Staff Pensi<strong>on</strong><br />
Fund Plan<br />
89.087<br />
Apex C<strong>on</strong>sulting Ltd<br />
10.910<br />
0.003<br />
June 1, 2004<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> $2.229 milli<strong>on</strong> with a funding<br />
level <strong>of</strong> 146%. 6.963<br />
It was recommended that:-<br />
(a) The Company <strong>and</strong> the<br />
0.033<br />
Members<br />
could c<strong>on</strong>tinue to enjoy full<br />
c<strong>on</strong>tributi<strong>on</strong> holidays for the<br />
ensuing triennium.<br />
The next valuati<strong>on</strong> is due to take place as<br />
at June 1, <strong>2007</strong>.<br />
Amoco <strong>Trinidad</strong> Oil<br />
Company Pensi<strong>on</strong> Plan<br />
Bac<strong>on</strong> Woodrow & De Souza<br />
Limited<br />
December 31,<br />
2005<br />
The valuati<strong>on</strong> revealed a surplus <strong>of</strong> $51.7<br />
milli<strong>on</strong> with a funding level <strong>of</strong> 113%.<br />
It was recommended that:-<br />
(a) The surplus should be carried<br />
forward as a c<strong>on</strong>tingency against<br />
future adverse experience,<br />
(b) The Company should c<strong>on</strong>tinue to<br />
c<strong>on</strong>tribute at the rate <strong>of</strong> 9.5% <strong>of</strong><br />
Member’s pensi<strong>on</strong>able earnings.<br />
The next valuati<strong>on</strong> be c<strong>on</strong>ducted as at<br />
December 31, 2008.<br />
REPORT ON INSURANCE AND PENSIONS 71
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