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
Oilfields Workers’
Trade Union Pension
Plan
CLICO
89.087
10.910
0.003
89.763
10.192
0.045
May 31, 2006
90.908
9.058
0.034
The valuation revealed a past service surplus of
91.868 93.004
$11.254 million with a funding level of 187%.
It was recommended 8.100 that:-6.963
(a) The Company and the Members continue
to contribute 0.032 at their current 0.033levels until the
results of the next actuarial valuation rate,
(b) Consideration should be given to granting
pension increases to allow for inflation
experienced since January 1, 2000.
The next valuation should be performed on or
before May 31, 2009.
TELCO Staff
Pension Fund Plan
Bacon Woodrow & De Souza
Limited
March 31,
2006
The valuation revealed a past service surplus of
$884 million with a funding level of 149.11%.
It was recommended that:-
(a) TSTT should reduce its contributions
to the same rate paid by current
contributions to the TELCO Plan i.e. 5%
of pensionable earnings until the results
of the next actuarial valuation,
(b) TSTT and the Trustees should take
urgent action to resolve the status of
those who opt to transfer to the TSTT
Plan,
(c) The Trustees should also review the
Plan’s investment strategy with the
Plan’s Investment Manager and TSTT.
The next valuation should be performed on or
before May 31, 2009.
74
REPORT ON INSURANCE AND PENSIONS