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
National Agro Chemicals
Limited Pension Fund
Plan
89.087
10.910
0.003
Bacon Woodrow & De Souza
Limited
89.763
10.192
0.045
June 1, 2006
90.908
9.058
0.034
91.868
8.100
0.032
93.004
The valuation revealed a past service
deficit of $0.234 million with 6.963 a funding
level of 80.4%.
It was recommended that:-0.033
(a) The Company should increase
its contribution rate to 10.3% of
member’s salaries with effect from
June 1, 2006 and the Trustees
should take positive steps to
ensure that this increase is
properly implemented,
(b) The Trustees should review the
Plan’s investment strategy with
the Management Committee and
the Company. This should be done
as part of implementing a formal
Statement of Investment Policy.
The next valuation is due to take place as
at June 1, 2009.
Trinidad and Tobago
Methanol Company
Limited Pension Fund Plan
Bacon Woodrow & De Souza
Limited
December 31,
2005
The valuation revealed a past service
surplus of $100 million with a funding
level of 278%.
It was recommended that:-
(a) The Company should pay contributions
at the same rate as the remaining
Member.
The next valuation is due to take place as
at December 31, 2008.
McCann Erickson Trinidad
Staff Pension Plan
Sagicor Life Inc.
July 1, 2006
The valuation revealed a past service
surplus of $6 million with a funding level
of 107%.
It was recommended that:-
(a) The Company should continue to
pay contributions at the rate of 5%
of salaries.
The next valuation is due to take place as
at July 1, 2009.
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REPORT ON INSURANCE AND PENSIONS