2006 - Central Bank of Trinidad and Tobago

ACTUARIAL INVESTIGATIONSSUMMARIES OF THE RESULTS AND RECOMMENDATIONSOF THE ACTUARIAL INVESTIGATIONS ARE REPORTED HEREUNDER (continued)NAME OF PLANACTUARYVALUATIONDATERESULTS ANDRECOMMENDATIONSNational AgroChemicals LimitedPension Fund PlanBacon Woodrow &89.087De Souza10.9100.00389.76310.1920.045June 1, 200390.9089.0580.034(c) The Trustee and the Company91.868 93.004review the Plan’s investment strategy. Inparticular, consideration 8.100 should 6.963be givento surrendering the existing Policy withGuardian Life. 0.032 0.033(d) The recommendations above will besubject to immediate review if the benefitor contribution provisions of the Plan areamended before the next valuation.The next actuarial valuation should becarried out no later than June 1, 2006.J.N. HarimanBacon Woodrow &De SouzaJanuary 1,2003The valuation revealed a past servicesurplus of $3.1 million with a fundinglevel of 129%.It was recommended that:-(a) The Company should continue to payarrears of members’ contributions to thePlan as quickly as possible.(b) Subject to the necessary approval fromthe Board of Inland Revenue and to reviewif and when either pension increases orany further benefit improvements areawarded, the Company should continueits present contribution holiday. This willbe reviewed at the next valuation.The next valuation should be carried outno later than January 1, 2006.Mandev-QualassurePension Fund PlanBacon Woodrow &De SouzaSeptember 30,2003The valuation revealed a past servicesurplus of $22.338 million with aFunding level of 214%.It was recommended that:-(a) The Bureau should continue tocontribute at the minimum rate of 18%.(b) The recommendation at (a) will besubject to immediate review if the benefitor contribution provisions of the Plan areamended before the next valuation.The next valuation should be carried outno later than September 30, 2006.66REPORT ON INSURANCE AND PENSIONS