2006 - Central Bank of Trinidad and Tobago

ACTUARIAL INVESTIGATIONSSUMMARIES OF THE RESULTS AND RECOMMENDATIONSOF THE ACTUARIAL INVESTIGATIONS ARE REPORTED HEREUNDER (continued)NAME OF PLANACTUARYVALUATIONDATERESULTS ANDRECOMMENDATIONSConsolidated InsuranceConsultants LimitedBacon Woodrow &89.087De Souza10.9100.00389.76310.1920.045June 30, 200490.9089.0580.034The valuation revealed a past service91.868 93.004surplus of $ 58.1 million with a fundinglevel of 640%. 8.100 6.963It was recommended that:-(a) The Company 0.032 should 0.033continueits contribution holiday. This will bereviewed at the next valuation.(b) The company adopt a formalmechanism for granting annual increasesbetween actuarial valuations.(c) The Trustees review the Plan’sinvestment strategy with the Plan’sManagement Committee and theCompany with a view to diversifying theasset portfolio. This should be done aspart of implementing a formal Statementof Investment Policy, which is regardedas a key element of a strong governancestructure for a pension plan.The next valuation should be carried outno later than June 30, 2007.T&TEC Pension FundPlanBacon Woodrow &De SouzaDecember 31,2003The valuation revealed a past servicesurplus of $.657 million with a fundinglevel of 144%.It was recommended that:-(a) The Company should continuecontributing at the existing rate of 15%of members’ basic pay.(b) The Committee discuss the Plan’sinvestment strategy with T&TEC andPowergen with a view to rebalancing theasset portfolio as part of implementing aformal Statement of Investment Policy.The next valuation should be carried outno later than December 31, 2006.REPORT ON INSURANCE AND PENSIONS 67