2006 - Central Bank of Trinidad and Tobago

ACTUARIAL INVESTIGATIONSSUMMARIES OF THE RESULTS AND RECOMMENDATIONSOF THE ACTUARIAL INVESTIGATIONS ARE REPORTED HEREUNDER (continued)NAME OF PLANACTUARYVALUATIONDATERESULTS ANDRECOMMENDATIONSBritish AmericanInsurance CompanyPension Fund PlanKR Consulting89.08710.9100.003December 31,200589.76310.1920.04590.9089.0580.034The valuation revealed a past service91.868 93.004surplus of $3.4 million with a fundinglevel of 120%. 8.100 6.963It was recommended that:-(a) The Company 0.032 should 0.033 continue tocontribute at the same rate as Members,i.e. 5%.(b) The residual surplus should be carriedforward as a contingency reserveagainst future adverse experience,and in particular, any continuing poorperformance on the stock exchange.The next valuation should be performedon or before December 31, 2008.Point Lisas IndustrialDevelopment Corp. Ltd.Pension Fund PlanBacon Woodrow &De SouzaDecember 31,2004The valuation revealed a past servicesurplus of $2.3 million with afunding level of 105%.It was recommended that:-(a) The Company continue to paycontributions at the current rate of 5%of pensionable earnings until theresults of the next valuation due as at31 December 2007 are available. ThisContribution rate will be reviewed at thenext valuation.(b) The Trustees review the Plan’sinvestment strategy with the Plan’sManagement Committee with a view todiversifying the asset portfolio as part ofImplementing a formal Statement ofInvestment Policy which is regarded asa key element of a strong governancestructure for a pension plan.The next valuation is due to take place asat December 31, 2007.70REPORT ON INSURANCE AND PENSIONS