2006 - Central Bank of Trinidad and Tobago

ACTUARIAL INVESTIGATIONSSUMMARIES OF THE RESULTS AND RECOMMENDATIONSOF THE ACTUARIAL INVESTIGATIONS ARE REPORTED HEREUNDER (continued)NAME OF PLANACTUARYVALUATIONDATERESULTS ANDRECOMMENDATIONSF.T. Farfan & Sons Ltd.Pension Fund PlanEckler Partnmers Ltd.89.08710.9100.003April 1, 200590.9089.0580.034The valuation revealed a deficit of $795,91.868 93.004335 with a funding level of88.85%. 8.100 6.963It was recommended that:-(a) If allowance 0.032 is made for 0.033 the existingdeficit to be funded over the next tenyears the Company contribute at a rateof 11.75% of covered payroll.The next valuation be conducted on orbefore April 1, 2008.Neal & Massy GroupPension PlanEckler Partnmers Ltd.March 31,2005The valuation revealed a past servicesurplus of $391, 113 with a fundinglevel of 179%.It was recommended that:-(a) No contributions be paid.{NB- Contributions were suspendedpursuant to Rule 23(c)}The next valuation should be conductedon or before March 31, 2008.Trinidad HiltonPension Fund PlanBacon Woodrow &De SouzaJanuary 1,2006The valuation revealed a past servicesurplus of $26.2M with a fundinglevel of 196%It was recommended that :-(a) The Hotel continue to contribute atthe same rate as members.(b) The Plan’s financial position and therecommended contribution rate will bereviewed at the next valuation.The next valuation is due to take place asat January 1, 2009.Lange Trinidad Ltd.Pension Fund PlanEckler PartnersJuly 1, 2005The valuation revealed a deficit of$207,582 with a funding level of 97.98%.It was recommended that:-(a) The company contribute to the plan atthe level of 10.08 % of increasing Payrollat which rate the deficit will be fundedover the next fourteen years.(b) The Company reduce the interestrate credited on members’ voluntarycontributions to 6 % in the light of fallinginvestment Returns.The next valuation should be conductedon or before July 1, 2008.REPORT ON INSURANCE AND PENSIONS 71