2006 - Central Bank of Trinidad and Tobago
2006 - Central Bank of Trinidad and Tobago
2006 - Central Bank of Trinidad and Tobago
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ACTUARIAL INVESTIGATIONSSUMMARIES OF THE RESULTS AND RECOMMENDATIONSOF THE ACTUARIAL INVESTIGATIONS ARE REPORTED HEREUNDER (continued)NAME OF PLANACTUARYVALUATIONDATERESULTS ANDRECOMMENDATIONSTrintoplan ConsultantsLimited Pension FundPlanBacon Woodrow &89.087De Souza10.9100.003December 31,200589.76310.1920.04590.9089.0580.034The valuation revealed a past service91.868 93.004surplus <strong>of</strong> $41.4 million with afunding level 8.100 <strong>of</strong> 204%. 6.963It was recommended that:-(a) The members 0.032 <strong>and</strong> the 0.033 Companycontinue on their contribution Holiday.The Plan’s financial position <strong>and</strong> therecommended contribution rate will bereviewed at the next valuation.(b) The Trustees review the Plan’sinvestment strategy with theManagement Committee <strong>and</strong> theCompany with a view to diversifying theasset portfolio as part <strong>of</strong> Implementing aformal Statement <strong>of</strong> Investment Policywhich is regarded as a key element <strong>of</strong>a strong governance structure for apension plan.The next valuation is due to take place asat December 31, 2008.<strong>Trinidad</strong> <strong>and</strong> <strong>Tobago</strong>Unit Trust CorporationPension Fund PlanEckler Partners Ltd.January 1,2004It was recommended that:-(a) Outst<strong>and</strong>ing contributions <strong>of</strong> $27,458as at the valuation date be remitted tothe Fund.(b) The contingency reserve <strong>of</strong> $1.1M becarried forward until the date <strong>of</strong> the nextactuarial review.The next valuation should be conductedno later than January 1, 2007.<strong>Bank</strong> <strong>of</strong> Commerce<strong>Trinidad</strong> <strong>and</strong> <strong>Tobago</strong>Limited Retirement PlanBacon Woodrow &De SouzaSeptember 30,2005The valuation revealed a past servicesurplus <strong>of</strong> $100.5 million with afunding level <strong>of</strong> 209%.It was recommended that:-(a) The Trustees review the Plan’sinvestment strategy with the Plan’sInvestment Manager <strong>and</strong> the <strong>Bank</strong>. Thisshould be done as part <strong>of</strong> implementinga formal Statement <strong>of</strong> Investment Policywhich is regarded as a key element<strong>of</strong> a strong governance structure fora pension plan. The Policy should beformulated having regard to the needs<strong>of</strong> the Plan as it will st<strong>and</strong> aafter thetransfer has taken place.72REPORT ON INSURANCE AND PENSIONS
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