2006 - Central Bank of Trinidad and Tobago

ACTUARIAL INVESTIGATIONSSUMMARIES OF THE RESULTS AND RECOMMENDATIONSOF THE ACTUARIAL INVESTIGATIONS ARE REPORTED HEREUNDER (continued)NAME OF PLANACTUARYVALUATIONDATERESULTS ANDRECOMMENDATIONSBerger PaintsBacon Woodrow &89.087De Souza10.9100.003December 31,200390.9089.0580.034The valuation revealed a past service91.868 93.004surplus of $8.3 million with afunding level 8.100 of 163%. 6.963It was recommended that:-(a) The 0.032 present suspension 0.033 ofcontributions by the members and theCompany should continue until theresults of the next valuation.(b) The recommendation at (a) will besubject to immediate review if a benefitimprovement is implemented beforethen.The actuarial valuation should be carriedout no later than December 31,2006.Republic Bank LimitedStaff Pension PlanBacon Woodrow &De SouzaSeptember 30,2005The valuation revealed a past servicesurplus of $1,070.8 million with afunding level of 197%.It was recommended that:-(a) The Bank should pay no contributionsto the Plan. This recommendation will bereviewed at the next valuation.The next valuation is due to take place asat September 30, 2008.Trinidad NitrogenCompany LimitedPension Fund PlanDaine BakerDecember 31,2005The valuation revealed a past servicedeficit of $380, 000 with a fundinglevel of 82.9%, however the plan was fullysolvent at the valuation date.It was recommended that:(a) The Company should contribute tothe Plan at the rate of 12.0% of members’basic salaries.(b) The members contribute to the Planat the rate of 6.0% of their basic salaries.(c) The Company should continue tomake quarterly payments of $89, 800 forthe period January 1, 2005 to December31, 2007 to fund the deficit and maintainthe Company contribution rate at12 % ofmembers’ basic salaries.The next actuarial valuation of the Planshould be carried out on data as atDecember 31, 2008.REPORT ON INSURANCE AND PENSIONS 73