A full actuarial valuation of the ‘Guyana Sugar and Trading Enterprises Pension Scheme’ (GSTEPS) is being done with the actuarial report expected to be completed by July 2018, according to the Guyana Sugar Corporation (GuySuCo).
In a press statement the sugar corporation explained that the while a full valuation of the scheme is done every three years by independent actuaries, due to the restructuring of the Corporation and the reduction of the number of employees in the scheme, the full valuation was brought forward one year to 2017. It noted that the last valuation was done for the year 2015, at which point a surplus was recorded.
“The actuaries will also be evaluating different models/scenarios of operation to determine the best way forward for the successful continuation of the scheme,” the statement explains. GSTEPS is a multi-employer defined benefit, pension scheme for qualifying employees which include, Senior and Junior Staff.
