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THE Petrotrin Employees Pension Plan is worth more than $7 billion, said Finance Minister Colm Imbert, in the House of Representatives on Friday.
He was replying to an oral question by Pointe-a-Pierre MP David Lee.
Imbert said, "The most recent valuation of the Petrotrin Employees Pension Plan indicates that the aggregate market value of the assets stood at $7.859 billion.
Lee asked the date of that valuation, to which Imbert replied but inaudibly for reporters.
Lee said that in the House in February 2020, Imbert had promised a fresh valuation to be done by June 2020.
"We are nearly two years. Could the minister state what happened to that independent valuation by June 2020?"said Lee.
Imbert said a fresh valuation was to determine if there is a deficit in the pension fund, and that had been done.
Lee asked if the plan has a deficit, to which Imbert replied this depended on the methodology used and the interest rate assumed.
"What I'm seeing is that for a six per cent return, the plan is in surplus.
"For those who are familiar with the valuation of pension plans, actuaries present scenarios based on assumed interest rates and depending on the interest rate that is finally selected, the plan can be in deficit or in surplus.
The indication I have is that when an interest rate of six per cent is used, the plan is in surplus."
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