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kind, accumulated at 6% per annum) plus the present value at 6% at this stage of the contributions to be received in the future, and (2) the present value of its aggregate liabilities, also based upon, 6%. briefly, it is the balances of the past contributions accumulated at 6% which enables the 6% pensions to be satisfied as they successively become actual claims. But let the pension-liabilities be now assessed at 8% from the origin of every contract, from what source, then, as a supplement to the 6% Fund, is the additional 2% of compound accumulative interest (1.0.8% - 6%) to be obtained in respect of the entire past and without which, as their support, pensions at 8% are impracticable? The Fund being based upon 6% does not contain this additional accumulation; hence the imperative 2% of accumulation must be derived aliunde or the Scheme collapses.
I express the judgment as an Actuary, that the appli- cation of the 8% pensions should only start from & specific recent date, and it appears reasonable and homogeneous that this epoch should (as in Ceylon and Mauritius) be the Ist, of January 1920 or 1921 (see my
The Government will decide, section IV (5) supra). with these facts and statements presented, whether the mode adopted by Trinidad and the Straits Settlements should not be abandoned.
So important is this question that in an Appendix to this Report I have submitted a numerical illustration. This to a slight extant only is hypothetical, but its facts and reasonings are essentially pertinent and trustworthy as a guide, I have there adopted a period of 20 years on the ground that the earliest Fund was converted into a Scheme 18 years ago.
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VI.
THE SIXTH FARAGRAPH OF YOUR LETTER.
The proposition herein contained merits the emphatic rejection in the Secretary of State's proposed reply. That proposition, in plain language, implies, in the expressed result, a wasteful cost to the Scheme of a recomputation ofpensions at 8% and on a revised basis of mortality; and the comparison to be made by the members (which the Governor proposes) is not in pari materie, since these revised pensions form definite and permanent obligations as to smount while the present 6 pensions are not definitely and permanently augmented by the 25%. Moreover, if the revised pensions prove to be in excess of the present 6% pensions (in-
contributors would obr cluding the temporary allowance) viously "think fit" to select the higher alternative. I submit this observation to show the inaptitude of the
At the same time, it will be preceding comparison. borne in mind that the concurrent revisions on revised mortality and the additional 2% of interest may render therocomputed prospective pensions equal or superior to
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