(Note:
Valuations as reported in the latest Actuarial Valuation Reports filed by
Stelco with the FSCO in September 2005) –(Note 3)
|
|
Stelco
Inc. Hamilton (1) |
Stelco
Inc. LESCo (1) |
Stelwire (2) |
Stelpipe (2) |
Welland
Pipe (2) |
||||||||||
|
2004 |
2003 |
2002 |
2004 |
2003 |
2002 |
2004 |
2003· |
2001 |
2004 |
2003· |
2001 |
2004 |
2003· |
2001 |
|
|
Going Concern Funded Ratio |
96.7% |
100% |
100% |
91.5% |
95.3% |
99.6% |
100% |
100%· |
100% |
100% |
100%· |
100% |
100% |
100%· |
100% |
|
Wind-Up Solvency Transfer Ratio |
79.8% |
80.5% |
80.8% |
70.5% |
70.6% |
70.5% |
83.0% |
85.8%· |
97.2% |
81.7% |
84%· |
96.6% |
86.9% |
89%· |
99.1% |
· Dec. 31 2003 funded and transfer ratios shown for
Stelwire, Stelpipe, and Welland Pipe are based on preliminary actuarial results
and not based on filed actuarial valuations
Notes:
(1) Actuarial
Valuation Reports for Stelco Inc. Hamilton, and Stelco Inc. LESCo are completed
on an annual basis for filing with the Financial Services Commission of Ontario
as per section 5.1 of the regulations to the Ontario Pension Benefits Act.
(2) Actuarial
Valuation Reports for Stelwire, Stelpipe, and Welland are completed for filing
with the Financial Services Commission of Ontario every three years in
accordance with the minimum requirements of the Ontario Pension Benefits
Act. Thus Stelco provided SSPO with
“Preliminary Valuation Results” for the year ended December 31, 2003.
(3) All
Actuarial Valuation Reports must be filed with the Financial Services
Commission Of Ontario (FSCO) by September 30th of the year following
the December 31st evaluation.
Definitions:
Going Concern Funded Ratio: Based on the assumption the plan is ongoing,
will not be subject to restructuring changes, and will not be
wound-up.
Wind-Up Solvency Transfer Ratio: Represents the ratio of solvency assets to
solvency liabilities. The assets and
liabilities are valued as at a particular day based on the assumption that the
plan would be wound-up on that day, and all monies would have to be paid at
once. In the event of a wind-up the
value of your pension would be in proportion to value of the Transfer Ratio.