CWU: Pay pension sums for Telco, TSTT!

CWU head Joseph Rem, said 200 to 300 retirees were affected.

He accused RBC Trust Company of not making timely payments of pension orgdue increases to these sums.

“We had a settlement for the 2011 to 2013 collective bargaining period.

Our pensions are pegged to our final salary and since August last year, based on the 2011 to 2013 collective agreement, RBC has not paid the adjusted pension for 200 to 300 retirees.

“They also have to pay a retroactive payment.

This lump-sum payment should plug the shortfall in past payment of pension calculated at a lower salary than a worker’s final salary, upon which the true quantum should be paid.“ Remy said that against that background, the CWU has embarked on a series of protests demanding that RBC honour its commitment to those retirees. “RBC, to us, is really disrespecting the citizens of TT. In the face of their refusal and their contempt towards retirees, they want to lay off 200- plus workers. They want to challenge the Registration, Recognition and Certification Board. And they came and raised their bank charges this week here. We are totally upset with RBC.

We are demanding that the Pension Fund Management Committee take steps to have RBC removed as trustee for our pension fund.” He said for each of the TSTT and Telco Pension Funds, this committee is made up of representatives of both the union and each respective company. The Telco Pension Committee is chaired by an independent person, while the TSTT Pension Committee is chaired by TSTT’s vice-president for industrial relations/human resources.

Remy said if each of 200 retirees is owed $36,000 to $50,000 in a lump sum, the full cost would be $800,000 to $1 million. Saying that actuaries have given clearance for the two pension funds to pay out these lump sums and to increase the monthly pension paid, Remy said RBC must now do so. While the bank is laying off workers, he said the hike in bank charges means it should instead be ensuring it has hired enough staff to process these pension payments.

Remy bemoaned that even as RBC staff had waited five years for the Bank, Insurance and General Workers Union to be approved as representatives by the Registration, Recognition and Certification Board, the bank management is now challenging this by filing a judicial review in the courts.

RBC told Newsday the 200 retirees would get their pension hike after February.

RBC’s corporate communications senior manager, Nicole Duke-Westfield, said in a statement the bank was aware of the union’s concerns over the timely payment of adjusted pensions.

She said RBC always tries to work with clients, in this case TSTT, to provide apt products, services and advice to suit their financial needs.

“In the case of our trustee service, our clients would normally provide direction about payment amounts, and RBC uses this direction to issue cheques. “This process is not affected by the number of RBC