Steel workers want changes to pension plan legislation

Speaking with reporters at the Couva Chamber of Industry and Commerce Auditorium at Camden Road, Couva last week, where hundreds of former steel workers had gathered to receive a statement of benefits from Maritime Life Limited, Henry noted that the majority of workers would not receive their full payments if they chose to receive lump sum payments while not having attained the retirement age of 60 years.

“A worker at 50 (years of age), would lose 37.5 percent of their pension.

That is the legislation that guides pension plans in Trinidad and Tobago and it is very unfriendly to the working class,” Henry said, adding, “this is deferred earnings, and when a company decides to take an action to close their doors, we have to bear the burden of this whole situation. About 35 percent of your income you have put away for retirement, you have to lose that.” Henry noted that one insurance company was deducting between five and six percent from the pension plan for a worker between 50 and 60 years of age should they decide to “cash in” the plan.

He said the union had advised that the entire portfolio be handed over to Maritime, but this had been overruled by both the trustee and the Central Bank.

He said Maritime was also offering a ten percent discount on groceries, 20 to 25 percent discount on car insurance and house insurance.