Press Release
2nd May 2002
Transport Pensions Get Moving
at Last
MSP for Greenock & Inverclyde,
Duncan McNeil, has welcomed the news that members of the Scottish
Transport Group (STG) pension schemes are another step closer to
receiving their share of their fund’s surplus.
Under questioning in the Scottish Parliament yesterday, Transport Minister, Lewis Macdonald, told the Chamber:
"The trustees of the STG pension funds wound up the pension schemes on Tuesday 30 April and we now have full access to the records of the schemes."
He continued:
"We estimate that approximately 14,000 pensioners are involved. Executive officials intend to write to each of those pensioners within the next few weeks to indicate what we believe their dates of service were and what we believe they will be entitled to. Once we have received confirmation of those details, we hope to be able to make payments to the vast majority of pensioners in the next four months.
"This morning we received the audited accounts, which show that the pension funds have a surplus of £174 million. We will talk to Treasury ministers about the distribution of that money."
Welcoming the announcement, Mr McNeil, who has been campaigning for the pension scheme members to receive their pay-outs, said:
"I am glad that we are now another step forward and that things finally seem to be moving.
"I do, though, share the frustration of many of the Scottish Transport Group pensioners at the length of time this has taken. Giving the pensioners their money while they can still make use of it might not be a priority to the pension fund’s Trustees, but it is to many of my constituents.
"We are, I hope, on the last lap. I will, though, keep up the pressure on the Minister to press his officials to conclude this matter as soon as possible."
STG pension scheme members will receive a lump sum. The size of the lump sum will be based on how long an individual was a member of, and how much he or she paid in to, the scheme.
It has been estimated that the average size
of pay-out will be around £7,000. Some people will receive
significantly more, whereas others will receive less. The exact
figure, however, will not be known until the Scottish Executive
writes to scheme members in the coming weeks.
ENDS
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