Press Release
5th June 2002
McNeil Welcomes Release of
Transport Group Pension Funds
MSP for Greenock & Inverclyde,
Duncan McNeil, has welcomed today’s news that the final
barrier to making ex-gratia payments to 14,000 former
transport workers has been removed.
The order to formally wind up the Scottish Transport Group (STG) has now been made and comes into force this Friday (7th June). This triggers movement of the pension funds surplus to the Executive and starts the payment process. First payments to eligible members will begin in mid-August.
Welcoming the move, Mr McNeil told the Telegraph:
"This is, of course, good news for all the former bus drivers, Cal Mac workers and other former STG pension scheme members in Greenock and Inverclyde. It has, though, taken too long and I share the frustration of those who are awaiting payment.
"But, when the funds are transferred to the Executive the Scottish Parliament will have control over the process. This will let us finally get on and make sure these pensioners receive their money as quickly as possible."
On the subject of making sure all scheme members receive the payments to which they will be entitled, Mr McNeil said:
"A number of constituents have contacted me, concerned that they may miss out on their payments.
"I have been assured that the Executive is working hard to ensure that all those who are eligible to receive this money do so. Indeed, an advertising campaign will be launched shortly to target former pension scheme members who have not yet contacted the Executive about receiving payment.
"If you believe that the STG Pension Schemes might not hold your current details, you should write to the Scottish Public Pensions Agency, with your full name, pension scheme, National Insurance number, date of birth and current address. Their address is Scottish Public Pensions Agency, STG, St Margaret’s House, 151 London Road, Edinburgh, EH8 7TG."
Scottish Ministers negotiated with the Treasury for the retention of £118 million from the schemes’ surplus funds which were due to be paid into the UK Exchequer. This will be paid out as ex-gratia payments to former pension scheme members.
Members will receive these payments over
and above benefit entitlements already received and they will be
calculated in proportion to pension entitlement.
ENDS
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