Post by IAMCAPER on Dec 2, 2005 9:38:06 GMT -4
Sydney - Christmas is coming early for many Devco pensioners who are receiving their share of the long-awaited surplus money from two pension plans.
“We mailed out $14.7 million in cheques. People should start receiving them today,” said pension plan members committee spokesman Bob Burchell.
Another $7.3 million in cheques will be prepared and mailed over the weekend.
“By Tuesday, about 3,800 of the total will have been mailed and should have been received, totalling about $22 million,” Burchell said.
There are about 6,750 people in both plans.
The Office of the Superintendent of Financial Institutions approved the method of distributing the $40 million in two plans in early November. Devco and the pension plan members committee notified pensioners of their entitlements along with release forms.
Once that form was returned the cheques were processed and mailed to pensioners.
“The ones who don’t receive their cheques in these batches, if they sent (releases) in late, but if we have received them Nov. 30, and were properly completed and filled out, they can expect to have their cheques by Dec. 15.”
He said between the contributory and non-contributory plans about $35 million will be disbursed in the coming weeks. There will be a 10 per cent holdback to settle pension owing for members who have yet to come forward.
“We are quite pleased, we are getting it done on schedule as we said we would before Christmas.
“Devco has been working diligently along with us to make sure we are able to follow this schedule,” Burchell said.
The balance of the non-contributory fund will be held for two years to pay any new valid claims for further benefits. After that time the amount remaining will be distributed to the members.
“We mailed out $14.7 million in cheques. People should start receiving them today,” said pension plan members committee spokesman Bob Burchell.
Another $7.3 million in cheques will be prepared and mailed over the weekend.
“By Tuesday, about 3,800 of the total will have been mailed and should have been received, totalling about $22 million,” Burchell said.
There are about 6,750 people in both plans.
The Office of the Superintendent of Financial Institutions approved the method of distributing the $40 million in two plans in early November. Devco and the pension plan members committee notified pensioners of their entitlements along with release forms.
Once that form was returned the cheques were processed and mailed to pensioners.
“The ones who don’t receive their cheques in these batches, if they sent (releases) in late, but if we have received them Nov. 30, and were properly completed and filled out, they can expect to have their cheques by Dec. 15.”
He said between the contributory and non-contributory plans about $35 million will be disbursed in the coming weeks. There will be a 10 per cent holdback to settle pension owing for members who have yet to come forward.
“We are quite pleased, we are getting it done on schedule as we said we would before Christmas.
“Devco has been working diligently along with us to make sure we are able to follow this schedule,” Burchell said.
The balance of the non-contributory fund will be held for two years to pay any new valid claims for further benefits. After that time the amount remaining will be distributed to the members.