Dear Editor,
GTT on April 30, 2020, announced that “the pension committee has taken the position to wind up the pension scheme because of the economy with benefits ceasing to accrue as of April 30, 2020. And all monies will be paid in accordance of entitlement. Due to the nature of the windup which involves liquidation of the pension assets, it may take up to 12 to 18 months for all payments to be made. We will do our best to complete all payments by March 31, 2021.” In April of this year, (2021), an internal memo was sent out by GTT management noting that the March 31, 2021 deadline previously communicated for payments had passed and that the company is currently awaiting guidance from its actuaries and the Trust Company, which is the corporation that holds the company’s pension scheme and policies associated with same, as to when payments will be made. This situation is becoming worrying as staff who have made contact with the Trust Company were told that they are waiting on GTT. Can GTT provide some answers to the hundreds of affected staff who are being pushed around, some having reached the retirement age and therefore left with no real income in this Covid-19 environment?
Sincerely,
Concerned Pensioners
