May 5, 2016: Earlier today (May 5), concerns were raised by retirees on issues related to their Pension Plan.
The Petrotrin Employees Pension Plan is an Independent Fund operated by a Trustee with oversight by a Management Committee, comprising Petrotrin personnel and representatives of the Oilfields Workers’ Trade Union (OWTU).
Petrotrin approved a payment to retirees based on the triennial actuarial valuation for the period 2010- 2013. This was communicated to the Oilfields Workers’ Trade Union who expressed dissatisfaction.
The Company remains conscious of its responsibility to retirees while ensuring the long term sustainability of the pension plan given the current economic challenges we are faced with in this lower oil price environment.
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For further information please contact:
The Corporate Communications Department
Petroleum Company of Trinidad and Tobago Limited
868-658-4200