TNAG-0205-FCO40-241-Pensions-policy-1970 — Page 119

FEDERATION OF THE WEST INDIES

Federation formed on

CONFIDENTIAL

APPENDIX 7

3.1.1958

Public Service Commission executivised 16.8.1960

Federation dissolved

1.6.1962

ARRANGEMENTS FOR PAYMENT OF FEDERAL PENSIONS

1.

OFFICERS RETIRED FROM FEDERATION: Annuities purchased for them from Manufacturers Life Insurance Co (A Canadian company). These payments commenced in April 1964. Arrangements included payment to widows and children under 21. The gross premium was $2,041,495.

2.

OSAS OFFICERS: There are 11 such officers and their annuity was based on the whole of their TWI pension, the OSAS portion being re-imbursed by ODM annually to the Interim Commissioner.

3.

OFFICERS TRANSFERRED FROM TWI TO OTHER WEST INDIAN TERRITORIES:

TWI paid actuarially calculated sums to these territories in respect of the officers transferred, so that when the officers eventually retire they will receive a pension in respect of their TWI service.

4. It was found necessary to keep the Office of the Interim Commissioner in being because the legal rights under contracts in respect of all annuities rests with the Interim Commissioner and not the Annuitants.

5. $10,000 was set aside for the Interim Commissioner to meet any cost of childrens' benefits over age 21 and to enable him to act on behalf of annuitants if any difficulty should arise between them and the Insurance Co.

CONFIDENTIAL