Munster Express Online

On Saturday last in Dungarvan, Tánaiste and Minister for Social Protection, Joan Burton, attended a meeting with members of Waterford Crystal Limited (Contributory Pension Schemes for Staff and Factory), along with local representatives and the wider community in Waterford today.
Addressing the meeting, the Tánaiste said she was pleased that a mediated settlement, under the chairmanship of Mr. Kieran Mulvey, had been achieved to resolve the long running Waterford Crystal pensions case.
The settlement includes all 1,774 deferred members of the two pension schemes and the families of some members who have unfortunately died since the pension schemes were wound up.
The settlement provides for a tax-free lump sum payment of €1,200 for every year of pensionable service, not exceeding 40 years, in addition to standard pension payments. The total value of the lump sum payments is estimated to be approximately €45 million.
Following a mediated settlement, and the finalisation of legal and procedural matters, settlement documentation initially issued to a small number of scheme members some weeks ago. Following their acceptance of the terms of the agreement and the withdrawal of legal proceedings to which those scheme members were party, the Department of Social Protection has made payments to these members.
Settlement documentation has now issued to the majority of the remaining scheme members for their acceptance of the agreement as full and final settlement. Where scheme members who are not party to legal proceedings have signed and returned papers, the Department is finalising arrangements in order to make payments. The Tánaiste said today that these payments will be made in the coming weeks.
Where scheme members who are party to legal proceedings have signed and returned papers, the Tánaiste said that the Department will issue payments to these members once the Department has been advised that the legal proceedings have been withdrawn.
Said Ms Burton: “I am anxious that we can proceed to make payment without delay, and the Department is ready to do so. Confirmation of the withdrawal of the legal proceedings is required, but once received, the Department will finalise payments for these members.
“I would like to acknowledge all the scheme members, and their friends and families, who have worked so hard to bring about this satisfactory resolution. The ongoing effort and commitment of so many has helped to achieve this settlement, security and peace of mind for the scheme members and their families.”
In addition to the lump sum payment, members will be entitled to a fortnightly payment in respect of pensionable service once they reach their normal pension date. Where members have passed their normal pension date, arrears will be due.
The Tánaiste also thanked Kieran Mulvey of the Labour Relations Commission who chaired the mediation process for his ‘continued engagement with all parties and steadfastness to reach a resolution to this sensitive and technical settlement’.