| The Trustees of the Defunct Air Jamaica Pension Fund are still in discussions with government regarding the Fund’s tax liabilities. |
| “Our discussions with the tax authorities are still inconclusive,” advised Trustee Joy Charlton, “However, we are encouraged that all outstanding tax issues will be resolved shortly. Following that, the Trustees intend to resume the winding down of the Fund, which has been held in abeyance over the past year.” |
| “We had hoped to have completed the winding down process by now,” added Chairman Dr Ian Blair, “since this has not been the case we have retained a skeleton operational staff in our Call Centre in order to keep our records current.” |
| The defunct pension fund was created following the privatization of Air Jamaica in 1994 by government, making approximately 2,600 former employees redundant. The pension fund was terminated and the government claimed the balance of the fund. |
| A legal battle ensued, finally reaching the Privy Council in 1998. The Privy Council’s decision in1999 ordered that the employees’ contribution to the fund be returned to them with interest. This was done by government over the period of about a year starting on May 15, 2001. |
| To date, about J$850.3 million has been distributed to the former employees. |
| Beneficiaries are advised to consult the Website at www.airjpension.com for periodic updates. |
