The Law Offices have paid special attention to the restructuring of existing pension plans as well as the development of a significant number of Employee Share Ownership Plans (ESOPs) which exist in Trinidad and
Tobago.
In addition, the tax implications and tax efficiencies achievable in the restructuring exercise aforementioned have also been a matter of close study.
We advise extensively on pension plan and ESOP issues and have initiated the 4 major cases to come before the High Court in relation to the disposition of pension fund surpluses.
Cases of Special Interest
Republic Bank Ltd. v Trinidad & Tobago (BWIA International) Airways Corporation
(Landmark ruling involving the repayment of pension fund surplus to the employer)
(Claim by members of Pilots' Union to entitlement to part of monies remaining after disposition of surplus of the BWIA Pension Plan)
(Claim of breach of trust by members of the NCB pension plan against the trustee for use of the surplus of the plan by way of a contribution holiday without granting enhanced benefits to pensioners; Matter settled by enhanced pensions being granted)
(Claim by former employees of Textel that the Company’s plan should be wound up and the surplus distributed to them; claim by individual on behalf of beneficiaries under a pension plan to share of surplus of pension fund; Court made landmark order for pre-emptive costs to be paid out of pension fund to enable the Claimant’s attorneys to pursue the claim) Pending