Cable & Wireless Jamaica Limited (CWJ) – Distribution of Pension Surplus

Cable & Wireless Jamaica Limited (CWJ) has advised that the Board of Directors of CWJ have confirmed its approval of a proposal from a cross functional Task Force established by the Board of Trustees of CWJ Pension Plan (“the Plan”), to review a proposed distribution of the surplus in the Plan.

Following extensive consultations, the Consulting Actuaries have advised the Trustees of the Plan and CWJ, the Principal Sponsor, that the value of the assets of the Plan are sufficient to adequately fund the distribution of surplus without jeopardizing its solvency.

CWJ having received appropriate legal, tax, accounting and actuarial advice, the Board approved the recommendation of the Task Force to distribute a portion of the assets equally to members of the Plan and to the Principal Sponsor; and to distribute any additional surplus after the provision for Future Employers’ Contributions.