Good news for NTCL pensioners

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Over 200 NTCL pensioners, represented by PSAC/UCTE, will see a much-needed cash infusion into their pension fund. The money comes as a result of the recent sale of the Northern Transportation Company Ltd’s assets to the Government of the Northwest Territories.

NTCL has been facing bankruptcy proceedings and a major pension shortfall.

Settlement agreement

A recent settlement agreement means that the proceeds of the company’s sale to the territorial government will be shared between the banks and the pension holders. The settlement will provide for a transfer of about $2.7 million in financial assets to the NTCL Pension Plan.

Background

NTCL provides shipping services to communities and exploration projects throughout the Northwest Territories and the western Arctic.

  • PSAC represents 39 workers and over 200 pensioners at the company.
  • Earlier this year, the company filed for creditor protection due to financial difficulties.
  • The company’s pension has been facing a significant solvency deficiency.
  • PSAC hired a law firm to represent the workers and pensioners in the bankruptcy proceedings.

Stay informed

PSAC/UCTE is committed to continue keeping our members up to date. Regular updates will be posted on the PSAC and UCTE websites.

 

 

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December 20, 2016
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