14/08/2015

Former Waterford Crystal Workers Receive €180m Settlement Offer

Former Waterford Crystal workers have received letters confirming settlement payments of €180 million bringing to an end their long-running pension battle.

The Department of Social Protection issued the letter on Wednesday, confirming the pension settlement and lump sum payouts.

Welcoming the news Labour TD for Waterford, Ciara Conway, as a great day for Waterford city and county, she paid tribute to workers, past and present, who "fought relentlessly to secure the settlement".

"I appreciate there was a lot of frustration with the time frame involved in getting to this point but I am delighted that we are now nearing closure on this issue. There is a lot of money involved that will not only benefit the recipients and their families but will also make its way back into the economy providing a huge boost locally," Deputy Conway said.

The letters advise the workers that they should consider the offer made and if they wish to accept, to sign and return the papers to the Department.

Where a person has signed and returned the papers to the Department, payment will be made as soon as practical once all legal proceedings with which the individual has been associated have been withdrawn.

This case arose as a consequence of the Waterford Crystal company being found insolvent and its occupational pension schemes being wound up with deficits in 2009.

(MH/LM)

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