Pensioners’ payout tops $41 million – Straughn

Government recently paid out $41 million to pensioners 60 years and over under the domestic debt restructuring programme, Finance Minister Ryan Straughn has revealed.

He said $7 million of that amount was interest and the pensioners each received a cash payment of up to $30,000, their second payment in four months.

Straughn said: “This recent payment has delivered financial relief to 377 pensioners who were fully paid out in March 2019, while an additional 1,123 received $30,000.

“As a government, we have fulfilled our promise to those pensioners who otherwise would have been left financially exposed.”

Government amended the repayment terms for those individuals 60 years and over who were due pension benefits as of last September 1.

Straughn added that pensioners with $200,000 in Government paper or less would receive 42 equal payments of the principal from April 30, 2019, and those with over $250,000 would be paid over the remaining 11 years.