Sagicor Life Responds to Choice Bank Pension Holders

On Tuesday, two former employees of Choice Bank Limited vented their frustration at Sagicor Life over their pension plan monies. Former Chief Operating Officer, Brian Stypul and former Chief Compliance Officer Adrian Arana, along with twenty-three other former employees of the bank, say they have been trying to get Sagicor to return the monies they have been paying as part of the bank’s pension plan. Since Choice Bank’s international banking license was suspended, the company went belly up following liquidity issues. The former employees, however, say that Sagicor has been playing hardball, and has been giving them the turn-around. On Wednesday Sagicor responded to the employees’ claims. The statement reads, “The order to wind up the Choice Bank Pension Plan was issued on twenty-ninth October 2018 by the Supervisor of Insurance and Private Pensions. Since then we have provided all data required and have been communicating with the Trustees and Supervisor to complete this process.” Sagicor says that its aim has always been to resolve this matter as soon as possible, but must adhere to the laws and not distribute the funds until the process is completed. The release says that Sagicor is ready to proceed as soon as approval is granted and is very capable of making all payments.