PPV Pension Scheme Has Opened Discussions for Other Financial Benefits – Minister Shaw

Minister of Transport and Mining, Hon. Audley Shaw says that the VM Pensions Management Limited scheme established for public transport operators, has opened discussions for other financial benefits for the sector.

This initiative has opened discussions in other areas such as, life and health insurance, and financial literacy. It is imperative that we work to have these open discussions, with an aim of taking decisive action so the families of these operators can look to a brighter future, not just a daily bread, Mr. Shaw said.

The Minister was speaking at the launch of the pension scheme on February 17, at the Victoria Mutual Building Society (VMBS) Group head offices, in St. Andrew.

Mr. Shaw said the pension scheme is expected to directly and indirectly, benefit operators employed in the industry, adding that public passenger vehicle (PPV) operators have given service to the transport sector and have little to nothing to fall back on in their old age.

This is not how we want things to continue. Something must be put aside for rainy days. A penny saved, is a penny earned. I urge you all to save some of the money that comes to you instead of spending it all. I know first-hand how beneficial financial education and preparation are to having a better future, so, I urge every eligible member not to miss the opportunity to join the pension scheme,” Mr. Shaw said.

Meanwhile, the Minister noted that the benefits of financial literacy extend well beyond household budgeting.

An earning household who invests their money wisely, in this case, PPV operators…is not just good for them, it is also very much in the longer-term, national interest. Economic development is very much about the successful channelling of domestic savings into productive investment opportunities, the Minister stated.

For his part, Chief Executive Officer at VM Pensions Management, Conroy Rose, said PPV operators play a very important role in national life, and his group is ensuring that they can make ends meet in their retirement years.

VM Pensions Management Limited has collaborated with the Transport Operators Development Sustainable Services (TODSS) to be the official pension providers for legal taxi operators.

The partnership features access to a Group-wide financial package, which includes banking, wealth, and property services solutions.