ResLife to pay June pensions next week

The June pension cheques for Resolution Life Assurance Company Ltd (ResLife) policyholders will be available next week.

That’s the word from the company after delays in payment over the last few weeks caused some anxiety. However, from all reports, the slowing of payments was due to the somewhat cumbersome administrative process for the release of funds destined for the company.

An outgoing ResLife director explained that funds for the company come from the drawdown of a loan from the Central Bank of Barbados and go into the statutory fund. The Financial Services Commission must approve the funds before they can be passed on to ResLife.

The recent hiccup came in this security measure that was established to ensure integrity in the process and accountability.

ResLife is the company that assumed the transferred portfolio previously administered by Clico International Life on January 1, 2018.

In a statement, ResLife did not detail why there was a delay in payment, but acknowledged “that some administrative issues have interrupted an otherwise smooth payments process, affecting some of our clients”.

It noted, however, that “monthly annuity pension payments for January, February, March, April and May 2018 have been paid and those for June 2018 will be available next week. Medical claims also continue to be processed and paid”. (SP)