NewPage Port Hawkesbury pensioners told to pay back $5 million due to calculation error:
Former workers of NewPage Port Hawkesbury in Nova Scotia were told this week that they have been overpaid and will each have to pay back thousands of dollars.
Morneau Shepell Ltd., the current pension plan administrator, sent out letters to the pensioners telling them how much they will have to pay back, and blamed the calculation error on the previous plan administrator, Aon PLC.
The mistake was made while calculating the early retirement provisions years prior to the idling of the mill in 2011. About 200 people who opted to take a specific front-loading pension option are the pensioners who are now said to have been overpaid, and owe a collective $5 million. Some people have found out they have been overpaid as much as $60,000.
