Pension Life - Winter 2021

A new outlook

Man smiling and looking out through binoculars

This year we may have changed our outlook on many things we took for granted before COVID-19. One thing has not changed—you can rely on your pension.

The first priority of the board is to provide lifetime pensions. We want to be sure that what we do today prepares the plan for tomorrow. You can read our strategic plan for 2020 to 2023 on the plan website.

Learn more about plan investments

Our long-term approach and diversified investments help protect the plan and cushion the overall portfolio from short-term market downturns. In other words, we don’t have all your eggs in one basket.

Why are investments so important? About 75 per cent of your pension comes from plan investments. Visit the Investments section of the website for more information.

Health coverage improvements

We spent two years reviewing the group benefits program. As a result, the board made changes to improve extended health care. We’re grateful that more than 4,000 of you shared your experience through our engagement survey. Your input will inform how we manage group benefits in the future.

Cost-of-living adjustment (COLA) for 2021

You are receiving a 0.5 per cent COLA this year. This is based on the change in the Canadian consumer price index from September to September. Providing a sustainable inflation adjustment account is one of the board’s priorities.

Plan design changes

You may have read about or heard about the plan partners’ work to make sure the plan meets the needs of today’s and future plan members. The board welcomes the news that plan partners have come to an agreement that will enhance the plan’s sustainability. Your pension will not change as a result of plan design, and changes will support important benefits for retired members. These include the account that funds COLAs and a new benefit trust that would provide more flexibility in funding group health benefits.

Much has changed in the past year. What has not changed is this: the plan continues to provide a reliable lifetime pension to every member.