B.C. Labourers’ Pension Plan

The LiUNA Local 1611 Pension Plan (B.C. Labourers’ Pension Plan) is financially strong and more than 100% funded as a going concern and on a solvency basis. The normal retirement age for the plan is age 65, however early retirement is available as early as age 55.

How The Plan Works

The Pension Plan must receive, on your behalf, a minimum of 350 contributory hours in two Plan years without a break in service for you to be entitled to a pension benefit. A break in service happens if the Plan receives no contributions on your behalf for three Plan years. If you are not vested at the time you have a break in service, you will not have a pension benefit.

The Plan is financed entirely by contributions made by participating employers. The contribution rates that employers make are set in the collective agreements. You are not allowed to make direct contributions to the plan.

Pension Credits
For pension service earned after Jan. 1, 2007, members earn credit for each hour worked. Employer contributions are pro-rated to the Plan’s standard rate of $2.50 per hour. If your employer contributes more than $2.50 per hour, pension hours are pro-rated up. If your employer contributes less than $2.50 per hour, pension hours are pro-rated down.

A pension benefit of $0.03 is earned for each hour of pension credit given.

For example:

  • If you work 2,000 hours for an employer who contributes $1.50 per hour on your behalf, your pension benefit credit will be: 2,000 hours x $1.50/$2.50 = 1,200 hours credited; 1,200 hours x $0.03 earned per hour = $36.00 of monthly pension.
  • If you work 2,000 hours for an employer who contributes $2.50 per hour on your behalf, your pension benefit credit will be: 2,000 hours x $0.03 earned per hour = $60.00 of monthly pension.
  • If you work 2,000 hours for an employer who contributes $3.00 per hour on your behalf, your pension benefit credit will be: 2,000 hours x $3.00/$2.50 = 2,400 hours credited; 2,400 hours x $0.03 earned per hour = $72.00 of monthly pension.
  • If you work 2, 000 hours for an employer who contributes $3.50 per hour on your behalf, your pension benefit credit will be: 2,000 hours x $3.50/$2.50 = 2,800 hours credited; 2,800 hours x $0.03 earned per hour = $84.00 of monthly pension.

Pension Plan Board of Trustees
The Board of Trustees oversees the careful investment of the Plan contributions to help presence and grow the Pension Fund grow. Their goals include:

  • To protect the Plan assets.
  • To proceed carefully and ensure there is a secure source of retirement income for retirees.
  • To provide our members with a good level of mostly retirement income, combined with their Canada Pension Plan, Old Age Security and their own savings.
  • To make improvements as the Plan’s financial position allows, that balance the interests of all Pension Plan members,  those currently working and those who have already retired.

For details regarding retirement options, please contact the B.C. Labourers’ Pension Plan office at 604-538-6640 or toll free 1-800-964-3666.