IMPROVEMENTS JANUARY 1, 2007
– BC LABOURERS’ PENSION PLAN
The Board of Trustees of the BC Labourers’ Pension Plan are very pleased to announce that the Pension Plan is financially strong. Currently, the Plan is 115% funded on both going concern and solvency.
These are the highlights of improvements that took place effective January 1, 2007.
WHAT ARE THE TRUSTEES’ GOALS GOING FORWARD?
- To protect the Plan assets.
- To proceed carefully and ensure there is a secure source of retirement income.
- Combined with Canada Pension Plan, Old Age Security and members’ own savings, to provide a good level of retirement income which our members deserve.
- To make additional improvements, gradually over time, that fairly balance the interests of all Pension Plan members.
WHAT ARE THE IMPROVEMENTS THAT TOOK EFFECT
JANUARY 1, 2007?
1. For working members for service after January 1, 2007
- Credit for every hour worked.
- No more drop in pension at age 65.
- Much higher pension at retirement.
For example;
- 1400 hours worked in a year will now earn a monthly lifetime pension of $42.00, an increase of 35%.
- 2000 hours worked in a year will now earn a monthly lifetime pension of $60.00, an increase of 93%.
- Members can still retire as early as age 55 and the reduction will now only be 6% for each year retirement precedes age 60 (instead of 8%).
- These improvements apply only to benefits for service after 2006.
2. For all members including pensioners and beneficiaries for service between
May 1, 1995 and December 31, 2006
- Benefits increased by 20%.
On behalf of the Board of Trustees of the BC Labourers’ Pension Plan we are pleased to announce these benefit improvements and hope to announce further improvements from time to time.
If you have any questions, please contact our Pension Administration Office at (604) 437-8598.
LABOURERS = BENEFITS
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