Pension

INFORMATION FOR MEMBERS

Please visit the Forms Library for the full Annual Report (2022).

About the Plan

The Plan provides benefits on death or retirement for Members of Local 213 who have been employed by one or more Participating Employers, and who qualify in accordance with the age and employment rules. These rules and the precise terms of the Plan are set out in the Plan Text, but the main features are summarized on this site for the convenience of the Members and their spouses. In the event of disagreement between this site and the formal text of the Plan, the formal text will govern. If you wish more information with regard to any items, please contact the Director.


Plan Governance and Financial Security

There are several factors that go into ensuring that your pension is secure.  The Trustees’ focus, along with input from their trusted advisors, is on growing the Pension Plan fund, carefully managing risk and adequately funding the Plan.  It is no small task, but you can rest assured that in good hands and that your pension will be there when you need it.

  • Your Pension is Secure because it is backed by assets worth almost $500 million and supported by a funding strategy aimed at covering the cost of current and future pension obligations while providing a funding cushion for unexpected, negative events.
  • Your Pension is Secure because investments, funding and risk are all managed based upon a Strategic Plan (a formal policy called Statement of Investment Policy and Procedures) that is continuously reviewed and updated to the benefit of all Plan members.
  • Careful risk management is at the core of every decision the Trustees make and they take an integrated approach to funding and investments.
  • Your Pension is Secure because the Trustees meet on a monthly basis, unlike other Trusteed plans, which may often meet quarterly. This means Financial Performance is reviewed constantly, and provides the advantage to make decisions on asset changes quickly, when and if needed.
  • Your Pension is Secure because annually, independent auditors perform a comprehensive review of the plan’s financials, data, calculations, income and liabilities. The result of this review is the annual Financial Statements which are included within this Annual Report.  These Financial Statements for the Plan are required to be filed with the BC Pension Plan regulator, BCFSA, annually, within 6 months of the completion of the Plan’s fiscal year.
  • Your Pension is Secure, because in addition to the annual Financial Statements, BCFSA also requires a pension plan valuation to be performed at least every three years and filed within 9 months of the end of that period. The valuation is performed by independent pension plan actuaries, who are experts in this field.
  • In addition to the above, the Trustees are also members of the Pension Plan and as such, are vested in preserving the interests of the Plan and its members. The Trustees are also bound by a fiduciary duty to make sound decisions and undertake training and education to ensure they are well informed on various pension-related matters.

Your Privacy

Local 213 Electrical Workers’ Pension Plan (“The Pension Plan”) respects the privacy of its members and website users.  We are committed to protecting the privacy of the personal information we gather and retain for administrative purposes.

The Protection of Privacy Policy is accessible for Members’ on the Forms and Resources sectinof this site.

Member Information

The Pension Plan only collects personal information that it requires for administration purposes.  This information includes a member’s name, address, e-mail address, telephone and/or facsimile number(s), social insurance number, gender, date of birth, date of union membership, occupation, employer’s name, date of hire or dispatch, and record of financial contributions to the plan.  We use the contact information to communicate with our members by e-mail, telephone, fax, and post.  We use the statistical information to track and report payments, determine eligibility and develop policies.


 

Annual General Meeting

Our 2022 Annual General Meeting (AGM) will be held on:

Date:    Thursday December 8th, 2022
Time:   After the Unit 2 meeting, approximately 9:00 PM
Place:   Union office auditorium, 1424 Broadway Street, Port Coquitlam, BC

  • We will abide by any provincial health regulations for this meeting with regard to attendance and masking.