How are Canadian pension plans responding to coronavirus?
Across the country, public pension plans are releasing statements to assure members that their defined benefit pensions are secure and that they’re taking measures to protect the health and safety of their own staff.
The Colleges of Applied Arts and Technology pension plan said it regularly tests operations and will continue to make pension payments. “We are well prepared and feel confident your pensions will be paid on time,” it wrote in a statement.
“Although our response times to calls and emails may be slower, we will continue to work diligently on providing our high standard of service to our members and employers.”
The CAAT plan is also assuring members that their pension incomes are safe. “The stable, predictable lifetime pension income that CAAT delivers is a key benefit of a defined benefit pension plan.
The plan has been steadily building reserves over the past decade consistent with our primary focus on benefit security.”
Read more @Benefits Canada
