Provincial pension laws can change any time and the proposed changes could ultimately affect current retirees.

By making the Plan more meaningful, affordable and sustainable, the Comprehensive Plan Review protects the interests of current retirees. The proposed changes would reduce the need for a provincial government to intervene.

Here are the facts: 

  • Any Plan changes adopted under the Comprehensive Plan Review would have absolutely no impact on the ability of the provincial government to intervene, positively or negatively.
  • Defined benefit pension plans are only as secure as the organizations who sponsor them. The only really secure pension plan is a financially healthy and sustainable pension plan, with strong sponsor organizations (including members) that remain committed to the plan.
  • The governments in New Brunswick, Quebec and Saskatchewan have cut retiree benefits because the pension plans became too great a financial burden to the provinces in question. We don’t have to look any further than Nortel or Sears to understand that there is no such thing as a “guaranteed” pension.
  • That is precisely why we are conducting the Comprehensive Plan Review. The OMERS pension plan is in a solid financial position, but it faces some very real financial challenges. Ignoring those challenges won’t make them go away.
  • By making the proposed changes, we believe that we can sustain the Plan’s health well into the future – and to ensure that our members’ benefits are protected for generations to come. That includes benefits paid to our retirees, current and future.
  • To be clear, the changes that are under consideration in the Comprehensive Plan Review would not impact the benefits received by retired members (and equally would not impact service earned by active members up to the effective date of any change that is approved).
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