Member opinion survey 2017

Members value pension more than ever, trust Plan’s expertise, and feel well-represented through joint governance

We heard from more than 4,900 members through this year’s opinion surveys of active and retired members and surviving spouses. Thanks to everyone who participated. What you tell us through your responses helps guide our strategic priorities. 

The surveys ask members about their views of the CAAT Pension Plan’s value, expertise, governance, reputation, and advocacy, as well as our service and communication.

Download the survey summary with graphics here

 


 


 

of Active Members
rated the value of their pension as excellent, good, or reasonably good for the contributions they make

98% of Retired Members gave those top 3 ratings

 

 


How Active and Retired Members rate pension value

Almost one-third of retired member respondents (32%) rated value as excellent, double the percentage of those who are still working who gave value the top rating.


 Part time and full time see value differently

The survey showed that members who work part time or on contract are less likely to rate the value of their pension as good or excellent than those who work full time. This could be partly explained by the finding that those who work part time reported being less informed about the Plan than did those who work full time. The part time group was also less likely to have attended a Plan presentation, with 86% having never attended one compared with 58% of full time.

Pension value ratings by employment status


Pension Champions: a growing group

Members who rate the value of their pension as excellent are considered to be champions of the Plan. As the chart shows, more members are champions than ever.
 

Active Members who rate value excellent Retired Members who rate value excellent

 


Younger members see the value of a CAAT pension

The Plan continues to be relevant to all age groups. Among active members, those under age 35 and those with fewer than five years of service are most likely to give the Plan top marks for value, with 18% of those under age 35 and 25% of those with five or fewer years of service  rating the value of their pension as excellent.

Active Members who rate value excellent by age group


Knowledge = EXCELLENT VALUE

Respondents who report having an excellent or very good understanding of the Plan are more than four times as likely to rate the value of their pension as excellent compared to those who report lower levels of understanding.

Pension value rating by level of understanding of Plan


 “I am quite happy that I belong to a pension plan which is becoming something that is increasingly rare in today's workforce especially among young people looking to obtain their first job.  I didn't realize it when I first began teaching those many years ago but it was pointed out to me by a senior teacher that the pension plan was among my most valuable possessions.”

- Retired Member comment on the 2017 Survey


Popular retirement planning presentations, videos demonstrate Plan’s value

Those who’ve attended a Plan presentation during the past year are about three times as likely to rate the value of their pension as excellent, compared to those who have not attended. Those who attended in both the past and prior years are almost four times as likely to rate the value of the Plan as excellent.

For those who cannot attend an in-person presentation, the Plan’s retirement planning video series offers the next-best way for members to learn more about the value of their pension.


Active members see as much as four times the value by attending presentations and learning more about their pension 


Excellent ratings of value by Members who attended presentations 


 

“This should be mandatory for all staff.”

- Active Member comment on presentation feedback form


Excellent ratings of value by how often Members who watched retirement planning videos


“I remember as a young woman sometimes not liking that money was taken from my cheque for a pension.  I am very grateful that this happened because now every month I get a pay cheque and don't have to go to work.  Thank you.”

- Retired Member comment on the 2017 Survey

 


 Satisfaction with joint governance

are satisfied or very satisfied they are well represented by Plan’s joint governance structure.


 “I have followed the development and prudent steps our representatives for the CAAT Pension Plan have taken over the years. I have much confidence in the administrators and directors of our plan. Our plan is held up as a gold standard in the industry.”

- Retired Member comment on the 2017 Survey


Confidence in Plan expertise 

agree or strongly agree Plan has expertise to manage effectively and prudently.


 “I am pleased and comforted by the idea of my pension allowing me to live in comfort and knowing it is being handled in a professional and ethical manner.”

- Retired Member comment on the 2017 Survey


Plan reputation is solid 

say they regard the Plan’s reputation as good or excellent.


 “This is an excellent plan and my late husband and I considered it the backbone of our retirement income.”

- Surviving spouse’s comment on the 2017 Survey

 


Concern about public pension debate

of Active Members are concerned about the ongoing debate about the fairness and affordability of public sector pension plans. 

 

 


Support for advocacy

(96%) of active members want the Plan to advocate to protect their pensions.

 

As well, 85% of active members and 94% of retired members say they would be likely or somewhat likely to take action themselves to advocate against any regulatory or legislative changes that would be harmful to their pension.


Active members say that when voting in provincial and federal elections they rate the importance of pension policy issues as 71 out of 100.


Workplace pensions important

77% said the availability of a workplace pension plan was important (47%) or somewhat important (30%) in their decision to join their CAAT Plan employer. 

Among members who work part time 23% say their CAAT pension will be a significant source of income in retirement and about a third said the availability of a workplace pension was an important factor in their decision to join their current employer.


Comments reflect the security of having a lifetime pension

We read the nearly 1,300 comments that active and retired members wrote on their surveys. The remark we received most often is that they are happy to belong to the CAAT Plan, with most noting the security their pension provides them. Many retired members who commented added that they feel the Plan is well run.

A recurring theme among the comments from active members is the desire to better understand their pension benefits. Many expressed a keen interest in having their pension explained to them in person and these respondents often were not aware that workplace presentations are available. 


“I am very grateful to be a member of the CAAT Pension Plan.  I will have very secure retirement thanks to the Plan.  Thank you for all the work you do on my behalf. “

- Active Member comment on the 2017 Survey


 

“I consider myself very fortunate to be a member of a well-run, well-funded pension plan. Thank you. “

- Active Member comment on the 2017 Survey


“I am more than pleased with my pension on every level. I feel very fortunate to be enrolled in a defined benefit pension. Keep up the good work.”

- Retired Member comment on the 2017 Survey


“I love the defined pension ensuring and knowing what my pension will be each month. Thank you.”

- Retired Member comment on the 2017 Survey

 


 

Your feedback is being considered as we move forward 

In addition to considering the survey findings in strategic planning, the feedback factors into all of our continuous improvement, in small and big ways. 

We’ll be citing the survey results and how we are responding to what we learned in future communication.

Thank you again for sharing your views with us.

If you have questions about the survey, please contact us at: 416-673-9000 or 1-866-350-2228 or contact@caatpension.on.ca