Message from Derek W. Dobson, Chief Executive Officer and Plan Manager – March 26, 2020
Your pension remains secure
Although the COVID-19 pandemic is disrupting our lives and investment markets, you can rest assured your benefit is secure and pensions will be paid on time. The lifetime pension you have earned is not affected by investment market fluctuations.
Pension plans are considered essential businesses under Ontario’s guidelines. Our top priority is to keep the Plan running smoothly, and to ensure pensions are paid on time. We remain dedicated to serving our members and employers, and supporting the ongoing health and safety of our staff and community. Our offices are closed, but staff are working from home. Our response times to calls and e-mails may be slower, but we continue to work diligently on providing our high standard of service to our members and employers.
As always, our phone lines are open Monday through Friday, 8:30 am – 4:30 pm., Eastern time. For any questions, contact member services at email@example.com, or 416-673-9000 / 1-866-350-2228 (toll-free).
We’re focused on the long term
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 focus on benefit security. Your CAAT pension is secure.
The Plan’s most recent valuation as at January 1, 2020, shows funding reserves of $2.9 billion plus an additional $0.8 billion in deferred asset gains (asset smoothing reserves). These reserves have been purpose-built to keep the Plan strong during periods of uncertainty. The recent moves in the market have decreased the market value of our assets, but the decrease is covered by our reserves. We continue to be very well funded.
Our thoughtful design, long-term focus and large reserves are key factors in CAAT being one of the most sustainable pension plans in Canada. Our stability provides security to our members in an uncertain world.
I hope knowing that your pension is secure provides you with some peace of mind during these difficult times. I wish you and your family good health.
Derek W. Dobson,
Chief Executive Officer and Plan Manager
Register for our annual review webinar on Tuesday, May 12, 2020. I’ll be answering your questions about the Plan’s financial health.