Findings from the latest annual surveys of active and retired members show that members continue to value their pensions highly and hold trust in the Plan’s expertise and joint governance.
More than 3,000 active and 2,800 retired members responded to the surveys that finished last fall. Thank you to all who took part. The feedback received through the surveys provides important input to setting the Plan’s strategy. Past surveys, for example, helped to identify the need for a new plan design for those who work part time or on contract. The Plan responded by creating DBplus, a defined benefit plan design with features suited to those who work part time or on contract.
91% see the value of their pension
When asked to rate the value they are receiving from their pension, compared to the contributions they make, 91% of active members rated the value as excellent (14%), good (38%) or reasonably good (39%). Those already collecting a pension gave even higher ratings, with 98% rating the value as excellent (35%), good (44%) or reasonably good (19%).
Pension knowledge = Excellent value
Respondents who report having an excellent or very good understanding of their pension benefits are more than three times as likely to rate the value of their pension as excellent compared to those who report lower levels of understanding. This is why, over the past few years we have increased the ways in which members can learn about their pensions including webinars and videos, and more in-person presentations and direct-to-member newsletters.
Satisfaction with joint governance structure
When asked about the Plan’s independent joint governance structure, 95% of active member respondents with an opinion reported being very-well or satisfactorily represented by the governance structure that gives members and employers an equal say in Plan decisions. Among retired members with an opinion, 98% said they believe their interests are very-well or satisfactorily represented.
Confidence in Plan’s expertise
Among those with an opinion, 97% of active member respondents and 98% of retired member respondents strongly agreed or agreed that the Plan has the expertise to manage effectively and prudently.
Have your voice heard in our next member survey
Watch for an email invitation to participate in our next annual member survey that begins in May. We value your opinion, so please be sure to complete the survey to help the Plan set its course for the future.
Just thankful to have found a job that has a pension plan. It didn't matter to me when I started, but now that I'm closing in on retirement, I truly appreciate it as for without it, I would not be able to retire.- Member comment on the 2018 survey