CAAT Pension Plan members from Postmedia Network Inc.

your merged plan

Merger Update

November 30, 2020

The asset transfer is complete

The transfer of $500 million in pension assets to the CAAT Pension Plan from six Postmedia defined benefit pension plans was completed on November 9, 2020.

The Postmedia pension plans are:

  • Postmedia Network Inc. Retirement Plan (Registration Number: 1077049)
  • The Windsor Star Retirement Plan (Registration Number: 1077064)
  • Postmedia Network Inc. DB Plan A (Registration Number: 1279223)
  • Postmedia Network Inc. DB Plan B (Registration Number: 1278225)
  • Postmedia Network Inc. DB Plan for Employees of Osprey (Registration Number: 1278357)
  • Postmedia Network Inc. DB Plan for Employees of the Stratford Beacon Herald (Registration Number: 1278340)

With the transfer of assets, the CAAT Pension Plan assumes responsibility for all defined benefit pension payments to members of the Postmedia pension plans.

Following a thorough review, the Financial Services Regulatory Authority of Ontario (FSRA), provided consent to the transfer on October 8, 2020.

How we got here

On June 28, 2019, an overwhelming 99% of Postmedia Network Inc. plan members voted in favour of merging with the CAAT Pension Plan. Members of all Postmedia’s employee pension plans – both its defined benefit (DB) and defined contribution (DC) plans – started contributing to, and earning, a pension under CAAT’s DBplus plan design effective July 1, 2019.

On September 18, 2020, the Ontario pension regulator, the Financial Services Regulatory Authority of Ontario (FSRA), advised that it would change how it would communicate its consent to the asset transfer (commonly referred to as “mergers”) with respect to the Postmedia pension plans listed above.

Given the extensive notice provided to date regarding the proposed asset transfers with respect to the Postmedia pension plans listed, and the delays related to the COVID pandemic, FSRA advised that it would not issue a NOID prior to issuing its consent regarding the merger of this plan.

Because this change was made while the applications were being considered for the plans of Postmedia Network Inc., those affected by the proposed merger had 10 business days (or until October 1, 2020), to make written submissions with respect to FSRA’s proposed consent to the asset transfers.

What is my DBplus contribution rate?

DBplus contributions are based on employment earnings and are matched dollar for dollar by Postmedia Network Inc.

Effective date Current employee contribution rate of 3% Current employee contribution rate of 4% Current employee contribution rate of 5%
July 1, 2019 - June 30, 2024  3.0%  4.0%  5.0%
July 1, 2024 - June 30, 2025
  4.0%  4.0%  5.0%
July 1, 2025 and thereafter  5.0%  5.0%  5.0%

 

Who do I contact if I have questions about my pension benefits or need to change my personal information?

Postmedia member services at the CAAT Pension Plan
c/o TELUS Health
895 Don Mills Road
Tower 1 Suite 100
Toronto, Ontario M3C 1W3

Toll Free: 1.855.369.9479

Details about your new CAAT pension

If you have a pension from any former Postmedia Network DB plan, your total annual pension will be the sum of two parts:

Postmedia pension + DBplus pension = Total annual pension payable from the CAAT Pension Plan

  • Your Postmedia pension is the pension you have earned up to June 30, 2019, which will be replicated and payable from the CAAT Pension Plan, once assets are transferred.
  • Your DBplus pension is the pension you are earning under the DBplus plan design as of July 1, 2019.