The assets have transferred from The Canadian Press’s defined benefit pension plans to the CAAT Pension Plan. The Financial Services Regulatory Authority (FSRA) provided consent to the transfer of assets from The Canadian Press’s two defined benefit (DB) pension plans into the CAAT Pension Plan. The assets – totalling almost $100 million – were transferred to CAAT on December 27, 2019.
Now that all assets and liabilities have been transferred, CAAT assumes responsibility for all defined benefit pension payments to retired members of the CP plans, including those beneficiaries outside of Ontario.
Canadian Press plan members can expect to receive a communication with further details about their pension now that the assets have transferred. Should you have any questions, please email info@dbplus.ca.
On June 28, 2019, an overwhelming 100% of The Canadian Press DB plan members voted in favour of merging with the CAAT Pension Plan. Members of all The Canadian Press’s employee pension plans – both its defined benefit (DB) and defined contribution (DC) plans – started contributing to, and earning a pension under, the CAAT Pension Plan’s DBplus plan design effective July 1, 2019. CAAT filed applications with the Financial Services Regulatory Authority (FSRA) for its consent to the transfer of assets from The Canadian Press pension DB plans to the CAAT Plan.
On November 22, 2019, FSRA issued conditional Notices of Intended Decision for the merger of the CP plans into the CAAT Pension Plan. By issuing these notices, the Chief Executive Officer (CEO) of FSRA indicated an intention to consent to the pension-plan mergers following a standard 30-day period to facilitate any applicable requests to the Financial Services Tribunal. When the conditional Notices of Intended Decision for the merger were issued, they did not apply to Quebec beneficiaries; however, this was addressed separately, and 100% of The Canadian Press’s DB plans have transferred.
DBplus contributions are based on employment earnings and are matched dollar for dollar by The Canadian Press.
Canadian Press member services at the CAAT Pension Plan Toll Free: 1.800.893.3540 E-mail address: canadianpress@mercer.com
If you have a pension from any former Canadian Press DB plan, your total annual pension will be the sum of two parts:
Canadian Press pension + DBplus pension = Total annual pension payable from the CAAT Pension Plan