Toronto, March 18, 2024 – Employees of Candu Energy Inc., Canadian Nuclear Laboratories (CNL), and Global First Power have joined CAAT Pension Plan to receive lifetime retirement income through its award-winning defined benefit plan design, DBplus.
DBplus is an innovative workplace retirement solution that provides working Canadians with valuable lifetime pensions, all at a fixed contribution rate that employers can afford. Signature benefits include inflation protection and survivor benefits, provided by CAAT, with no financial risks to the employer.
"We know that workers across the country recognize the importance of a good pension plan and the retirement security it brings," said Derek Dobson, CEO and Plan Manager, CAAT Pension Plan. "These new employers understand that by partnering with CAAT to provide DBplus, they are bringing an attractive plan that can strengthen their talent retention while providing the benefit of a lifetime pension for their employees."
Unionized members of Candu and CNL previously had a defined contribution pension plan but negotiated to improve their retirement benefits by switching to DBplus. Global First Power is a joint venture with Ontario Power Generation (OPG). They chose DBplus over a group RRSP with the added advantage of attracting and retaining talent with the promise of secure retirement income.
Candu, CNL and Global First Power join other notable CAAT participating employers like Brink’s Canada, Sanofi Pasteur, The Conference Board of Canada, Torstar, Vancouver Foundation, and the Ontario Dental Association.
As of January 1, 2023, the CAAT Pension Plan had $18.2 billion in assets, an annualized 10-year net rate of return of 9.7%, and a healthy funding level of 124%. It is one of the highest-performing Canadian pension plans by 10-year annualized rate of return, according to the BNY Mellon Canadian Master Trust Universe.
QUOTES
Candu Energy Inc.: Society of Professional Engineers and Associates (SPEA)
“We are very pleased to be joining the CAAT DBplus pension plan,” said Mark Chudak, President, the Society of Professional Engineers and Associates (SPEA). “This is the culmination of years of effort by our union, SPEA, to find a suitable and secure pension plan for our members.”
Global First Power
"Global First Power is pleased to join the CAAT Pension Plan and offer DBplus to our valued employees," said Jos Diening, President and CEO, Global First Power. "Joining the Plan differentiates GFP from other start-ups and allows us to unlock better retirement security for our employees, empowering them to confidently plan for their future and enjoy the rewards of their hard work."
About CAAT Pension Plan
Established in 1967, the CAAT Pension Plan is an independent, jointly governed plan that offers two highly desirable designs of a defined benefit pension. CAAT's award-winning DBplus plan design is leading an extraordinary pace of growth for the Plan. Originally created to support the Ontario college system, the CAAT Plan now proudly serves more than 370 participating employers in 20 industries including the for-profit, non-profit, and broader public sectors. It currently has more than 94,000 active and retired members. The CAAT Plan is respected for its pension and investment management expertise and focus on stability and benefit security. On January 1, 2023, the Plan was 124% funded on a going-concern basis.
Learn more at: www.caatpension.ca.
For media inquiries, please contact media@caatpension.ca.
About Candu Energy Inc.
Candu Energy is a leading full-service nuclear technology company providing nuclear reactors and products and services to customers worldwide. We design and deliver state-of-the-art CANDU® reactors, carry out life extension projects, provide plant life management programs and tools, and offer operation and maintenance services for existing nuclear power stations. CANDU® reactors supply approximately 50% of Ontario's electricity and 16% of Canada's overall electricity requirements. Candu Energy develops products to deliver safe, reliable, affordable and CO2-free energy with a view to the future, while meeting the global nuclear industry's highest safety and regulatory standards.
About Canadian Nuclear Laboratories
As Canada’s premier nuclear science and technology laboratory, and working under the direction of Atomic Energy of Canada Limited (AECL), CNL is a world leader in the development of innovative nuclear science and technology products and services. Guided by an ambitious corporate strategy known as Vision 2030, CNL fulfills three strategic priorities of national importance – restoring and protecting the environment, advancing clean energy technologies, and contributing to the health of Canadians.
By leveraging the assets owned by AECL, CNL also serves as the nexus between government, the nuclear industry, the broader private sector and the academic community. CNL works in collaboration with these sectors to advance innovative Canadian products and services towards real-world use, including carbon-free energy, cancer treatments and other therapies, non-proliferation technologies and waste management solutions.
About Global First Power
GFP is an energy company whose vision is to contribute to a world where small modular reactors (SMRs) are an inherently safe, clean and cost-effective generation option to provide the energy people need, regardless of their location. Our focus is to take a lead in the global transition to sustainable, inclusive, accessible energy by being among the first developers to successfully generate power using innovative micro modular reactor technology.