Toronto, January 9, 2020 – The Financial Services Regulatory Authority (FSRA) has provided consent to the transfer of assets from The Canadian Press’s (CP) two defined benefit (DB) pension plans into the CAAT Pension Plan. The assets – totalling approximately $100 million – were transferred to CAAT on December 27, 2019.

The asset transfer is the final stage of the merger process, which began after 100% of CP’s defined benefit plan members voted in favour of joining the CAAT Pension Plan. 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.

The CAAT Plan is an innovative, modern pension plan capable of offering to other single-employer pension plans the same measure of security that our members have enjoyed for over 50 years. This includes workplaces currently offering defined benefit pension plans, defined contribution plans, group RRSPs, and those with no current workplace retirement-savings plan. The Canadian Press merger is the third of its kind completed by CAAT to date. The first merger was the $100-million Royal Ontario Museum (ROM) Pension Plan in 2016, and on December 2, 2019, the assets from the Torstar Corporation’s eight defined pension plans – totalling approximately $900 million – were transferred to CAAT. The CAAT Pension Plan is open for growth in membership where it is mutually beneficial, from the public, private or not-for-profit sectors in Canada.