An Update on COVID-19 from OPB
Amidst the global COVID-19 (coronavirus) pandemic, we want to provide you with an update to reassure you that your pension remains secure and that we are here for you.
Your pension remains secure
As a member of a defined benefit plan, like the PSPP, it’s important to remember that although we continue to see volatility in the markets, pension plans are designed for the long-term. Your pension is based on a pre-set formula and will provide you with a reliable stream of income for your lifetime. It’s not based on how much you contribute or what the markets are doing when you retire. It is also backed by the Ontario government.
We have a strong track record
The PSPP has been paying pensions for 100 years and has a strong long-term rate of return. We have successfully navigated through a number of challenging market periods in the past, like the 2008 global recession. IMCO is actively monitoring the market conditions so we can minimize losses and maximize our ability to take advantage of market opportunities that are aligned with our long-term strategy.
We are here to help you
While we’ve shifted to working from home to help keep our employees and members safe, we are here to help you by email at firstname.lastname@example.org or over the phone at 1-800-668-6203 (Canada & USA). Our Client Care Associates are available Monday through Friday from 8:00 a.m. to 5:00 p.m. (EDT).
We encourage you to visit both the new COVID-19 section on our website to stay informed about any important updates or service announcements, and also our e-services website where you can maintain your personal information, access valuable pension tools, and send us confidential documents securely.
We know this has been a particularly challenging period and we want you to know that we remain committed to serving you and ensuring your pension remains secure.
Mark Fuller, President & CEO
OPB News for Members
In this 2020 edition of OPB News, we want to express our gratitude to essential workers, especially all of the healthcare workers, first responders, and frontline staff who work hard to keep us safe, as well as let you know about our plan to protect the pension promise during COVID-19. Read more about the recent changes to beneficiary types in the PSPP, learn about the future of the paperless Annual Pension Statement that we’ll be providing starting next year, and hear from one of our Certified Financial Planners on the benefits of a Tax-Free Savings Account (TFSA) versus a Registered Retirement Savings Plan (RRSP).
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