Pension Life - Winter 2024

Great news to start a new year

Message from the trustees

Pensions increase by 4.4 per cent

We know how much retired plan members value inflation adjustments because they help to protect the purchasing power of pensions. The great news is your pension increased effective January 1, 2024.

Your inflation adjustment of 4.4 per cent starts with your January payment. This adjustment is based on the average change to the Canadian consumer price index from November 2022 to October 2023. If you retired partway through 2023, your inflation adjustment is pro-rated according to the number of months you’ve been retired.

Inflation adjustments are not guaranteed. But once you receive them, they become part of your basic pension and, if applicable, your bridge benefit and temporary annuity.

The money for inflation adjustments comes from the inflation adjustment account, which is funded by investment returns and active member and employer contributions.

Basic pension plus inflation adjustment granted ($)

To learn more, read Adjusting for inflation found under related content.

Our goal is to keep your pension secure and sustainable. We’re also focused on making smart decisions about how to invest and grow the plan’s money. Despite the ups and downs in the market, the plan’s investment funds grew from $41.4 billion to $42.3 billion in fiscal year ended March 31, 2023.

Sometimes we get questions from members about how their pension funds are invested and how environmental, social and governance (ESG) factors are included in investment decisions. As pension trustees, we have a fiduciary duty to act in the best financial interests of all plan members (and their beneficiaries) when investing the plan’s funds. With our support, the plan’s investment agent, BCI, integrates ESG considerations into investment analysis and decision making. BCI reports to us regularly on its progress.

BCI’s Climate Action Plan and ESG annual reports are full of information, so if you want to learn more, find them online at bci.ca.

You can remain confident the plan’s investment approach will keep your pension funds sustainable for the long term.

To learn more about the plan’s performance, read the 2023 Annual Report under related content.