Good news! Pension plan members will receive a pension increase effective January 1, 2025. Due to the Canada Post strike, you will receive the letter from Pension Board Chair, Anne Soh, once the strike has been resolved. You can access the letter electronically here:
Pensioners and Deferred Members
Current pensioners and deferred members will receive a 2.7 percent* increase to their pension amount effective January 1, 2025.
* The Income Tax Act and regulations and the Plan, limit pension increases to the cumulative growth in Consumer Price Index since the pension commenced. For this reason, recently retired pensioners and deferred members who terminated active membership recently may see a lesser increase.
Active Members
For active members, the accrual rate will stay at 1.85 percent in 2025, up from the base rate of 1.4 percent. In 2026 the accrual rate is scheduled to return to 1.4 percent.
What Does “Accrual Rate” Mean?
The accrual rate is the rate at which you earn your pension. In 2025, you earn your pension at the rate of 1.85 percent of your pensionable earnings.
How Does This Work?
You earn a piece of pension every year that you work and contribute to the plan—like building blocks.
For example, let’s assume that a member’s pensionable earnings stayed constant at $60,000 every year, (for easy figuring). From 2019, that member would earn
|
Year |
Accrual Rate | Formula |
Pension Credit Earned |
|
2019 |
1.4% | 1.4% of $60,000 | $ 840 |
|
2020 |
1.85% | 1.85% of $60,000 | $ 1,110 |
|
2021 |
1.625% | 1.625% of $60,000 |
$ 975 |
| 2022 | 1.85% | 1.85% of $60,000 |
$ 1,110 |
| 2023 | 1.85% | 1.85% of $60,000 |
$ 1,110 |
| 2024 | 1.85% | 1.85% of $60,000 |
$ 1,110 |
| 2025 | 1.85% | 1.85% of $60,000 |
$ 1,110 |
| 2026 | 1.4% | 1.4% of $60,000 |
$ 840 |
At the end of your career, the annual pension amounts earned each year will add up to the total annual pension you will receive every year for the rest of your life. So, the higher amount earned in 2025 will continue to benefit you for the rest of your retired life.
What about Future Increases?
There is no automatic indexing in our plan. The Pension Board and Pension Plan Advisory Committee annually assess the resources available and determine whether there are surplus funds that can be used to increase benefits.
The process of building a family through adoption, fertility treatments, or surrogacy can be challenging and costly. GreenShield’s family-building offering allows active members to access benefits coverage that supports them in reaching the goal of growing their family.
The United Church’s group benefits plan covered fertility drugs (80% coverage up to the lifetime maximum of $3,500 per person), and now have been expanded to include:
An updated version of the Benefits for Active Members: Summary of Coverage will be posted to reflect these additions in the upcoming months. If you have any questions, please contact the Benefits Centre at Benefits@united-church.ca
These are early days for the federal plan, so stay tuned for any changes. We’ve just recently been advised that people who opted out of an employer’s retiree health and dental benefit plan before December 11, 2023, and cannot opt back in under the plan rules, are eligible for the Canadian Dental Care Plan (CDCP). Anyone who chooses to opt out after this date will not be eligible.
The following is the eligibility criteria of the Canadian Dental Care Plan that was updated on March 4, 2024 on the Government of Canada website.
Eligibility criteria
To qualify for the CDCP, you must:
You need to meet all the eligibility criteria to qualify for the CDCP.
If you have any questions about eligibility for the Canadian Dental Care Plan, please email benefits@united-church.ca or call the Benefits Centre at 1-855-647-8222.
With new biologics entering the market rapidly, the overall cost of biologic drugs continues to significantly impact the sustainability of drug plans, including ours. GreenShield’s evidence-based biosimilar strategy combines innovative programs and approaches to ensure the best value for treatment, while optimizing resources, supporting the uptake of biosimilars, and improving access to medications for all plan members.
The originator biologic, Humira (adalimumab), continues to be one of the world’s top-selling drugs for more than two decades, treating a range of inflammatory conditions. Currently, eight approved adalimumab biosimilars in the Canadian market have all demonstrated similar safety and efficacy profiles to the originator, Humira.
Effective January 15, 2024, the following biosimilar products will be split into two categories: preferred and non-preferred products, as outlined in the table below. This means, anyone starting adalimumab therapy, effective January 15, 2024, must use a Category 1 (preferred product) below.
The choice of preferred products was evaluated based on several criteria including the formulation and format of the product, the robustness of the manufacturer’s patient co-pay assistance program, the quality of the patient support program, and the manufacturer’s track record of drug shortages. All three preferred products demonstrated excellence in these areas and maintain the opportunity for plan member choice.
Category 1 (preferred products) Abrilada, Hyrimoz, and Hadlima
Category 2 (non-preferred products)* Amgevita, Hulio, Idacio, Simlandi, and Yuflyma
The preferential listing applies to all Health Canada approved indications including:**
If a member under this program chooses to transition to an adalimumab biosimilar, they must select a Category 1 (preferred product) unless an exception applies.*
* Products listed as Category 2 agents will be non-preferred products and will only be available to patients in exceptional circumstances (e.g., documented intolerance or adverse events to 2 preferred products).
** Preferential listing does not apply in Quebec and will only apply where GreenShield is the primary payor.
Good news! As announced in a recent letter from Pension Board Chair, Anne Soh, pension plan members will receive a pension increase effective January 1, 2024.
Pensioners and Deferred Members
Current pensioners and deferred members will receive a 4 percent* increase to their pension amount effective January 1, 2024.
* The Income Tax Act and regulations limit pension increases to the cumulative growth in Consumer Price Index since the pension commenced. For this reason, recently retired pensioners and deferred members who terminated membership recently will see a lesser increase.
Active Members
For active members, the accrual rate will stay at 1.85 percent in 2024 from the base rate of 1.4 percent. In 2025 the accrual rate is scheduled to return to 1.4 percent.
What Does “Accrual Rate” Mean?
The accrual rate is the rate at which you earn your pension. In 2024, you earn your pension at the rate of 1.85 percent of your pensionable earnings.
How Does This Work?
You earn a piece of pension every year that you work and contribute to the plan—like building blocks.
For example, let’s assume that a member’s pensionable earnings stayed constant at $60,000 every year, (for easy figuring). From 2019, that member would earn
|
Year |
Accrual Rate | Formula |
Pension Credit Earned |
|
2019 |
1.4% | 1.4% of $60,000 | $ 840 |
|
2020 |
1.85% | 1.85% of $60,000 | $ 1,110 |
|
2021 |
1.625% | 1.625% of $60,000 |
$ 975 |
| 2022 | 1.85% | 1.85% of $60,000 |
$ 1,110 |
| 2023 | 1.85% | 1.85% of $60,000 |
$ 1,110 |
| 2024 | 1.85% | 1.85% of $60,000 |
$ 1,110 |
| 2025 | 1.4% | 1.4% of $60,000 |
$ 840 |
At the end of your career, the annual pension amounts earned each year will add up to the total annual pension you will receive every year for the rest of your life. So, the higher amount earned in 2024 will continue to benefit you for the rest of your retired life.
What about Future Increases?
There is no automatic indexing of our plan. The Pension Board and Pension Plan Advisory Committee annually assess the resources available and determine whether there are surplus funds that can be used to increase benefits.
An initial communication from the Benefits Centre was mailed the week of May 23, informing pensioners of the upcoming change to how pension payments are processed. One important thing to note is that there is nothing for you, as a pensioner, to do on your end. More information about the change will be mailed in June providing contact details.
A copy of the letter is posted on the Retirement page, under Communications. If you have not received this communication by the end of the month, please e-mail pension@united-church.ca or phone the Benefits Centre at 1-855-647-8222 to ensure they have the correct address on file.
Derek Hurst, Pension Fund Manager, was interviewed by Benefits Canada about The United Church of Canada Pension Plan.
“Our governance structure is quite robust. I report to an 11-person investment committee which reports to a 11-person pension board,” says Hurst, who’s been overseeing the decisions of the $1.6 billion defined benefit plan since 2015. “Additionally, there’s an advisory committee with eight volunteers. The calibre of these volunteers is very high — it’s incredible to me that we get people so interested in helping the plan.”
Read the full article by Gideon Scanlon here.
At its meeting on April 30, 2022, the Executive of the General Council approved the appointment of Anne Soh, FSA, FCIA as the next chair of the Pension Board. Anne served on the Pension Plan Advisory Committee since 2011, assuming the chair from November 2013 to December 2020. Anne was then appointed to the Pension Board.
Anne Soh is Vice President and Plan Actuary at the Ontario Municipal Employees Retirement System (OMERS). An executive with over 30 years of experience in the pension and benefits industry, Anne advises the OMERS boards of directors on plan funding and sustainability matters, and oversees the in-house actuarial department. Anne also serves on the Board of Directors and the Finance and Audit Committee of Canada’s National Ballet School. Anne is a Fellow of the Canadian Institute of Actuaries and has an Hons. Bachelor of Science degree from the University of Western Ontario. She is also a graduate of the ICD – Rotman Director Education Program.
Anne’s term as Pension Board chair will begin after the June 2022 meeting of the Board where Marcus Robertson, FSA, FCIA will complete his third and final term as chair. The General Council Executive wishes to thank Marcus for his nine years of diligent leadership.
(Toronto) The Pension Plan of The United Church of Canada filed a shareholder proposal with Constellation Software urging the company to improve their DEI (diversity, equity and inclusion) practices. The proposal requested the preparation of a report on the company’s plans to identify, address, mitigate, and dismantle racial disparities within its workforce. Despite the Board of Constellation Software recommending that shareholders vote against the resolution, shareholders approved it!
The United Church of Canada Pension Plan is very proud of this outcome. In concert with SHARE, we will follow up with the company in the coming months to ensure it issues a report and to review its content and goals. Marcus Robertson, Chair of the Pension Board commented, “This is great news, and demonstrates the effectiveness of ongoing engagement on diversity and inclusion issues with invested companies.”
SHARE commented, “We are pleased that a majority of Constellation Software Inc. shareholders have voted to adopt our shareholder proposal, filed on behalf of The United Church of Canada Pension Plan to undertake a thorough review of racial equity at the company and report publicly to investors on findings. This is a crucial step for the company, which has previously taken very limited measures to address diversity, equity and inclusion. The majority vote from shareholders sends a strong signal to Canadian issuers about the growing expectations of institutional investors on racial equity. The company announced that the proposal had passed during the AGM.”
For information, Constellation Software is a leading provider of software and services to a select group of public and private sector markets. They acquire, manage and build industry specific software businesses which provide specialized, mission-critical software solution. The Pension Plan’s current investment in the company is $2 million, and market value of the company is approximately $42 billion.
SHARE's full press release can be found here.
Good news! As announced in a recent letter from Pension Board Chair, Marcus Robertson, pension plan members will receive a pension increase effective January 1, 2022.
Pensioners and Deferred Members
Current pensioners and deferred members will receive a 4 percent* increase to their pension amount effective January 1, 2022.
* The Income Tax Act and regulations limit pension increases to the cumulative growth in Consumer Price Index since the pension commenced. For this reason, recently retired pensioners and deferred members who terminated employment recently will see a lesser increase.
Active Members
For active members, the accrual rate will increase to 1.85 percent in 2022 from the base rate of 1.4 percent. In 2023 the accrual rate is scheduled to return to 1.4 percent.
What Does “Accrual Rate” Mean?
The accrual rate is the rate at which you earn your pension. In 2019, you earn your pension at the rate of 1.4 percent of your pensionable earnings.
How Does This Work?
You earn a piece of pension every year that you work and contribute to the plan—like building blocks.
For example, let’s assume that a member’s pensionable earnings stayed constant at $60,000 every year, (for easy figuring). From 2019 to 2023, that member would earn
|
Year |
Accrual Rate | Formula |
Pension Credit Earned |
|
2019 |
1.4% | 1.4% of $60,000 | $ 840 |
|
2020 |
1.85% | 1.85% of $60,000 | $ 1,110 |
|
2021 |
1.625% | 1.625% of $60,000 |
$ 975 |
| 2022 | 1.85% | 1.85% of $60,000 |
$ 1,110 |
| 2023 | 1.4% | 1.4% of $60,000 |
$ 840 |
At the end of your career, the annual pension amounts earned each year will add up to the total annual pension you will receive every year for the rest of your life. So, the higher amount earned in 2022 will continue to benefit you for the rest of your retired life.
What about Future Increases?
There will be no automatic indexing or increase going forward. The Pension Board and Pension Plan Advisory Committee annually assess the resources available and determine whether there are surplus funds that can be used to increase benefits.
