your merged plan
November 30, 2020
The transfer of $500 million in pension assets to the CAAT Pension Plan from six Postmedia defined benefit pension plans was completed on November 9, 2020.
The Postmedia pension plans are:
With the transfer of assets, the CAAT Pension Plan assumes responsibility for all defined benefit pension payments to members of the Postmedia pension plans.
Following a thorough review, the Financial Services Regulatory Authority of Ontario (FSRA), provided consent to the transfer on October 8, 2020.
On June 28, 2019, an overwhelming 99% of Postmedia Network Inc. plan members voted in favour of merging with the CAAT Pension Plan. Members of all Postmedia’s employee pension plans – both its defined benefit (DB) and defined contribution (DC) plans – started contributing to, and earning, a pension under CAAT’s DBplus plan design effective July 1, 2019.
On September 18, 2020, the Ontario pension regulator, the Financial Services Regulatory Authority of Ontario (FSRA), advised that it would change how it would communicate its consent to the asset transfer (commonly referred to as “mergers”) with respect to the Postmedia pension plans listed above.
Given the extensive notice provided to date regarding the proposed asset transfers with respect to the Postmedia pension plans listed, and the delays related to the COVID pandemic, FSRA advised that it would not issue a NOID prior to issuing its consent regarding the merger of this plan.
Because this change was made while the applications were being considered for the plans of Postmedia Network Inc., those affected by the proposed merger had 10 business days (or until October 1, 2020), to make written submissions with respect to FSRA’s proposed consent to the asset transfers.
DBplus contributions are based on employment earnings and are matched dollar for dollar by Postmedia Network Inc.
Postmedia member services at the CAAT Pension Plan c/o Buck 201 City Centre Drive, Suite 1000 Mississauga, ON L5B 4E4
Toll Free: 1-844-320-7964 Email: postmedia.emailbox@buck.com
If you have a pension from any former Postmedia Network DB plan, your total annual pension will be the sum of two parts:
Postmedia pension + DBplus pension = Total annual pension payable from the CAAT Pension Plan