Toronto, February 23, 2023 – Members of the College of Family Physicians of Canada (CFPC) pension plan have agreed to merge their pension with the College of Applied Arts and Technology (CAAT) Pension Plan under DBplus, following an overwhelming 96% vote in favour of the merger.
“As a result of merging our plan with CAAT, we will be able to provide all of our employees with a defined benefit pension for life with a number of features including inflation protection that will help our employees enjoy a better retirement outcome,” said Theresa Maguire-Garber, Executive Director of Corporate Services at the CFPC.
Merging with CAAT allows the CPFC to leverage the cost efficiencies and scale of an open Modern Defined Benefit (DB) pension plan with more than 320 employers. The merger eliminates associated risks and costs of managing a single employer pension plan, while continuing to benefit from the superior attraction and retention benefits of a DB plan.
“The CAAT Pension Plan is pleased to welcome CFPC employees to the Plan, who join the employees of the many organizations across Canada that have secure pension benefits with DBplus,” said Derek Dobson, CEO and Plan Manager at CAAT Pension Plan. “CFPC recognizes the advantage of pooling pre-existing retirement schemes with an open, sustainable Modern DB plan. Past and future benefit security, fixed costs and eliminating fiduciary duty for the employer make DBplus a win-win solution that employees and employers can both endorse.”
The transfer of the CFPC prior pension plan’s assets is pending and subject to regulatory consent, following the overwhelming consent from members.
The CFPC joins other notable CAAT participating employers like Brink’s Canada, Sanofi Pasteur, The Conference Board of Canada, Torstar, University of Saskatchewan, Vancouver Foundation, the Ontario Dental Association, and Jamieson.
As of January 1, 2022, the CAAT Pension Plan had $18.2 billion in assets and an annualized 10-year net rate of return of 11.1%. It is the highest-performing Canadian pension plan with a market value above $1 billion, according to the BNY Mellon Canadian Master Trust Universe.
For media inquiries, please contact media@caatpension.ca.
About CAAT Pension Plan:
Established in 1967, the CAAT Pension Plan is an independent, jointly governed plan that offers two highly desirable designs of a defined benefit pension. CAAT's award-winning DBplus plan design is leading an extraordinary pace of growth for the Plan. Originally created to support the Ontario college system, the CAAT Plan now proudly serves more than 320 participating employers in 14 industries including the for-profit, nonprofit, and broader public sectors. It currently has more than 84,000 active and retired members in all provinces. The CAAT Plan is respected for its pension and investment management expertise and focus on stability and benefit security. At January 1, 2022, the Plan was 124% funded on a going-concern basis.
Learn more at: www.caatpension.ca.
About the College of Family Physicians of Canada
The College of Family Physicians of Canada (CFPC) is the professional organization that represents more than 42,000 members across the country. The College establishes the standards for and accredits postgraduate family medicine training in Canada’s 17 medical schools. It reviews and certifies continuing professional development programs and materials that enable family physicians to meet certification and licensing requirements. The CFPC provides high-quality services, supports family medicine teaching and research, and advocates on behalf of the specialty of family medicine, family physicians, and the patients they serve.