Positive change is coming to your Western Pension Plan in January 2017, as many Western Pension Plan services transition to Sun Life Financial. The changes will include improved members services including daily valuation - the ability to see your current balances and changes to your investments on any business day. Other improvements include more in-depth details about the holdings in your plan, the introduction of mobile services, the ability to do more transactions via phone, and the availability of investment advice.
Responding to member requests for improved information and services, Western’s Academic Pension Board and Administrative Pension Board (working together as the Joint Pension Board) have made a decision to consolidate some services currently performed by a number of external services providers, as well as some services provided by Western Human Resources. The services will be consolidated under the umbrella of one experienced external provider – Sun Life Financial. This consolidation will bring better service for our members, while retaining the most important strengths of our Western Pension Plan. We are holding some information sessions and we hope you will join us to learn more, get answers to questions and offer your input. Read more about the changes and see dates for upcoming information sessions.
The Western Board of Governors on November 20, 2014 approved the appointment of Sun Life Financial as the preferred provider of a Retirement Income Fund for Western retirees. In 2015, Western's RIF program was discontinued and Western retirees were able to begin investing in the new Sun Life Retirement & Savings Plan for Western retirees.
Remedial payments to correct an error in the calculation of the value of some investments in Western Pension Plan accounts have now been made, following approval by the Canada Revenue Agency regarding tax implications of the correction.
New rules that took effect January 1, 2012 affect pension asset division on marriage breakdown.
New rules instituted January 1, 2012 affect those 60 to 70 and receiving a CPP retirement pension.
To update members, former members and retirees, regarding the recommended approach, identified by the Joint Pension Board, for the management of the restructured notes received in exchange for the non-bank Asset Backed Commercial Paper held in the Western Retirement Plans.
Pension Required Contribution decision for UWOFA Faculty Members (July 2011).