Since 2005, BPG has been a leader in the Canadian pension community, striving to improve the long term financial security of retirees' pensions.
Here's what we've been working on:
BPG has helped to develop a series of comprehensive, detailed defined benefit pension plan proposals and solutions required to update current federal pension legislation.
BPG is very active in advocating for these improvements with a number of agencies and organizations, including:
· the federal Minister of Finance,
· the Federal Standing Committee on Finance,
· Finance Canada
· Human Resources and Skills Development Canada,
· the Office of the Superintendent of Financial Institutions
· the Bank of Canada.
As a founding member of the Canadian Federation of Pensioners, BPG has also been instrumental in promoting improved provincial pension legislation across Canada.
What do we hope to accomplish and why?
We believe accomplishing these key objectives will benefit every BPG member:
1. Recognize defined benefit pension plan retirees as key pension plan stakeholders and consult with them during the development of revisions to pension legislation and regulations.
2. Provide pensioners with better access to current information and data regarding the well-being of their pension plans. For Bell retirees, this would mean having direct access to the audited pension plan financial statements and the full actuarial studies prepared and submitted to the regulator. In addition, annual year-end reporting can be up to 180 days (6 months) after the fact, which BPG considers to be too late.
3. Resolve surplus ownership issues which are currently impeding adequate pension plan funding. Recent court cases have left it unclear as to who has the right to receive any surplus funding. Employers are reluctant to provide more than the minimum required funding until this situation is fixed.
4. Mandate full solvency funding of pension plans at all times, thus solving a number of outstanding issues to the benefit of all pension plan stakeholders. Introduce a reserve fund for each pension plan to make it easier for pension plans to be kept fully funded at all times.
5. Legislate independent reviews of pension plan governance and administration and ensure the regulator is adequately funded for carrying out its responsibilities. Currently neither current regulations nor the actuarial profession require the work of the pension plan administrators and/or actuaries be subject to independent third party review. In other words, no one is guarding the hen-house!