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This pension plan only serves participating members of the BC/Yukon UFCW Union Locals 247 and 1518. If you are not a member of these Locals, please contact the UFCW Union Local office of the province or state in which you currently or previously worked. Please note that we will not respond to your inquiry if you are not a member of this pension plan.

Welcome, we see you're visiting from:

country

,

country

This pension plan only serves participating members of the BC/Yukon UFCW Union Locals 247 and 1518. If you are not a member of these Locals, please contact the UFCW Union Local office of the province or state in which you currently or previously worked. Please note that we will not respond to your inquiry if you are not a member of this pension plan.

Member Help Centre

Have a specific question about your plan, or wish to contact the Plan administrator about a certain topic? You'll find answers to members' most commonly asked questions on this page.

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Frequently Asked Questions

Find answers to the most commonly asked questions about the UFCW Pension Plan

How is the lump sum value of my pension calculated? Can I find out what this value is?

In simple terms, the lump sum or commuted value is the value today of your pension at age 65. For example, if you are age 40 and have earned a monthly pension of $500, the commuted value is the amount of money that you would need to invest for 25 years (between age 40 and age 65) to be able to provide you with a lifetime pension at age 65 of $500 per month. This complex calculation also factors in mortality, your age and current interest rates. The older you are, the larger the amount of money you would need to invest, and the higher the assumed interest rate used to calculate your commuted value, the lower the amount of money you would need to invest. The interest rates that are used to calculate the commuted value are set by the Canadian Institute of Actuaries and are subject to change monthly.

Since the commuted value will fluctuate monthly, the commuted value of your pension is calculated only when you terminate your employment. Once you have actually terminated, please contact the Plan Administrator to request the lump sum value.

Is my pension indexed?

No. In the past, the Trustees have granted benefit increases to retirees on an "ad hoc" basis. While they cannot guarantee that there will be similar increases in the future, it is the Trustees' intention to grant future benefit increases if the financial conditions of the Plan support it.

Is my pension guaranteed?

The Plan Trustees use a conservative investment approach, plan design, and governance model to help deliver benefits to members with a high degree of certainty–however, the benefits are not guaranteed. Pension payments may be increased or decreased as needed according to funding and government regulation.

What happens if I move to another employer covered by this Plan?

If you move between Divisions of the Plan - for example from Overwaitea to Safeway - your pension for service after the transfer will be calculated according to the provisions of the new Division. Your status under each Division will remain active, and you will be entitled to any benefit increases or improvements that may be granted, provided your employment is not interrupted for more than two years.

What happens if I start my retirement pension and return to work for my employer?

Should you return to employment covered by the Plan, you are only permitted to work a maximum of 480 hours in a calendar year. If your hours exceed 480, the Trustees have the right to suspend your pension and you would earn additional credited service and pension benefits. Once you stop working again, your pension would be recalculated based on your additional earnings. Regardless of the number of hours you work, employee contributions to the Plan will be deducted. These contributions with interest will be refunded to you once you stop work.

Pension Calculator

Estimate your future pension and review your personal information