Plan Features

Summarizing the most important and relevant details of Your Pension Plan. Click on your Division below to learn more!

Plan Membership And Contributions print

Becoming a Member

Overwaitea Foods/Save-On-Foods makes a contribution for each Overwaitea Foods/Save-On-Foods employee covered by a collective agreement between the company and either UFCW Local 1518 or UFCW Local 247. Your Plan membership begins as soon as Overwaitea Foods/Save-On-Foods makes a contribution to the pension fund on your behalf.


Contributions are payable in accordance with the collective agreement. Overwaitea Foods/Save-On-Foods makes contributions for all eligible employees. If you are age 30 or older, you also make contributions to the Plan.

Employer Contributions

Overwaitea Foods/Save-On-Foods makes monthly contributions to the pension fund on your behalf as follows:

Date Amount of Employer Contributions
March 30, 2003 6% of your earnings
December 30, 2007 6.75% of your earnings
December 28, 2008 7% of your earnings

Overwaitea Foods/Save-On-Foods will contribute an additional 1.7% of your earnings until the end of 2007. These additional contributions were negotiated in order to finance the cost of the increased benefit rate for your service before 1998 (i.e., the $45 benefit rate).

Employee Contributions

The amount of your employee contributions to the Plan is based on your age and calculated as follows:

Age Amount of Employee Contributions Deducted Per Paycheque
30 - 39 1% of your earnings
40 - 49 2% of your earnings
50 and older 4% of your earnings