Providing A secure lifetime pension

How the Plan Works

The UFCW Pension Plan provides members with a monthly lifetime pension in retirement, as well as beneficiary coverage following a member’s death.

When you become a member of the UFCW pension plan, your employer pays contributions into the Plan on your behalf. You may also be required to contribute to the Plan once you reach age 30. The contribution rates are fixed in accordance with the governing collective agreements between your union and employer. All contributions are pooled together and are invested and managed by a team of investment experts.

As you work, you earn credited service in the Plan. When you retire, your monthly pension is calculated according to a benefit formula that takes into account your credited service and contribution rates.

Since contributions are fixed, your benefit earned under the Plan may be increased or reduced subject to the financial position of the Plan and legislative requirements. This means that benefits are secure, but are not guaranteed. The Plan is currently fully funded.

Plan Administration

The UFCW Pension Plan is administered by Bilsland Griffith Benefit Administrators, a niche pension and benefits administration firm specializing in multi-employer, negotiated cost-benefit plans.

Plan Governance

The UFCW Pension Plan is divided into four separate divisions: the Overwaitea Food Group Division; the Canada Safeway Division; the Miscellaneous Division; and the Terminated Employer Division, covering a variety of employers. While pension funds are combined for investment purposes, each division is governed by its collective agreement and retirement committee. This means that contribution levels and benefits differ across the divisions. Separate accounting is maintained for each to ensure that the assets of one division are not used to support the benefits of another division. 

Board of Trustees

A Board of Trustees governs the UFCW Pension Plan. The Trustees are appointed by the employers, UFCW Local 1518, and UFCW Local 247. All Trustees have a fiduciary duty to act in the best interests of Plan members. 

A Trust Agreement sets out the Trustees’ duties and responsibilities. They include ensuring that: 

• the terms of the Plan are administered consistently and in accordance with the law, 
• the Plan funds are invested for the benefit of members and in accordance with the laws regulating pension plan investments, and
• proper records are maintained.