A message from the WorkSafeBC Pension Plan Pension Committee: December 13, 2021
As 2022 approaches, we want to take the time to reassure you about your pension plan.
Dear plan member,
There is no doubt that the past two years have been extremely challenging for all of us as we continued to find our way through the pandemic. As 2022 approaches, we want to take the time to reassure you about your pension plan—whether you are already receiving your pension or still contributing.
Your plan is in a strong financial position. The most recent financial checkup of the plan, called an actuarial valuation, shows that it is well funded and members’ lifetime pensions are secure. WorkSafeBC pensions will remain solid, sustainable and reliable well into the future.
The plan’s diversified portfolio and long-term approach to investing have paid off. The 2021 Annual Report shows the plan’s assets increased to $2.6 billion in 2021 from $2.3 billion the year before. Over the five-year period ending March 31, 2021, the plan’s investment portfolio performed well above its actuarial return objective of 5.3 per cent. To learn more about the security of your plan, visit the Reports section of the website where you will find both the Annual Report and the valuation report.
Our focus in the new year will be ensuring the plan remains resilient to the effects of COVID-19, while keeping a long-term outlook in sight.
Finally, we want to give a heartfelt thank you to members for taking all precautions during the pandemic to protect themselves, their family and those with whom they interact in their work from the potential impacts of COVID-19.
Stay safe, and we wish you all a happy and healthy holiday season and new year.
Your Pension Committee