A message from the WorkSafeBC Pension Plan Pension Committee: March 23, 2020
Your pension payments will be paid on time, and your plan is secure
Dear plan member,
As the coronavirus (COVID-19) continues to affect the world, as your Pension Committee for the WorkSafeBC Pension Plan, we want to offer you assurance about your pension plan. Your pension payments will be paid on time, today and into the future.
Your pension is a defined benefit pension. The amount of your pension payment is not dependent on the performance of the financial markets. Your plan is secure.
Your plan is also well positioned. Before the current financial downturn, British Columbia Investment Management Corporation (BCI), your plan’s investment manager, anticipated a correction in the rising financial market. BCI prepared plan funds, adjusting the balance of investments to reduce risk. Your plan investments are broadly diversified, which helps lessen the impact of the current market downturn. Investments are split between a wide variety of public equities, bonds, real assets and other investments.
The challenge facing investors today reinforces the importance of following a disciplined, long-term approach. This has been a shock to the economy, and we’re not necessarily expecting a quick recovery. This significant correction will mean a decline in the value of the plan’s investment portfolio. However, there will also be opportunities to acquire investments at a better value. We expect the value of the plan’s fund to recover over time, and we will in any event meet our long-term obligations.
The plan's agents and other service providers have also been affected by COVID-19. They are looking after their employees – encouraging remote work and social distancing. While they are open for business as usual, the physical offices are closed. This will affect how quickly staff can respond to requests and answer calls. In-person consultation and workshops have also been cancelled to protect everyone’s health.
We encourage you to use the many online services available to you on the plan website and through My Account.
In this challenging time, please take care of your health, practise social distancing and know that we are taking care of your pension plan’s investments.
Your Pension Committee