Extra Stelco Pension Plan members to get advantages

The 7,114 members of United Metal Employees Native 1005 in Hamilton can now anticipate their pension advantages to be totally secured, in keeping with the Monetary Providers Regulatory Authority of Ontario (FSRA).

LifeWorks (Canada) Ltd., the plan's administrator, has paid $1.331 billion to 2 insurance coverage firms for buy-in annuity contracts, permitting all plan members to proceed to obtain their full advantages

"That is nice information for the plan's members and beneficiaries, and I need to congratulate all of these concerned for working collaboratively to safe the plan's advantages and guaranteeing a seamless transition," stated Caroline Blouin, FSRA Government Vice President of Pensions. "Good pension plan administration enhances confidence within the means of pension plans to assist people and households properly into their golden years."

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