Accessible navigation:
To : All retirees
In September 2003, the Board of Directors approved a new Pension Committee to oversee the Bank's Pension Plan. This Committee, which I am pleased to chair, signals a change in governance of the Pension Plan and heralds a new opportunity to serve Plan members better.
The Committee was formally constituted in December 2003 and I would like to take this opportunity to provide you with more information on our new governance structure.
A new Pension Committee
The Pension Committee—consisting of the Senior Deputy Governor as chair, three Board members and three senior Bank officers—is now responsible for the Plan's investments and administrative operations.
The Committee will be supported by a Pension Plan Director and two subcommittees—the Pension Fund Investment Committee and the Pension Administration Committee.
CIBC Mellon has been selected as the corporate trustee to hold the assets of the Pension Fund in trust and to make and receive payments on instructions from the Bank.
From 1990 until the creation of the Pension Committee, the Plan's investments were managed by the Pension Fund's trustees. I would like to thank them for their expert guidance over the years and to commend them for their valuable service on behalf of plan members.
Pension Fund Investment Committee
The Pension Fund Investment Committee will oversee the investment of Pension Fund assets in accordance with the Statement of Investment Policy and make recommendations concerning the policy to the Pension Committee.
Pension Administration Committee
The Pension Administration Committee will oversee the administration of the Bank's Pension Plan in accordance with policies approved by the Pension Committee. Various groups at the Bank working on the Plan's administration, such as those located in Communications, Financial Services and Human Resources, will now carry out their functions under the direction of this subcommittee.
Increased efficiency and effectiveness
The integration of the Pension Plan's investment and administrative functions supports improved governance procedures across all the Plan's activities. As well, this integration provides for more efficient and effective operations.
New standards
One of the Pension Committee's first priorities will be to make certain that standards are set for benefit services. Among the many services covered, these standards will include
To help maintain these standards, time frames will be set and regular progress reports compiled.
Communications and member relations
The Pension Committee will aim to make a difference in member relations as well, by
Some of the communications initiatives planned for the coming year include:
Terms of Reference
You will find more information on the new Pension Committee and the two subcommittees in the Terms of Reference for each committee posted on the Bank of Canada Web site (see under "About the Bank"). If you would like a paper copy of these documents, send an email to compensation@bankofcanada.ca or call 1 866-782-8988 (in Ottawa: 782-8988).
Our Commitment
Taking the step to update governance of the Bank's Pension Plan will help ensure the Plan remains attractive and provides a high level of service into the future. The new Pension Committee is committed to that goal.
The Pension Committee is proud to have responsibility for administering your Pension Plan. It has assumed responsibility for managing one of the best public pension plans in Canada. And it takes the job seriously.
Pension Plan governance structure
Pension Committee
Pension Fund Investment Committee
Pension Administration Committee