In exploring the options, full consideration should be given to pooling administration and investment activities with one of the large public sector pension plans like OMERS, in order to maximize the opportunity to enhance benefit coverage and stability for any new plans established. OMERS Administration Corporation was also recently recognized as one of the top contenders for the 2009 National Awards in Governance by The Conference Board of Canada. OMERS supports the Commission’s recommendation (Expert Commission Recommendation 9-4) to explore expanding the mandate of the Canada Pension Plan (CPP) or create a comparable provincial plan to enhance pension coverage, control costs and improve benefit portability; however, participation should be voluntary. This form of consolidation allows both parties to benefit from the added economies of scale, sharing in costs and the pooling of capital for investment purposes, while keeping separate governance structures intact. Overview: In our submission to the Commission in October 2007, OMERS made recommendations on four technical issues. January 3, 2020; April 3, 2020; July 3, 2020; October 5, 2020; January 5, 2021 * Haven't received your payment? In our submission to the Commission in October, 2007, OMERS recommended: Wait 10 working days from the payment date to contact us. We require clarification as to whether this recommendation applies to MEPPs/JSPPs. Our commentary in this document refers only to recommendations contained in the report of the Expert Commission on Pensions. The basis for such legislation and regulations should be the Specified Ontario multi-employer pension plan regulation of 2007. A body of this nature would address the need to understand a diverse range of stakeholder perspectives. OMERS considering proposal to reduce pension payouts. Our response, outlined in this document, represents the views of two statutory corporations: the OMERS Sponsors Corporation responsible for plan design, benefits and contribution rates; and the OMERS Administration Corporation responsible for investments, plan administration and services to plan participants. The Pension Tribunal of Ontario should exercise exclusive and ultimate jurisdiction over all matters arising out of or incidental to the interpretation of the Pension Benefits Act (PBA). In addition, the Ontario Expert Commission on Pensions (the Commission) has recognized OMERS as a “useful precedent” which could serve as a practical template for multi-employer defined benefit plans. Your pension is paid on the second last banking day of every month, except in December. OMERS agrees strongly with the Commission’s position that, where the pension market is concerned, there is strength in numbers. While OMERS would not benefit from sending stranded benefits and their associated assets to the OPA , we do see the benefits of sharing data with the OPA , so that there would be one central spot for former pension plan members, including former OMERS members, to locate their stranded benefits. 2 Davis, Philip E., Brunel University, London and Hu, Yu-Wel, OECD, Paris, March 2008, Are Canadian Pension Plans Disadvantaged by the Current Structure of Portfolio Regulation? It is premature to reference the Ontario Pension Agency – this reference should be removed. These address a number of technical issues, as well as the Expert Advisors’ Consensus Recommendations. Issue: Section 26(1) deals with Notice of proposed amendment. 2 Your OMERS Pension Learn About Your OMERS Plan OMERS is a defined benefit pension plan, which means you can expect a predictable monthly income for life. The money you set aside from every paycheque is matched by your employer, and we carefully invest it in high-quality assets, diversified around the world, to meet the pension promise of a secure retirement. The state pension age also rose to 66 in the beginning of October - we explain seven ways to boost your retirement pot. However, interest is not paid. The date you receive the payment into your nominated bank account is typically 2 to 3 business days after this date. 2020. If you've accrued NICs under both the old and new pensions, you'll receive a state pension based on a mixture of both schemes. They do not reflect the reality of the Ontario pension environment in which ‘super funds’ with sophisticated investment operations and capabilities, such as Teachers’ and OMERS, have created the need for large placement in the capital markets. OMERS welcomes the Commission’s recommendations (Expert Commission Recommendations 9-2 and 9-3) to explore new ways to offer pension coverage to Ontarians who do not now have pension coverage, or where their coverage is costly. This position was reinforced through pension industry submissions to the Commission. Removing this governmental restriction would improve the accuracy of ensuring the proper amount is paid to the proper recipient and will result as well in more efficient service such as less retroactive recovery of overpayments to survivors of pensioners. Ontario, May 10, 2007. In our submission to the Commission in October, 2007, OMERS recommended: That the Pension Benefits Act be amended to consist of the fundamental principles applicable to all pension plans in Ontario, such as the fiduciary duties and obligations of plan administrators, a ‘prudent person’ test for investment of pension funds, a broad purpose clause, the powers of the regulator, wind-up provisions, offence provisions and adequate minimum standards for plan design (eligibility for membership, vesting and locking in, portability and transfer options, and member communication).”. We also highlighted that other pension funds could benefit from having funds like OMERS, with its investment expertise, assume responsibility for investing their pension assets. Economy Section 29 deals with Administration: Availability of Documents for Inspection. Sections 27 and 28 of the PBA state that the obligation for providing statements is solely that of the plan administrator. It is unclear how this provision interacts with the “related party provisions” of the Federal Investment Rules (s.25, 26 and 17 of Schedule III). Most major Canadian banks will have the payment in your account the same day; credit unions and non-traditional banks may take an extra day or two. For change to be successful, the Ontario Pension Regulator must involve the regulated bodies in the development of principles and their interpretation. OMERS is one of the top-performing pension funds in Canada. Further consultation should occur to ensure that changes to the PBA do not impose an unreasonable burden on the employers and plan administrators. While acknowledging the independence of the regulator, OMERS is strongly in favour of enhancing the regulatory relationship, clarity and ongoing dialogue. Below's all that you need to know about when your state pension will be paid over Christmas. 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