In September 2017, employee information sessions were held in North Bay, Englehart and Cochrane about a proposed pension merger. Ontario Northland is recommending that the Ontario Northland Pension Plan merge with the Public Service Pension Plan (PSPP) in 2018. PSPP is one of Canada’s top pension plans. “The Ontario Pension Board represents many public servants like the OPP, MNDM and the Owen Sound Transportation Company. PSPP is stable, sustainable and provides Ontario Northland employees with affordable contributions, full indexing and a responsible benefit structure.”
Why is Ontario Northland proposing to merge with PSPP?
Merging with another pension plan will allow Ontario Northland to solely focus on delivering transportation services, rather than managing its own pension. This will have a positive impact on Ontario Northland’s financial health and long-term sustainability. This plan is advantageous to employees.
How will the merger impact pensioners?
Pensioners will continue to receive the same pension amount and survivor benefits. If the merger takes place, in Spring 2018, pensioners would receive their statements and payments from the PSPP rather than Ontario Northland. Ad hoc increases will continue to be considered under the PSPP. Pensioners will receive a mail-out about the plan later in the fall and will have access to PSPP services including financial advisors and professinal online services for free.
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