March 20, 2020
With the increasing severity of the COVID-19 pandemic, and the resulting volatility in global capital markets, the Board of Trustees of the Canadian Commercial Workers Industry Pension Plan (“CCWIPP”) wishes to reassure you that CCWIPP will continue all operations critical to meeting Members’ needs, with no anticipated delay in processing pension payments. Servicing our Members – particularly in such trying times – remains our top priority.
In accordance with Health Canada guidance, the Plan’s Administrator, Prudent Benefits Administration Services, Inc., has taken significant steps to ensure the health and well-being of its employees and the community while maintaining critical operations. While these measures include a large number of employees working remotely, protocols have been put in place to maintain service without compromising Member privacy.
You will, however, note the following changes for the time being.
We apologize for any inconvenience these changes may cause.
While it is too early to determine the impact of the ongoing market volatility on the funded status of CCWIPP, the Trust Fund continues to be invested in a broadly-diversified portfolio of high-quality assets, with an investment strategy designed to be resilient in challenging investment climates. The Board of Trustees remains committed to investing CCWIPP’s assets prudently, controlling expenses, and maintaining its philosophy of transparency, accountability, and sound governance.
As the situation continues to progress, we will provide further updates as events unfold or if the Administrator’s operational arrangements should change. While there has been no indication of a potential disruption to postal service, we would encourage Members who have not yet signed up for direct deposit to do so as soon as possible by contacting us. Lastly, we welcome your questions and feedback – please do not hesitate to contact us.
Our hearts go out to all those affected by this unprecedented crisis.