Updates on the Pension Plan regarding the COVID-19 situation
The COVID-19 situation is evolving and safety remains our highest priority as we operate in these challenging times. The Canada Post Pension Centre and AccessHR have been maintaining operations without interruption. As a precautionary measure, we have asked certain employee groups on our pay and pension teams to work remotely while we continue to offer our services.
We would like to express our deepest gratitude to everyone on the frontlines dealing with this situation. Thank you for your patience and dedication as we adjust to these rapidly changing circumstances.
We will continue to update you as the situation evolves. We are committed to doing what is best for our employees and retirees while continuing to provide postal services to Canadians.
OSFI announces restrictions on transfers from the Defined Benefit component
On March 27, 2020 the Office of the Superintendent of Financial Institutions (OSFI) announced a series of regulatory adjustments designed to help reduce some of the operational stress on institutions and support the financial and operational resilience of federally regulated banks, insurers and private pension plans.
Click here to be re-directed to OSFI’s website and read the announcement letter.
As part of the key measures announced for private pension plans, the option of a lump-sum transfer is no longer available to Plan members. Read the letter sent to all active and deferred Defined Benefit component Plan members. This restriction applies until further notice and does not affect monthly pension payments. It only restricts lump-sum transfers of Commuted Value. Find answers to your questions in the frequently asked questions.
Pre-retirement seminars for Defined Benefit (DB) Plan members
The current situation involving COVID-19 (coronavirus) is evolving rapidly. Canada Post’s goal from the beginning has been to ensure we are doing everything possible to keep employees safe. As we continue to respond to this rapidly changing situation, we have decided to cancel all non-mandatory training including all pre-retirement seminars up to and including June 2020.
Our intention is to send out a new invitation package in August with a revised schedule so that eligible DB Plan members may register for a pre-retirement seminar. Given that we will continue to evolve our approach in order to follow the guidance of the Public Health Agency of Canada and the Government of Canada during these unprecedented times, we invite you to visit this page before going to a seminar for which you are registered, to ensure that it has not been canceled.
To assist you with your retirement questions during the pandemic here are some tools that you may find useful:
- access the Canada Post Planning your retirement e-learning,
- obtain personalized pre-retirement and financial planning counselling at no cost to you through the Employee and Family Assistance Program. Call 1-866-565-4903 to take advantage of this service,
- refer to the Financial and retirement planning tools brochure for helpful information to assist you in your planning.
Deadline extension to apply for the 50% refund of B.C. Medical Services Plan Premiums paid in 2019
The deadline to submit your Application for Partial Reimbursement of B.C. Medical Services Plan Premiums form has been extended to September 30, 2020. Eligible members will receive a letter to this effect in April. Contact AccessHR by phone at 1-877-807-9090 for any questions or to obtain a copy of the form.
Support for participating retired employees of the Extended Health Care Plan (EHCP)
To support retirees during the COVID-19 pandemic, there will not be a need to obtain a doctor's prescription for the services of a registered psychologist or social worker for participating retired employees of the Extended Heath Care Plan administered by Canada Life. This temporary measure will help retirees and eligible dependents access counselling while respecting physical distancing.