Pension plan is safe, says committee

The global economic crisis has “not affected the payment of pensions to retirees, or the ability to begin to receive a pension for those contemplating retirement,” said the General Synod pension committee in a statement Oct.18. “Pensions under this plan are based on a formula and are not directly tied to investment performance.”

The market value of the fund as of Dec. 31, 2007 was $644.7 million and return on investment for a four-year period ending that year was 10.5 per cent. The numbers are expected to be much lower this year due to the financial meltdown.

 “Recent news coverage of stock market volatility may have caused some members or beneficiaries of the General Synod Pension Plan to wonder about the security of their benefits,” the committee said. “The pension committee wishes to reassure all members that current market conditions have not affected the payment of pensions to retirees, or the ability to begin to receive a pension for those contemplating retirement.”

It said that the performance of its investment managers are regularly monitored.