Retirees allege significant reductions in the Interior Lumberman's Pension Plan benefits
Retired loggers from the British Columbia interior have raised concerns to Global News regarding their pension plan.
Specifically, these concerns are about the Interior Lumberman’s Pension Plan, which was initiated in the 1970s for workers of smaller, forestry sector companies in the BC Interior.
These workers, including Alan Fedorchuk, who spent nearly two decades hauling wood expecting a secure pension, have faced significant reductions in their benefits. Despite his contributions and expectations, Fedorchuk reported receiving no payments from the pension plan upon reaching the age of 65.
The plan, which involved about 150 companies, has seen several hundred former employees experiencing cuts to their pension benefits.
Arlene Brown, another affected individual, shared her family’s distress, highlighting a 40 percent reduction in their pension and the added burden due to a previous ownership stake in one of the involved companies.
The plan's administrators have communicated to Global News that companies terminated from the plan are required to address a solvency deficit, which has led to reduced benefits for some members.
The BC Financial Services Authority, overseeing pension regulations in BC, is reportedly working with the plan to overcome these challenges, as it is aware of the situation faced by the pensioners.
