Canadian energy sector companies join DB plan to attract and retain top talent
Candu Energy Inc., Canadian Nuclear Laboratories (CNL), and Global First Power have joined CAAT Pension Plan so their employees are now able to receive lifetime retirement income through CAAT’s defined benefit plan design, DBplus.
DBplus is a workplace retirement solution that provides working Canadians with valuable lifetime pensions, all at a fixed contribution rate that employers can afford. Signature benefits include inflation protection and survivor benefits, provided by CAAT, with no financial risks to the employer.
"We know that workers across the country recognize the importance of a good pension plan and the retirement security it brings," says Derek Dobson, CEO and plan manager, CAAT Pension Plan. "These new employers understand that by partnering with CAAT to provide DBplus, they are bringing an attractive plan that can strengthen their talent retention while providing the benefit of a lifetime pension for their employees."
Objective: improve retirement benefits
Unionized members of Candu and CNL previously had a defined contribution pension plan but negotiated to improve their retirement benefits by switching to DBplus. Global First Power is a joint venture with Ontario Power Generation (OPG). They chose DBplus over a group RRSP with the added advantage of attracting and retaining talent with the promise of secure retirement income.
"Global First Power is pleased to join the CAAT Pension Plan and offer DBplus to our valued employees," said Jos Diening, president and CEO, Global First Power. "Joining the Plan differentiates GFP from other start-ups and allows us to unlock better retirement security for our employees, empowering them to confidently plan for their future and enjoy the rewards of their hard work."
Candu, CNL, and Global First Power join other notable CAAT participating employers like Brink’s Canada, Sanofi Pasteur, The Conference Board of Canada, Torstar, Vancouver Foundation, and the Ontario Dental Association.
As of January 1, 2023, the CAAT Pension Plan had $18.2 billion in assets, an annualized 10-year net rate of return of 9.7 percent, and a healthy funding level of 124 percent. It is one of the highest-performing Canadian pension plans by 10-year annualized rate of return, according to the BNY Mellon Canadian Master Trust Universe.
