OSFI Amends Restrictions On Canada Post Pension Plan

After weeks of phone calls, letters and meetings between CUPW, Office of the Superintendent of Financial Institutions (OSFI) and Canada Post, OSFI has agreed to lift the restrictions on payments of commuted values from the Canada Post Pension Plan.  They have imposed new restrictions which will allow members to withdraw the commuted value of their pension, but force Canada Post to pay a deposit of 40% of each withdrawal into the Canada Post Pension Plan.

Those who have left Canada Post and have already applied to receive the commuted value of their pension do not have to take any additional steps.  The funds should be released as they are processed.

Canada Post received notice of the initial restrictions imposed by OSFI on January 13^th.  They did not notify CUPW members until January 28^th.  This is another example of the blatant disrespect and contempt which Canada Post management treats its employees.  CUPW has no faith in the ability of Canada Post to manage the pension plan for the benefit of postal workers.  They often seem to forget that the role of Administrator is to protect plan members, not their own corporate interest.  This is why we have formally requested that Canada Post be removed as the Administrator of the Canada Post Pension Plan.