The General Synod Pension Plan Welcomes the Lay Retirement Plan

TORONTO, Feb. 8, 2022 /CNW/ - The General Synod Pension Plan (GSPP) was very pleased to welcome 1,000 members from the Anglican Church of Canada's Lay Retirement Plan (LRP) into the GSPP as of January 1, 2022. This pension transition is part of an innovative expansion strategy to offer more Canadians better financial security in retirement – for life.

With over 100 years of history, and more than $1 billion in assets, the GSPP provides stable and efficient pension coverage for thousands of Canadians, and is an important part of their financial retirement plans.

The LRP transition comes in response to the legislation change announced by the Ontario government in April 2019, which updated the target benefit plan framework to include multi-employer pension plans with participating employers outside the collective bargaining environment.

Through the GSPP, plan members receive a sustainable pension for life. Employees and employers can determine the level of their contributions – and employers have no pension administration obligations other than to remit contributions.

[QUOTE from Judy Robinson, Executive Director, Pension Office Corporation: The GSPP provides a predictable monthly lifetime pension in retirement. Members now have access to a high-quality pension plan with a strong, proven infrastructure and greater stability in retirement outcomes.]

Since the beginning of January, the GSPP has welcomed 60 employers with almost 1,000 active members. All new members had the opportunity to buy back years of service, too – and, therefore, increase the GSPP pension they have earned to date, as well as consolidate their retirement savings.

[QUOTE from Bishop Philip Poole, Pension Committee Chair: The Pension Committee and Board of Trustees are dedicated to further innovation; they are also working in commitment to provide meaningful pension coverage to more Canadians. Employers are seeing the value in joining the GSPP, compared to their current plans, as it provides a sustainable lifetime pension for their employees. The GSPP is open for business and welcomes enquiries from interested employers.]

SOURCE Pension Office Corporation of The Anglican Church of Canada

please call the Anglican Church Pension Office at 416-960-2484 or 1-800-265-1070, or visit www.anglicanpension.ca.