The McGill University Pension Plan’s current design has existed since 1972 and for all intents and purposes, has not changed for 40 years, but the world has. Markets have been volatile for the last 12 years with either negative or very low rates of return in 5 of these years. Pension plans across Canada have not been spared and have been dealing with a new paradigm: rates of return on investments are volatile, interest rates are near their all-time lows and Canadians are living longer, all of which impact negatively on pension plans. These changing factors mean that McGill, like so many other organizations, needs to make changes in order to maintain the sustainability of the pension plan.
Changes required to reform our pension plans are made in three phases - detailed in full in Amendment No. 24. McGill has two different segments to its pension plan, and the challenges facing the two segments are somewhat different. We invite you to consult one of the following pages to find out more about what this all means for you:
- Information for employees hired before January 1, 2009
- Information for employees hired on, and after, January 1, 2009
Interested in learning how pension deficits are calculated? Please refer to Calculating Pension Plan Deficits for a guide to the process.
- Universities face 'staggering' pension fund losses
University Affairs, May 11, 2009
- Universities facing service cuts to climb out of 'pension abyss'
Globe and Mail, Nov. 28, 2010
- Pension plans suffering after market turmoil
Globe and Mail, August 17, 2011
- Pension crisis? Brace yourself — the worst is yet to come: study
Toronto Star, March 1, 2012
- Universités au bord du naufrage
- L'actualité, 24 aout, 2012