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Statement on a new pension plan for Vancity employees

Vancity today issued the following statement regarding a new pension plan for Vancity employees.

Monday, May 9, 2022, Territories of Musqueam, Squamish and Tsleil-Waututh Nations/Vancouver B.C. – Vancity takes very seriously its responsibility to support all Vancity employees in having a stable and reliable retirement income, and has done so for many years by offering all employees either a group RRSP or defined benefit pension plan.

Now, at a time when most employers are moving away from defined benefit pension plans, Vancity is working to ensure that every Vancity employee has access to this type of retirement plan. This plan is being developed and designed with input from employees themselves.

We disagree with allegations made by the BC General Employees’ Union (BCGEU), and we regret their attempt to delay the new pension plan for Vancity employees. Vancity has always honoured the collective agreement and has bargained in good faith throughout our collective bargaining process with the BCGEU.

Vancity has filed a formal response in the B.C. Supreme Court to claims made by the BCGEU which include misrepresentations and inflammatory allegations related to Vancity’s work to deliver a defined benefit pension plan.

For 75 years, Vancity has stood shoulder to shoulder with the labour movement on a range of issues and we’re proud of our history of shared values.

As a values-driven cooperative, the employee voice is essential to the success of the retirement plan, and we are dedicated to providing a best-in-class defined benefit pension plan to all employees to support them with a retirement income.

Media Relations
T: 778-837-0394

Supporting Information

  • Vancity has offered all employees the choice of either a group RRSP or defined benefit pension plan for over two decades.
  • Vancity has 2,707 employees. 817 employees are members of the BCGEU.
  • The current Collective Agreement for Vancity employees represented by the BCGEU does not expire until December 31, 2023.
  • Vancity is the largest private-sector Living Wage employer in Canada.
  • Vancity supports employees with young families through maternity and parental leave top-up payments (85% of salary), for up to 18 months.
  • Vancity provides generous health benefits to employees including extended health, dental, life insurance, accidental death & dismemberment (AD&D) insurance, disability benefits, and optional benefits.