Statement on a new pension plan for Vancity employees

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.

About Vancity

Vancity is a values-based financial co-operative serving the needs of its 570,000 member-owners and their communities, with offices and more than 50 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay, within the territories of the Coast Salish and Kwakwaka'wakw people. With $35.5 billion in assets plus assets under administration, Vancity is Canada's largest credit union. Vancity uses its assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.