We have received questions asking if an increase in Pension payments might be possible.
The Pionairs Pension Sub-Committee meets with the Air Canada finance and pension groups every year to review the state of the plan and present a proposal for an ad hoc adjustment. To date, the company has never agreed to nor supported what we have suggested. We will present them with another proposal again later this year.
Update on ACLI – Air Canada is still waiting for its application for a licence to be approved by OSFI.
The Pionairs Pension Sub-Committee (with the help of qualified and expert third party advisers) has been actively working with Air Canada and the OSFI. Our focus is to confirm our understanding that this change (annuitization of the DB pension plans in Canada) will result in added protections for Air Canada retirees.
We will provide further information as it becomes available.
Please note that Vincent Morin, President, Pension Investments, will be a guest speaker at the Annual Pionairs Conference on May 17 at the Sheraton Laval, QB.