Contributions

All active Plan members and their participating employers are required to make contributions to the Plan. Plan contributions during 2007 totalled $1,519 million – up $143 million (or 10.39 per cent) from 2006.

This increase is largely due to salary increases in the healthcare industry and growth in membership.

Of the total contributed in 2007:

• 51 per cent was from participating employers
• 42 per cent was from members
• 7 per cent resulted from transfers into the Plan

Pensions and benefits paid

Pension-related payments totalled $1,079 million in 2007, an increase of $60 million or 5.89 per cent over 2006.   

Of that total:

• 81 per cent was paid to pensioners in the form of monthly benefits
• 9 per cent was paid to terminating members (or the beneficiaries of deceased members) in the form of commuted value transfers (i.e., a lump-sum cash payout)
• 8 per cent was paid to terminating members (or the beneficiaries of deceased members) in the form of contribution refunds
• 2 per cent was transferred to other pension plans

The total of pension-related payments can be expected to grow each year as more members retire.