On July 1, 2023, your pension contribution rates will increase by 0.6 per cent of your pensionable earnings.
Effective July 1, 2023, contribution rate A (the per cent of pensionable earnings below the YMPE*), will increase to 7.6 per cent and contribution rate B (the per cent of pensionable earnings above YMPE), will increase to 9.4%.
*Year’s maximum pensionable earnings (YMPE) is set by the Government of Canada, which is $66,600 for 2023.
Why is this happening?
Since July 1, 2020, member contribution rates have gradually increased by 0.6 per cent of pensionable earnings per year and will do so until the funding for the Plan reaches a 50/50 employer-member cost-sharing ratio.
When will the new contribution rates be reflected on my pay?
Your contributions are deducted directly from your bi-weekly pay. All members from our six participating employers will see the contribution increase on your July 27th pay date.
Our 2022 Annual Highlights for Members marks WISE Trust’s third annual report. With two full calendar years under our belt since converting to a Jointly Sponsored Pension Plan (JSPP), we are proud to see our membership grow to over 10,000 active, retired, and deferred members.
2022 was a year of steady progress for WISE Trust as we continued to establish a strong operational foundation for WISE Trust. In 2022, we revisited our strategic asset allocations and investment policies with our investment manager, IMCO, to maximize and stabilize our returns during a year of global economic uncertainty.
While 2022 was a challenging year for markets around the globe, we are pleased by our strong funded status of 95%, on a going concern basis, and $3.8B of net assets at the end of 2022.
Key Highlights from 2022
What is included in the Highlights for Members report?
· Letter from the Co-Chairs of the Board of Trustees
· Letter from our CEO, Chris Brown
· Data on our financial performance and funded status
· Employer vs employee contribution information
- Governance strucutre
· Investment insights and more!
