To provide a pension benefit through collective bargaining that in conjunction with benefits from the Canada Pension Plan, the Old Age Security Pension and the Member’s personal investments allows the Member to maintain his current lifestyle throughout his retirement years
To administer the Plan and the Fund in a prudent and cost effective manner.
To prudently invest the assets of the Fund for long-term growth at a minimum level of risk.
The Board of Trustees is the administrator of the Plan and the Fund and while administering the Plan and the Fund, the Board of Trustees shall:
- Exercise the care, diligence and skill in the administration of the Plan that a person of ordinary prudence would exercise in dealing with the property of another person.
- Use in the administration of the Plan and in the administration and investment of the pension fund all relevant knowledge and skill that the administrator possesses or, by reason of the administrator’s profession, business or calling, ought to possess.
- Not knowingly permit the administrator’s interest to conflict with the administrator’s duties and powers in respect of the pension fund.
- Where it is reasonable and prudent in the circumstances to do so, employ one or more agents to carry out any act required to be done in the administration of the Plan and in the administration and investment of the pension fund.
- Select the agent and be satisfied of the agent’s suitability to perform the act for which the agent is employed, and they shall carry out such supervision of the agent as is prudent and reasonable.
- Not be entitled to any benefit from the Plan other than pension benefits, ancillary benefits, a refund of contributions and fees and expenses related to the administration of the Plan and permitted by the common law or provided for in the Plan.