BELL CANADA PENSIONS

HOW DO THEY COMPARE?

You work for the biggest and richest corporation in Canada. You expect that when you’ve put in your time that you will be able to retire with a decent pension, but…

Let's Compare With Other CEP Workers

The following chart compares your Bell Canada pension with three other non-contributory plans. We selected Montell, Imperial Oil and Shell because they are well known corporations that employ CEP members.
 
 

Final Average Earning - $40,000
Retirement Age 55 55 60 60 65 65
Credited Service 25 30 25 30 25 30
BCE Benefit 1 $7,012 $8,415 $8,515 $10,218 $10,018 $12,021
BCE Benefit 2 * $9,339 $12,338 $11,135 $13,362 $9,537 $11,240
Montell $18,025 $21,630 $18,025 $28,630 $18,025 $21,630
Imperial Oil $12,630 $19,776 $16,480 $19,776 $13,046 $15,655
Shell $18,025 $21,630 $18,025 $28,630 $18,025 $21,630
Final Average Earning - $52,000
BCE Benefit 1 $11,475 $13,770 $13,934 $16,720 $16,393 $19,571
BCE Benefit 2 * $13,767 $18,188 $16,760 $20,112 $15,672 $18,500
Montell $24,785 $29,741 $24,785 $29,741 $24,785 $29,741
Imperial Oil $16,995 $27,192 $22,660 $27,192 $19,226 $23,071
Shell $24,785 $29,741 $24,785 $29,741 $24,785 $29,741
* Equivalent level amount
NOTES
BCE Benefit 1:

BCE Benefit 2:

 Uses the post1/1/87 formula for all service
 

Uses the greater of the pre 1/1/87 formula for all service, or the post 1986 for post 86 service and the pre 1987 formula for pre 87 service

 Imperial Oil:
  • Bridge is equal to CPP offset
  • CPP offset formula 1.60% per year of service less 50% of CPP benefit prorated over 35 years
  • Better of 3-year final average earnings and best 3 consecutive earnings in last 10 years
  • Unreduced pension at 30 years service and age 55, or age 60
  • Early retirement reductions of 5% per year from age 60
Montell:
  • No Bridge benefits
  • Stacked formula 1.75%
  • Early retirement reductions of 5% per year from age member would have qualified for unreduced pension
  • Best 3 consecutive years' average earnings
  • Unreduced pension at 35 years service, 80 points and age 55, or age 62
  Shell:
  • No Bridge benefits
  • Stacked formula 1.75%
  • Early retirement reductions of 5% per year from age member would have qualified for unreduced pension
  • Best 3 consecutive years' average earnings of last 10 years
  • Unreduced pension at 35 years service, 80 points and age 55, or age 62
Benefit calculations were generated by professional actuaries. These benefit calculations are to be used for comparison purposes only and are accurate to the best of CEP's knowledge

As you can see, CEP members working for other companies in Canada will receive pensions that are up to 30% higher than the pensions that Bell provides.

And, unlike Bell, none of these corporations are sitting on a $2.1 billion1 pension surplus!
1 August 2003, PIC report

The reality?

The Bell Canada pension plan provides for a much lower standard of living than pensions provided by other large corporations in Canada.

Bell Canada workers at Bell, Expertech, Bell Mobility, BCI, etc, must on average, continue working many more years than other workers to qualify for a pension which will allow them to live in dignity.

What can we do about it?

Bell likes to pretend that they own the pension surplus. But every penny in the pension plan and the surplus was built out of your deffered wages.

Our goal is to bargain for your share of the pension surplus by improving your pension benefits.

We are pushing for those improvements today at expertech and plan to do the same when bargaining starts with Bell Canada this year.

Its time to let Bell know that pension improvements is one of your bargaining priorities.
 
 

The time has come to fight for economic security in retirement!

Join the fight for better pensions at Bell Canada

Our Plan, Our Surplus