The OPSEU Pension Plan’s net assets attained significant growth in 2000, surpassing the $10 billion threshold. At the end of the fiscal year, the Plan’s net assets available for benefits reached $10,002 million up from $9,571 million the previous year.

Net Assets at December 31st
($ billions)

OPTrust earned $654 million on the Plan’s diversified investment portfolio in 2000. This represents an overall investment return of 7.0%, or more than twice our benchmark return of 3.3%. The benchmark measures the Plan’s return against the weighted performance of the markets in which OPTrust invests.

While OPTrust outperformed our investment benchmarks, the Plan’s earnings for 2000 were below the double-digit returns of the previous five years. Between 1995 and 1999, the Plan achieved exceptional returns as many investment markets experienced unprecedented growth. The Plan’s return for 2000 reflects increased market volatility. Over the year, declines in U.S. and international stock markets and a significant drop off in the technology sector, which partially offset strong performance by our Canadian equities, bonds and fixed income investments.

Over the six years since OPTrust was launched, the Plan has achieved an average return of 14%. This is well above the 7.5% funding target return needed to pay for members’ and pensioners’ benefits over the long term.

OPTrust recognizes that the key to both achieving long-term growth and limiting the risk from volatile markets is maintaining a diversified mix of assets. OPTrust plans to pursue this strategy in 2001 to ensure the continued security of members’ and pensioners’ benefits.

Note: OPTrust’s financial results for 2000 are summarized in our on-line Financial Report. Our full annual report is also available in PDF format.

Return to top of page

Question: When does CPP integration happen?
Answer: If you began receiving an OPTrust pension, before age 65, your pension is adjusted for Canada Pension Plan (CPP) integration. CPP integration will occur at age 65, even if you take a reduced retirement CPP pension at an earlier age. The only time CPP integration occurs prior to age 65 is if you die before age 65. If this happens, your eligible spouse's survivor pension is based on your CPP-integrated age-65 pension.

CPP Integration means that your pension is adjusted to take into account your CPP contributions while a plan member. For example, while you were working, your contributions to the OSPEU Pension Plan were reduced to reflect the fact that you also contributed to CPP. When you are retired, the pension payments you receive from OPTrust are reduced at age 65 for CPP integration.

Question: How much will my pension be reduced for CPP integration?
Answer: Well, with the simple click of a mouse, you can readily access this information. Just visit OPTrust’s Pension Estimates Calculator. The calculator requires you to input specific information such as birth date, service credit, and your termination date. The calculator then takes the information you have entered and produces an estimated pension amount payable at age 65, after it has been integrated with CPP.

* Please note all calculations are estimates only. OPTrust will provide you with the actual amount at the time CPP integration occurs.

For more information about CPP please contact the Canada Pension Plan directly at 1-800-277-9914.

Return to top of page

Want to know what happens to your pension when you reach 65 or learn more about survivor benefits? OPTrust representatives are conducting informative presentations throughout Ontario to answer these and other questions about your Plan. In each location our staff lead a special presentation designed for OPTrust pensioners.

If all your questions have not been answered during the presentation, you are more than welcome to have a one-on-one consultation with any of the OPTrust representatives on-hand. Alternatively, you may contact our toll free number at 1-800-906-7738 for more detailed inquiries.

The response to this program has been quite overwhelming, in February alone, 500 members and pensioners signed up for presentations. Between January and June more than 250 sessions have been scheduled for over 65 locations across Ontario.

Return to top of page

If you’re interested in attending a presentation, you can register on-line.  To reserve your space at the pension information session in your area, you must register at least two weeks in advance. The "Information for OPTrust Pensioners" presentation takes place from 2:00pm – 4:00pm to make it as easy as possible for you to attend. For the date of the session nearest to you please refer to the schedule below. Don’t worry – if you miss a session – we’ll be back somewhere in your area. This is a regular OPTrust Service.

Return to top of page

We receive many inquiries about Great-West Life claims payments every week. Here is some general information. Regardless of which carrier your benefits are with while employed, once you retire, your benefits are administered by Great-West Life.

1. Payments for benefits are not paid out by the OPSEU Pension Trust. All claim forms should be sent directly to Great-West Life. They in turn will pay you directly. All claim forms sent to OPTrust will be forwarded to Great-West Life, which adds an unnecessary delay to the payment of the claim. The address for Great-West Life is printed on all the claim forms.

2. The general turn-around time for payment by Great-West Life is two weeks, but it may take up to three weeks, depending on the volume of claims they have received.

3. DENIED CLAIMS: An incorrect social insurance number is the number one reason for claim denial for our pensioners, according to the customer service department of Great-West Life. Their records are maintained by social insurance number. So before you send in your claim, ensure that you have the right social insurance number printed on the form. The social insurance number must belong to the person who is receiving the pension.

4. The medical benefits you have with Great-West Life remain the same after age 65 as they were prior to age 65. They do not stop or change in any way. So, if the seniors' drug benefit plan is altered by the government, you may still have the Great-West Life plan to assist you with your drug bills. Great-West Life pays 90% of all prescribed drug costs (drugs with a Drug Identification Number, or "DIN").

5. If you have any benefit bills outstanding for expenses incurred prior to retirement they should be submitted to your former insurance carrier (if you were employed in that period). Great-West Life pensioner benefits will only cover charges incurred after your retirement. It takes a few weeks for Great-West Life to set up your benefits on their computer system. They will usually have you set up two weeks after you receive your first pension payment. If you send in a claim and your file has not yet been set up, your claim will be returned to you unpaid and you will have to resubmit it at a later date.

For specific questions about your benefits please contact Great-West Life directly at (416) 440-0406 or 1-800-874-5899.

Management Board Secretariat has produced a booklet called A Guide to Your Benefits After Retirement. If you would like a copy, call our office and we will mail one to you.

Return to top of page

OPTrust pension payments are deposited on the 26th of each month, with the exception of December when payments are deposited on the 22nd. If the 26th falls on a weekend or holiday, the pension is paid on the previous Friday.

The 10th of the month is the deadline to submit in writing changes to your Plan, i.e. new banking details, change of address, etc., to ensure the changes go into effect by the 26th of the month. Once this information is received, OPTrust will confirm the changes in writing.

Return to top of page

The fall issue due out in September will include:

• An in-depth special feature on beneficiaries and power of attorney
• Information on designating beneficiaries and updates
• Detailed information on senior health cards
• Quarter Century Club awards nomination information
• "Spirit of Retirement" art contest
• Did you know...

Return to top of page