If you are an employee of Vancity Credit Union (Vancity) and your workplace has been organized into the BCGEU after October 1, 2023, please take a moment to read this important bulletin about your pension benefits.

VANCITY PENSION PLAN
Effective October 1, 2023, Vancity unilaterally introduced a new pension plan for its eligible employees (Vancity Pension Plan). The Vancity Pension Plan is "employer sponsored", which means that Vancity has sole control over the pension plan and BCGEU is kept out of plan governance and administration. This happened despite Vancity having previously agreed with BCGEU to create a "jointly-sponsored" pension plan, which would have been run by representatives of Vancity and BCGEU working together.

The deal BCGEU negotiated was for a jointly-sponsored pension plan in order to ensure that our members are protected against unilateral employer action. It is crucial that the BCGEU has a right to equal representation, voting and participation.

BCGEU has since commenced a legal action against Vancity for unilaterally creating a pension plan without BCGEU involvement and thereby denying BCGEU members the jointly-trusteed defined benefit pension plan that Vancity had agreed to establish. You can find more information here.

JOINING THE BCGEU
As part of its strategy against the BCGEU, Vancity hasexcluded any employee who is covered by the BCGEU collective agreement from being eligible to participate in the Vancity Pension Plan.

This means that, even if you were enrolled in the Vancity Pension Plan before your workplace was organized into the BCGEU, Vancity says that you will be suspended in the pension plan and unable to continue to earn pensionable service.

WHAT DOES THIS MEAN FOR ME?

You will still get a retirement benefit.

BCGEU has negotiated for retirement benefits in its Collective Agreement with Vancity. Vancity must allow its employees that are covered by the Collective Agreement to choose between one of two retirement benefits. Employees are entitled to either (1) participate in Vancity's Group RRSP program (note this is NOT a pension plan), or (2) earn a pension under the B.C. Credit Union Pension Plan. Employees that Vancity has unilaterally excluded from the Vancity Pension Plan will be entitled to select one of these options.

The B.C. Credit Union Pension Plan is not the same as the Vancity Pension Plan. The B.C. Credit Union Pension Plan is sponsored by a group of credit union employers in British Columbia for their eligible employees.

HOW DO I GET MORE INFORMATION ABOUT THE RETIREMENT BENEFITS?
Vancity must provide you with information to support your decision about which retirement benefit to select. Your HR department should be able to provide you the information you need. If you have any issues with obtaining the information you need, we encourage you to contact your BCGEU Shop Steward for assistance.

WHAT HAPPENS NEXT?
BCGEU is using all tools at its disposal in the lawsuit against Vancity. The lawsuit aims to force Vancity to honour the agreement between the two parties to develop a jointly-trusteed, defined-benefit pension plan for unionized workers.

BCGEU will continue to update its members as further information becomes available.

In solidarity,

Samantha Moskie, Bargaining Committee
Susan Adams, Bargaining Committee
Andrew Becket, Bargaining Committee
Jason Lin Bargaining Committee
Norman Mah, Bargaining Committee
Zoe Towle, Staff Rep, Negotiations

Download PDF of notice here

UWU/MoveUP