Benefits being cut for some members of Interior Lumberman’s Pension Plan

By Rob Gibson
February 14, 2024
Category: Forestry
Region: Canada, Canada West

As many as 150 British Columbia lumber industry companies and their workers are getting a massive shock as they begin to sell their companies, retire, and start collecting pension benefits they have been paying into for decades. Some who are already collecting benefits from the Interior Lumberman’s Pension Plan have had their payments reduced by as much as 40 per cent due to a solvency deficit within the fund that the pensioners and their lawyer allege is a result of mismanagement. …The ILPP was started back in 1978 and covered independent, non-unionized forestry sector companies and their employees working in the B.C. Interior. According to David Wotherspoon of Wotherspoon Law, the plan was designed to provide independent contractors with medical and pension benefits. …A letter sent to the Minister of Finance by the Interior Logging Association’s Todd Chamberlain in January 2023 called on the province to step in and take some action on the issue. 

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