COVID-19: OPTrust is prepared to pay pensions and continue to serve our members
October 14, 2020
As Canada and the world take measures to slow down and contain the spread of COVID-19, we are doing our utmost to ensure we are being responsible to our members, our team and all Canadians. The OPTrust office is closed to all visitors until further notice and paper mail is no longer being collected and processed.
You can connect with us immediately by sending all your pension documents to OPTrust Select using our Contact us drop box feature. It’s safe, secure and fast! You can also reach the team directly by calling us at 1-833-678-7528.
Protecting each other
We offer our thanks to our members working on the front lines who continue to support us and keep us safe. One way we can all help to protect each other is to download the federal government’s COVID Alert app. It can aid us in tracking the spread of the virus in our communities. Learn more about the COVID Alert app
As the summer winds down, I wanted to take this opportunity to keep you up to date on how your pension plan continues to navigate through the challenges presented by the global pandemic.
We are currently in the planning phase for a gradual return to our offices when it is safe to do so. We are taking a thoughtful, deliberate and conservative approach guided by public health recommendations to prevent risks to the health and safety of our members and team.
While our doors remain closed to protect the wellbeing of everyone, our team has adapted to the evolving situation to ensure we are fully operational in this new environment. We continue to use technology to connect with members and deliver the high level of service you have come to expect from us.
You can get answers to your pension questions by speaking with an OPTrust Select team member from the safety and comfort of your home. For your convenience you can book an individual appointment through our contact us page.
Those of you who have followed the stock markets this year will know that the Toronto Stock Exchange has recovered significantly from the lows caused by the pandemic, which provides some comfort during this period of uncertainty. As long-term investors, we expect to go through periods of market volatility like this. OPTrust's investment strategy is designed with changing market environments in mind so we can withstand downturns and benefit when markets rise. Our diversified, balanced portfolio delivers the returns we need to keep the Plan fully funded.
I have been inspired by your positive feedback. Your continued confidence in OPTrust is a source of inspiration for our team and we are all here for you.
Stay safe and stay well,
President and CEO
A note from Peter Lindley, our President and CEO
OPTrust is a jointly sponsored pension plan between OPSEU and the Government of Ontario. We are in contact with both sponsors regularly to provide updates on our top priorities: serving our members, paying pensions, investing with long-term sustainability in mind, and ensuring the health and safety of our OPTrust team.
As we navigate the numerous ways COVID-19 is forcing all of us to change how we live and work, it's important to feel connected and supported now more than ever. I hope you are able to stay connected with loved ones. Though I'm apart from my children and grandchildren, we're in touch by phone and video messaging.
The way we work has changed. Today, the entire OPTrust team is connected remotely working from over 300 homes. OPTrust was established 25 years ago and since then we have prided ourselves on our commitment and high level of service to our members. Every day we work to ensure you receive the pension benefits you have earned.
A heartfelt thank you
Our thoughts extend to all who have been impacted by this pandemic. To our members working on the frontlines and those staying home to help stem the spread, we thank you.
We are in unchartered territory, the likes of which many of us have not experienced in our lifetime. And yet, we continue to receive positive messages from members across the province and retirees hunkered down in different countries – a source of inspiration for the OPTrust team that we are all in this together.
Peace of mind
While many of you help to keep Ontario operational in this challenging time, we have your backs. Many people are worried about the future. Market volatility and weathering uncertain times is exactly why we focus on our Plan's funded status rather than annual investment returns. The Plan is fully funded, a position we have maintained for 11 consecutive years. A secure pension in retirement should give you peace of mind and one less thing to worry about.
Getting in touch
Over 96,000 members rely on OPTrust to help provide financial security in retirement with a defined benefit pension. It's a responsibility we do not take lightly, and we are here to serve you.
- Consult optrustselect.com for answers to the most common questions
- Send us a secure message by using the contact form on optrustselect.com
- Call our Member Experience team at 416 681-3609 or 1-833-678-7528. Our new service hours are Monday - Friday from 9am to 5pm.
Since we are all working from home, paper mail is not accessible for our team. You can send information to us online using our secure form.
Stay safe, stay well.
A Message from the President and CEO of OPTrust
We are all doing our part to slow down and contain the spread of the COVID-19 virus.
OPTrust has taken a number of steps to protect the health of our team and community as we continue to pay pensions today and preserve pensions for tomorrow. For example, most of our team have been working from home for the last 10 days and by the end of this week every single employee will be doing so.
Our commitment to members
We will continue administering the Plan and paying your pensions throughout this difficult period.
You can find information and the most recent updates here. Our Member Experience team is available to answer your questions or to help you with any life event or personal information changes. Connect with us via our online secure messaging feature.
While appointments are no longer in-person, they can take place online or over the telephone. Please also note, given the current situation, we are no longer able to collect and process paper mail so all communications should be by internet, email or telephone. If you have special needs, please let us know and we will work to find a way to meet them.
Protecting your security
Unfortunately, there has been an increase in email scams related to COVID-19 where individuals are contacted by others claiming to be from a financial institution or health organization and requesting personal information. Please be aware that OPTrust will never call or email you to ask for your personal information and caution that you be wary of those that do.
Working to serve you
We continue to monitor the latest advice from public health officials and follow their recommendations. OPTrust uses technology that makes it possible for the vast majority of our team members to fulfill their work duties from home instead of commuting to work. Like many other workplaces, we severely restricted travel and have advised those who have recently travelled to self-isolate in line with the recommendations of public health officials.
Secure retirement income you can count on
It's understandable to be concerned about how volatility in today's markets is affecting your pension. We know that market turbulence and periods of low returns are possible, which is why we implemented an investment strategy that assists us to weather times like these. As long-term investors, our horizon is measured over decades rather than weeks or even years. Present circumstances are exactly why we focus on our Plan's funded status rather than annual returns.
Defined benefit pension plans are based on a formula, not on the amount of money you have saved over your career that depends on day-to-day market fluctuations. Despite current circumstances, OPTrust is on a solid footing and positioned to provide our members with secure, predictable income in retirement for life.
President and CEO
In the interest of the health and wellbeing of us all, effective immediately, we are closing the office to all visitors until further notice.
As Canada and the world take measures to slow down and contain the spread of the Coronavirus, we are doing our utmost to ensure that we are being responsible to our members, our team and all Canadians.
We continue to monitor the situation and are taking steps to protect our members and our team. Effective immediately, we are closing our office to all visitors until further notice.
Serving our members and employers is one of our core priorities. Rest assured we are working to ensure we continue to meet your pension needs. Please send us a secure electronic message using the online form in our Contact Us page and we will get back to you as soon as possible.
Questions and Answers
We are following the recommendations on how people can best protect themselves and others. Our objective is to help reduce the spread of Coronavirus.
Please feel free to call us toll free at 1-833-678-7528 to schedule a video conference or phone call.
Register for a Webinar – Although you cannot attend a live presentation currently, we regularly run interactive webinars which you can watch from the comfort of your home.
Our team is equipped to work remotely. OPTrust conducts regular tests to ensure we have sound plans in place to ensure that we can continue to serve our members in the event of an office shut down for a prolonged period.
OPTrust’s mission is to pay pensions today and preserve pensions for tomorrow, and we take that mission seriously. Pensions are a long-term endeavour, with success measured over decades rather than years. We know that periods of low returns are possible, which is why we continue to work diligently to weather these events. Despite the current volatility in the markets, the Plan is on a solid footing and positioned to provide our members with secure, predictable income in retirement for life. Read more about how we’re investing for the long term in our 2019 Funded Status Report.
Since we are all working from home, paper mail is not accessible for our team. You can send information to OPTrust easily and securely by completing the Contact Us page and attaching a clear image or photo of your form.
Payments for members who have left OPTrust Select and elected to take a lump sum payment continue to be made but may take longer than normal.
At this time, OPTrust can only accept payment by electronic funds transfer. You can send lump sum payments directly from your online bank account or direct your financial institution to transfer funds from your RRSP or LIRA directly to OPTrust.
Payments must come from your bank account or an account jointly held in your name (Canadian financial institutions only).
- Add OPSEU Pension Trust (OPTrust) as a payee under “Pay Bills.”
- Enter your OPTrust Select ID as the account number and submit your payment.
- If you are financing your buyback, set up a recurring payment for each month starting on the first payment due date and continuing for the number of payments you choose.
Direct Transfers from an RRSP or LIRA
You should instruct your financial institution to complete your direct transfer from an RRSP or LIRA by electronic funds transfer (EFT). Payment sent by cheque is not accessible for our team, and we may not be able to confirm receipt or deposit the cheque.
Instructions for sending RRSP or LIRA payment via EFT are included in your buyback quote package. Contact Us for a copy of these instructions.