What is Pension Plan Governance?
Pension plan governance refers to the process used in the management, supervision and administration of the pension plan. The Board of Trustees is committed to establishing and maintaining the required structures and processes to ensure that the oversight, management, administration and fiduciary obligations of the pension plan are being met. This consists of written policies and procedures, regular audits, internal control systems and providing high quality and cost-efficient service to our members.
The Board of Trustees and the Administrator have a fiduciary duty to act and administer the LPF in accordance with the Rules and Regulations of the Plan, the Trust Agreement, applicable pension legislation and ultimately, in the best interests of all our members and beneficiaries.
At the Labourers’ Pension Fund of Central and Eastern Canada (“LPF”), we believe that good governance is an important element to ensure that members receive the promised benefits.