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Presentation of YPG (September 18 & 19)
related to YP pension plan
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Q 1 :
Following many questions from pensioners related
to the pension plan, the YPG did organize a
meeting :
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A 1 :
You can access the complete
Pension presentation by clicking the appropriate
following link:
For Quebec resident, Pension presentation
September 2006
For NON Quebec resident, Pension presentation
September 2006
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More clarification requested regarding our
pension plan (Jan Rogers)
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Q 1:
Summary of
Jan Rogers' letter dated May 11, 2006:
Does the analysis of the pension fund of YPG is done on the same basis as the most recent analysis done on the Bell pension fund?
Now that the merge of pension fund (Super Pages & YPG) is done, I would appreciate a copy of the official amendment, trusting this will provide me with a financial outlook of the merged plan and indicate the surplus?
For
the detail of Jan's letter,
please click on the following link:
Jan's Letter dated
May 11, 2006
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A 1:
Jan Rogers did get the answers on June 30
See what Jan Rogers as to say regarding the
answers. Information
from Jan Rogers. |
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Information provided by the YPG human resources department regarding
the merge of pension fund.
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Merging of pension fund
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All pensioners should have received from the Human Resources group a letter dated
April 27, 2006.
For those who did not receive the letter, we did include it on this Web site. For more detail, please see:
Pension fund merge
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Other questions and answers regarding our
pension plan (Jan Rogers)
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Q 1:
Summary of
Jan Rogers' letter (April 9, 2006):
I wish to receive a copy of the December 2004 audited statements, plus I wish to be put on the mailing list of the December 2005 statement and all statements thereafter.
For
the detail of Jan's letter,
please click on the following link:
Jan's Letter dated
April 9, 2006
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A 1:
Jan inform us that she did get the financial
statement of 2004 for the pension fund. She did
ask to be place on a distribution list in order
to get the financial statement of 2005 (which
should be available end of June 2006) and YPG
did not agree.
If a
pensioner would like to get a copy of the
financial statement of the YPG pension fund,
you must call the following telephone number:
1 800
417-2114
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Q 2:
Summary of Jan Rogers' questions:
Learning that Bell Canada’s Pensions being under funded by $1.5 Billion, after the Pensioners had been told their plan was over funded by millions. I understand an independent audit was performed and the discrepancy identified.
Naturally, as a Pensioner, I was very concerned, even though I realize YPG and Bell Canada are no longer associated, the Administrator of the pension plans are the same.
Is our pension plan in good financial situation?
For
the detail of Jan's questions,
please click on the following link:
Questions of Jan
Rogers
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A 2:
Summary of the answer of YPG (BENEFITS
ADMINISTRATION):
It is important to know that the pension plan for Tele-Direct (now Yellow Pages Group) was always separate from the Bell Canada pension plan since the creation of Tele-Direct (Publications) in the early 1970s.
You mentioned in your letter that the last actuarial valuation of the plan as at December 31, 2003 showed the plan had an actuarial surplus of $75,960,000. The law requires that an actuarial valuation be performed and filed at least once every three years. The next valuation is scheduled to be performed as at December 31, 2006.
Your letter also referred to an independent audit. The pension plan financial statements must be audited annually by law. The financial statements as at December 31, 2004 were audited by Deloitte & Touche LLP and filed with regulatory authorities. The financial statements as at December 31, 2005 will also be audited, as required by law, and the audit report is expected to be available some time in June.
For
the detail of YPG answer,
please click on the following link:
Answer YPG March 28,
2006
Note: I did
get the authorization of YPG to publish this
letter even if the it is indicating
''CONFIDENTIAL''
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Other questions and answers regarding our
pension plan (Ted Colavita)
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Q 1:
Does
the YPG pension plan includes or excludes
employees of Super Pages
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A 1:
The rights of pensioners and ex-employees of
Super Pages are not included in the YPG pension
plan since they still participate to the Super
Pages pension plan.
In
another way, it is two different pensions plans.
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Q 2:
Does the Pension Fund (estimated at $341
million) is ``over funded``, ``under funded``,
or equal in order to meet the current and future
needs of pensioners as per actuary calculation?
What is the percentage of ``over-funded`` or ``under-funded``?
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A 2:
Regarding the financial situation related to the YPG pension plan, according to the most recent
actuarial evaluation, the regime is in very good
financial situation and is capitalized at 130%.
Also,
this regime is 100% solvable.
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Other precision required on pension plan since the last answers provided by YPG (Jean Séguin)
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Q 1 :
The ranking information provided by Bimcor on the performance graphic should also indicate the total number of participant.
(Note: to be 16th on 18 is note the same as been 16th compare to 85)
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A 1 :
Questions send to YPG on May 4, 2005:
See
answer on the following link:
Letter of November 10, 2005
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Q 2 :
Since the retirement fund of the Yellow Pages Group is a distinctive retirement fund, Can we also have separate results of this fund as well as the current combine information?
Since the retirement fund of the Yellow Pages Group is a distinctive retirement fund, Can we also have separate results of this fund as well as the current combine information..
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A 2 :
Questions send to YPG on May 4, 2005:
See
answer on the following link:
Letter of November 10, 2005
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Q 3 :
With the objective of a complete transparency, would it be possible that a representative could
as an observer attend meetings of the pensioner’s comity sessions?
This practice is done in several companies.
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A 3 :
Questions send to YPG on May 4, 2005:
See
answer on the following link:
Letter of November 10, 2005
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Information provided by the YPG human resources department regarding group benefits program for retiree.
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Administrative changes
Group Benefits Program for retirees.
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All pensioners should have received from the Human Resources group a letter dated May 1, 2005.
For those who did not receive the letter, we did include it on this Web site. For more detail, please see:
Administrative changes to B.P.
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More precision required on pension plan since the last answers provided by YPG (Michel Beauséjour)
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Q 1 :
How much money did you contribute within the last 3 years, or because of the surplus, have you done a "contribution holyday"? |
A 1 :
Questions send to YPG on December 20, 2004. This is the translated answer that we received from YPG on March 15, 2005:
According to the actuarial valuation of December 31st 2001, no employer contribution was required for 2002, 2003 and 2004.
Also according to the most recent actuarial valuation of December 31st 2003, no employer contribution was required for 2004, 2005 and 2006.
Therefore the company did not contribute during the last 3 years. |
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Q 2 :
Can a pensioner become a member of the comity and/or assist to the comity meeting? |
A 2 :
Questions send to YPG on December 20, 2004. This is the translated answer that we received from YPG on March 15, 2005:
The pensioner’s comity members are employees of the YPG and are designated by an audit comity of the board of directors.
It is not possible to assist to the meeting.
The members of the pensioner’s comity are currently:
- Claire Lanctôt, Vice President - Corporate Finance and president of the pensioner’s comity.
- François Ramsay, Vice President - General Counsel and Secretary and also Secretary of the pensioner’s comity.
- Josée Dykun, Vice President - Human Resources.
- Ginette Maillé, Vice President and Principal Accounting Officer. |
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Questions related to the report on the Performance of the found (Ted Colavita)
Performance of the Fund
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Q 1 :
The Q1; Q3 results - who do they pertain to? We assume they refer to the `Tele-Direct` Pension Fund results? |
A 1 :
Questions send to YPG on Dec. 14, 2004 This is the answer that we received from YPG on March 16, 2005:
They pertain to the first (top 25%) and third quartiles (top 75%) managers within RBC's Universe of balanced funds. |
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Q 2 :
Please define what the `Median` results refer to. How is this calculated?
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A 2 :
Questions send to YPG on Dec. 14, 2004 This is the answer that we received from YPG on March 16, 2005:
The median return is the return that is half way between the best and worst returns from RBC's Universe of balanced funds. It means that 50 % of returns were better and 50 % were worst. |
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Q 3 :
Please define what the `Bimcor` results refer to. How is this calculated?
Are these the results for the `Tele-Direct` Fund since Bimcor is the Fund Manager as you pointed out in your response?
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A 3 :
Questions send to YPG on Dec. 14, 2004 This is the answer that we received from YPG on March 16, 2005:
They refer to the total return of all BCE pension funds. |
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Q 4 :
Please define / explain what the `Ranking` results refer to. How is this calculated? |
A 4 :
Questions send to YPG on Dec. 14, 2004 This is the answer that we received from YPG on March 16, 2005:
The ranking is Bimcor’s position within RBC's Universe of balanced funds. |
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Q 5 :
Please explain the difference between the results depicted in the `1 year` performance VS the `4 year` performance? |
A 5 :
Questions send to YPG on Dec. 14, 2004 This is the answer that we received from YPG on March 16, 2005:
1 year means: returns for 1 year on December 31st.
4 year means: annualized 4-year returns on December 31st. |
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Q 6 :
Overall we would appreciate an explanation of the details outlined in the Charts so that we can properly interpret the information that is depicted?
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A 6 :
Questions send to YPG on Dec. 14, 2004 This is the answer that we received from YPG on March 16, 2005:
Whenever Bimcor (green star) is above the median (blue line) it means they are better than 50 % of the managers within RBC's Universe of balanced funds.
Bigger orange squares mean large variations of results for fund managers within the RBC Universe of balanced funds. |
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Pension funding of YPG (Ted Colavita)
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Q 1 :
How much money did our Pension Fund contain as of Dec. 2001, Dec. 2002 and Dec. 2003? |
A 1 to 7
: Questions send to YPG on October 18, 2004. This is the answer that we received from YPG on November 26, 2004:
Highlights of the actuarial valuation of YPG Pension Plan as at December 31st, 2003
The actuarial opinion is summarized as follows
The Plan is fully funded. The actuarial value of assets, on a going-concern basis, exceeds the actuarial liability by $75,960,000 and no going-concern amortization payments are required.
The actuarial value of the Plan assets as at December 31, 2003 is $325,900,000. This represents 103% of the market value and 130% of the actuarial liability required to cover the Plan obligations.
There is no solvency deficiency.
The transfer ratio of the Plan, as defined under the Ontario Pension Benefits Act is equal to 1.0.
The Plan has an excess surplus of $50,966,000 as its surplus exceeds the amount defined under Section 147.2(2) on the Income Tax Act. Therefore, no Employer contribution should be remitted to the pension fund until the next valuation.
The next actuarial valuation should be performed as at December 31st,
2006
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Performance of the Pension Fund:
The Fund Manager continues to be BIMCOR. Attached is the performance of the Fund over the past ten years. (See detail on the following hyperlink:
Performance of the Fund)
Governance
The rules of governance have been reviewed recently. The Pension
Committee is now comprised of Officers of YPG under the supervision of the Audit Committee of the Board and reporting quarterly to the full Board of YPG
.
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Q 2 :
How much money does it contain as of Sept 2004? |
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Q 3 :
With respect to the required amount necessary to fulfill current and future Pension payments to pensioners, was the Pension Fund ``over funded`` or ``under funded`` in Dec 2001, Dec 2002, Dec 2003 and as of today?
What is the amount of the ``over-funded`` or ``under-funded`` for each year?
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Q 4 :
How much money did the Company contribute to the Pension Fund in each of the years 2001, 2002, 2003, and 2004? |
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Q 5 :
What was the expected rate of investment return that the Company used in its forecasted calculations for the years 2001, 2002, 2003 and 2004? |
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Q 6 :
What was the actual rate of investment return for the years 2001, 2002, 2003 and 2004? |
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Q 7 :
Who or what firm is responsible for the investment and management of the Pension fund? |
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Rights & benefits related to pension after selling BellActimedia (Claire Langlois)
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Q :
Since Tele-Direct (Bell ActiMedia) was sold, as a pensioner, do we keep the same rights and benefits as we had prior the selling of the company? |
A :
The e-mail received from Josée Dyken V.P. Human Relations, dated Oct. 6, 2004, indicate the following (translation):
Mr. Joanisse,,
In response to the questions you have send to Marc Tellier in your e-mail dated September 28, you will find attached 3 letters which were send to pensioners since the selling of Bell ActiMedia in November.
Pensioners_December_5_2002_Closing_of_BAI
Pensioners_July_7_2003
Pensioners_June_22_2004
I believe these letters answers your questions. |
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Participation of Bell as a shareholder in YPG (Claire Langlois)
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Q :
Is Bell still a shareholder of the YPG and at which percentage?? |
A :
The e-mail received from Josée Dyken V.P. Human Relations, dated Oct. 6, 2004, indicate the following (translation):
… we are confirming that since June 2004, YPG is a public company at 100%. KKR & BCE do not hold any revenue found in YPG and the Ontario Teachers' Pension Plan hold a small portion of revenue found in YPG (approximately 10.3%). |
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