Throughout the Canadian public sector pension landscape, joint governance is regarded as good governance. It is recognized as best practice, ensuring defined benefit pension plans are sustainable and Plan sponsors are equally-represented.
The decisions and risks of the Plan are shared by the Plan members and employers who pay for it. Benefits provided under the Plan are subject to discussion and agreement between employee and employer sponsors without government interference.
LAPP’s improved governance structure gives the Boards the ability to continue to manage the Plan without being bound by government or politics of the day.
Benefits of LAPP’s new joint governance model include: