MEASURING THE VALUE OF THE OMERS PLAN
At OMERS, we’re committed to providing you with a secure and stable source of retirement income for life. But did you know the value of your pension doesn’t stop at the cheque you receive in retirement?
This year, we contracted the Canadian Centre for Economic Analysis (CANCEA) to conduct Social Value and Economic Contribution studies to better understand how our members and their communities benefit from the OMERS defined benefit pension plan.
Social value can be defined as the relative importance people place on the changes they experience or anticipate experiencing in their lives. There are many aspects of social value that could be considered, but one primary driver of social value measurement is satisfaction with life. Over 4,000 OMERS members participated in a recent study focused on their life satisfaction, and the majority attributed low stress levels, good health and an increased sense of financial security to the secure and stable income they receive in retirement. Here’s what else they had to say:
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90% of OMERS retirees attribute higher life satisfaction with being part of a defined benefit pension plan.
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OMERS retirees have been 50% less likely to experience a decrease in financial security during the COVID-19 pandemic.*
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Being financially secure and in good health allows members to engage with their communities. Over 90% of OMERS active and retired members donate or volunteer to charities and other causes.
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90% of active members said their OMERS membership is an important factor in their decision to stay with their employer.
This is just a first glance at some of the insights that CANCEA gathered. We look forward to sharing more results from our recent Social Value and Economic Contribution studies with you in the new year.
*When compared to respondents from the general population in Ontario with no pension coverage.