Canadian Commercial Workers Industry Pension Plan

Canadian Commercial Workers Industry Pension Plan

March 31, 2006 12:38 ET

CCWIPP Appoints External Compliance Officer to Strengthen Pension Plan's Regulatory Compliance

TORONTO, ONTARIO--(CCNMatthews - March 31, 2006) - The Canadian Commercial Workers Industry Pension Plan (CCWIPP) announced today that it has appointed Peter C. Arnold of Buck Consultants Limited as the pension plan's external compliance officer.

CCWIPP is a $1.4 billion pension plan that provides benefits to 290,000 current and former members of the United Food and Commercial Workers (UFCW Canada) union who work for 328 participating employers across Canada. The plan is jointly governed by union and management trustees.

Mr. Arnold is national practice leader, investment consulting, at Buck Consultants, which is also CCWIPP's actuarial firm. A chartered financial analyst, he has worked as a human resources and benefits consultant for more than 13 years with a focus on public, corporate and multi-employer pension plans. Mr. Arnold also works with insurance assets, endowments and foundations, and specialty investment situations.

Mr. Arnold's mandate is to assist CCWIPP's Board of Trustees to ensure that the plan is in compliance with federal and provincial regulations as well as CCWIPP's Statement of Investment Policies and Procedures. He will conduct on-site spot checks to examine compliance protocols, review the accuracy of investment information filed with regulators, and check that investments comply with regulatory limits. He deals directly with all external professional investment management firms that manage the pension plan's assets.

"Peter's appointment is key to our new compliance monitoring program and he reports directly to the Trustees," commented Board chair Bernard Christophe. "We are committed to ensuring that CCWIPP achieves best governance practices and full regulatory compliance. This initiative is one of several to improve plan oversight."

Other recent initiatives include revisions to the Statement of Investment Policies and Procedures, the hiring of a firm specializing in pension plan performance measurement, and the adoption of clearer investment-related conflict-of-interest guidelines.

Contact Information

  • Canadian Commercial Workers Industry Pension Plan
    Bernard Christophe
    Chair, Board of Trustees
    (416) 674-2407 extension 243