Research has confirmed the value of the Plan for our communities more broadly. In November 2017, a comprehensive study was conducted, which compared the attitudes and behaviours of OMERS members who are retired, or near retirement, with retirees who do not belong to a defined benefit pension plan. The study focused on four drivers of social value: management of health, community engagement, financial stability and self-reliance.
We set out to understand if greater certainty of retirement income generates social value for communities and governments.
Key highlights of the study findings include:
- OMERS members feel healthier overall and stay more physically active in retirement
- OMERS members are more active community participants and help others in need, donate more often to charity, and volunteer more
- OMERS members are also more confident about their retirement savings and about their ability to handle unexpected expenses
- They feel more confident about their ability to financially look after themselves and their families, and are less reliant on government financial support
In addition to the social value created by OMERS members in the community, there is also positive economic value created by the Plan with the impact of benefit payments, investments and job creation.
We are also invested in companies which provide and create thousands of jobs. In addition, OMERS is further providing leadership in the future of the Canadian economy through investments in 30 Canadian technology companies that have already created 5,000 jobs.
All of these factors highlight the importance of preserving coverage under OMERS as a defined benefit plan.
$4 billion in annual pension payments → Supports retirement security
Taxes paid on retiree pension income → Helps fund government priorities
Investing in companies → Creates jobs