Many members will have received a notice from Pension and Benefits announcing an LTD premium pause.

As you know from a previous report, YUFA LTD premiums have been lowered in the past year (from 1.53%  to 1.36%) despite our negotiation of improvements to the Plan, such as an increase to the monthly cap (from $7,000 to $8,000) and the provision of cost of living indexing on new claims after September 2021.  Prior to the premium decrease the insurer (Sun Life) was charging a relatively high premium rate which, in several years, led to the accumulation of surpluses in the Plan’s fund. As a result of the latest round of surpluses YUFA has been able to arrange for a temporary premium holiday to ensure that members who overpaid in recent years could see some premium relief in the next eleven months.