2008 Annual Report - IWA Forest Industry Pension Plan

MEMBERSHIPACTIVE MEMBER PROFILEThe statistics over the last 20 years show a slight trend towardsaging workers in the forest industry. The average age of aworker in the forest industry was 44.4 on December 31, 2008,up from 37.7 in 1988.Over age 650.5%ACTIVE MEMBERS BY AGE - 200855-5915%60-646%Underage 2510%45-5435%25-3415%35-4419%Over Age 652.2%AGE AT RETIREMENT(AVERAGED OVER LAST 5 YEARS)At NormalRetirementAge (65)18.4%Before NormalRetirementAge (65)79.4%Members are retiring earlier and living longer than they did 20years ago. From 1984 to 1988 the average age of retirementwas 62.8 with an average life expectancy of 17.1 years. Theaverage age at retirement over the last 5 years was 60.7 with anaverage life expectancy of 20.6 years.RETIRED MEMBER PROFILEThe average age of a pensioner in the Plan has risen from68.9 in 1988 to 71.7 in 2008; an increase of 4% over the past20 years.There are more than 3,000 pensioners over the age of 80,with close to 500 being over the age of 90.PENSIONERS BY AGE - 2008BeneficiariesPre-retirement death3%FORMS OF PENSIONBeneficiariesPostretirementdeath12%Pensioners -Vested Deferred21%Limited Members1%Pensioners -SubsidizedEarly Retirement54%Underage 606.4%90+2.1%80-8915.4%60-6416.8%65-6922.5%70-7936.7%Pensioners - Normal(at age 65)9%Over 54% of our pensioners are receiving subsidized earlyretirement pensions.Survivor benefits make up over 15% of our pensions in payment(both “pre” and “post” retirement beneficiaries).IWA - Forest Industry Pension PlanAnnual Report 20088