1. WELCOME! Ottawa Chapter Spring Meeting 29 May 2012

2. AGM Agenda 9:30 Welcome & Review of Agenda 9:35Introduction of Guest Speaker 10:25Treasurer’s Report 10:45 ~ Break ~ 11:05 Pension Update: BPG President’s Report, Q & A 11:55Ottawa Chapter Update, General Q & A 12:30Meeting Close 29 May 2012 2

3. Keynote Speaker Larry Elliot Borden, Ladner, Gervais LLP Insurance Issues for Pensioners 29 May 2012 3

4. Ottawa Chapter- Financial Report May 29, 2012 Don Dutton Ottawa Chapter Treasurer Presented by Harvey Hillier 29 May 2012 4

5. President's Report May 2012 Bob Farmer 29 May 2012 5

6. Contents Plan Performance Lowering Pensioner Risk Federal Budget Pension Information Committee BPG Board Q & A 29 May 2012 6

7. Plan Performance Plan Valuation Report – as of Dec 31, 2010 Solvency shortfall: $1518M Solvency ratio: 88.5% 11.4% return on assets 2004-2010 trend 29 May 2012 7

8. Plan Performance Performance for 2011 2011 plan valuation available after June Larger costs in 2011, than in 2010, to provide the same pension benefit in future years Increases plan liabilities by about $780M Return on Assets: about 5% (2.8% for Jan-June) Voluntary contributions Prepayments to help manage funding obligations $750M in 2011 $2B total in last three years 29 May 2012 8

9. Voluntary Contributions Reduce Solvency Shortfall ($M) Voluntary Contributions: 2009:$500M 2010:$750M 2011:$750M 29 May 2012 9

10. Lowering Pensioner Risk The Risk Lower pension payments when sponsor goes out of business and plan is underfunded Sources of Risk Poor plan management Poor market performance Weak legislation/regulation Plan funding Sponsor bankruptcy 29 May 2012 10

11. The Legislative/Regulatory Challenge Plan funding rules Improved, but imperfect Sponsor Bankruptcy Pensioners have low priority, so little chance to improve pension funding in bankruptcy proceedings Strong opposition to improving pensioner priority If pensioner priority improved, others are relatively worse off Including lenders, bondholders Political Environment generally unwelcoming to change But there are opportunities for improvements 29 May 2012 11

12. Current Opportunities Bill C-331 Private member's bill (NDP) Would put pensioners ahead of all other unsecured creditors Indalex Case in Supreme Court (June 2012) Emphasizes fiduciary obligations of plan sponsor/administrator General application Pensioners ranked ahead of secured creditor Fact dependent BPG, through CFP, intervening 29 May 2012 12

13. Federal Budget Old Age Security (OAS) Pension payment can be affected, at pensioner option, due to OAS Change: age of eligibility increased from 65 to 67, starting in 2023 Implications None for current pensioners Pension payments modified for those retiring after 2023 opting for “integrated” payments 29 May 2012 13

14. Federal Budget Long Term Disability Currently, LTD payments come from employer revenues If employer ceases, so do payments Change: federally-regulated employers (like Bell) will be required to insure LTD payments LTD payments would not be linked to continued existence of employer Result: Greater security for those retiring with LTD benefits, after legislation is enacted Timing to be determined 29 May 2012 14

15. Pension Information Committee June: In Touch will give pensioners chance to nominate PIC reps from July 2 to Aug 3 Aug 13 to Sept 7: voting for nominees October: In Touch provides election results BPG supports election of Quebec: Michel Doyon and Yvan Dutrisac Ontario: Allison Henriques and Sue Dawes Be sure to vote! PIC: committee of employee/pensioner reps to whom Bell provides information regarding the pension plan 29 May 2012 15

16. BPG Board Departures André Bergeron (Communications) George Craig (Treasurer) Yvan Dutrisac (Chair: Montreal Chapter) Arrivals Penny Gilray (Treasurer) Roberte Cadieux (Communications) Louise Touchette (at large) Charlie Labarge (at large) 29 May 2012 16

17. 17 BPG Board Bob Farmer (President) Dan McDonald (Vice-President) Penny Gilray (Treasurer) Lancy Hum (Secretary) Sue Dawes (Pension Committee) Roberte Cadieux (Communications) Bob Bartlett (PC, Nominations) Linda Gervais (PC) Ron Hunt (Governance) Jean Luc Geha (Audit) Michel Doyon (Audit) Louise Touchette (Nominations) Charlie Labarge (at large) PLUS 29 May 2012

18. BPG Board (cont’d) PLUS:  Chapter Chairs  Marlyn Easterbrook (Ottawa)  Titus Ramkhalawansingh (Toronto)  Frank Bible (SWO)  Robert Guay (Montreal)  Yvan Pacaud (Quebec City) 29 May 2012 18

19. Questions? 29 May 2012 19

20. Ottawa Chapter Update Presented by Marlyn Easterbrook Ottawa Chapter Chair 29 May 2012 20

21. Ottawa Chapter Executive CHAIR Marlyn Easterbrook Vice Chair Ron Hunt Past Chair Marc Davidson Treasurer Don Dutton Secretary Geraldine Foot Membership Coordinator Ed Wilton Webmaster Terry Acker ………..continued 29 May 2012 21

22. Ottawa Chapter Executive Members at Large John CampbellLancy Hum Clair CollisGarry Logue John ElliotGeorge McDougall David FairBrian McClean Harvey HillierKeith Thuell Kingston Committee Tina Phillips, Jackie Machin, Donna Anderson, Margaret Bryant, Betty Gauthier 29 May 2012 22

23. BPG Election of Board of Directors The current Board of Directors approves and recommends the following Directors for the 2012 / 2013 Board……… 29 May 2012 23

24. BPG Election of Board of Directors Existing Members Ontario Bob Bartlett Linda Gervais Sue Dawes Lancy Hum Bob FarmerRon Hunt Quebec Michel Doyon Dan McDonald Jean-Luc Geha ………….continued 29 May 2012 24

25. BPG Election of Board of Directors Existing Members (continued) Chapter Chairs Robert GuayMontreal Marlyn Easterbrook Ottawa Yvan Pacaud Quebec City Frank Bible Southwest Ontario Titus RamkhalawansinghToronto 29 May 2012 25

26. BPG Election of Board of Directors New Members Ontario Penny GilrayCharlie Labarge Quebec Roberte CadieuxLouise Touchette 29 May 2012 26

27. BPG Election of Board of Directors Motion: “That the membership of Bell Pensioners’ Group elect the slate of Directors for the 2012/2013 BPG Board as approved and recommended by the current Board of Directors.” 29 May 2012 27

28. STAY INFORMED ! Website www.bellpensionersgroup.ca New BPG Brochure See website, under “Membership” tab 29 May 2012 28

29. PIC NOMINATION AND VOTING Nomination: July 2 to Aug 3 Mail in form with pre-addressed envelope included with your In Touch Voting: Aug 13 to Sept 7 Make sure you read your In Touch for the procedures 29 May 2012 29

30. HOMEWORK…… Keep informed ! Visit our website at www.bellpensionersgroup.ca get the latest news from BPG access the site of your local chapter check for meeting dates read reports from your local PIC reps read and share our brochure 29 May 2012 30

31. …….HOMEWORK Keep informed ! Read our newsletters and our emails (make sure we have your correct email) Read your In Touch for information on BPG 29 May 2012 31

32. QUESTIONS & ANSWERS 29 May 2012 32

33. BPG General Meetings Outside of Ottawa KingstonWednesday 30 May 2012 Royal Kingston Curling Club 130 Days Road SudburyFall 2012, TBA North Bay Fall 2012, TBA 33 29 May 2012 33

34. NEXT MEETING Tuesday, 27 November 2012 Nepean Sportsplex Salon B Tax Retirement Planning for Seniors 29 May 2012 34