Thread regarding Enbridge Inc. layoffs

I'm envious of you guys

The lucky ones who were given an opportunity to leave on their own terms and who have accepted. I'd have given anything to be in that group.

And I have a question for those who didn't accept it. Why? What is keeping you here? Why in the world would you pass on such an opportunity? I'm genuinely curious.

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Post ID: @OP+15o1a9TP

5 replies (most recent on top)

I didn’t take it because I love my job, the benefits are great, our pension is fully funded, my leaders and colleagues are awesome, the work environment is super flexible and respectful, and STIP bonuses are primo. I am years from retirement and would rather stay and reap the rewards at Enbridge while I can while growing my pension. Enbridge is a great company. The grass always seems greener but good luck in this market trying to find it.

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Post ID: @9ela+15o1a9TP

I can't disagree with you taking it. I also looked at the commuted value of my pension. But as with anything there are risks with investing it. I had no room in my rrsp's so i would potentially face a large tax burned on it almost immediately. There are always pros and cons. I like security and certainty (my pension) over potential uncertainty in commuted investment. In the end, a good financial planner who you trust and has you interests will help guide you. You should never decide without doing that. In the end sound advice and knowing your personal situation is what makes the decision

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Post ID: @rve+15o1a9TP

I’m younger than 53 and took it because my commuted pension value is better to take and invest than what they were projecting for me at retirement. I had great reviews for several years so hopefully finding a new job will happen for me and I can retire happy in a few years.

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Post ID: @oyz+15o1a9TP

Because in my case i was younger than 53 ( i was close to 53, but no budging on Enbridge's part ). Yes the money offered was good, but the impact to my Pension ( Canada ) was too severe. My pension would be reduced and I would lose a future indexing, lose my benefits etc etc. This is because leaving before 53 and Enbridge not bridging for anyone more than two years out from 55, meant my departure would have been viewed as a break in service and thus lose everything above. I would not be viewed as being 55 by the pension and thus did not achieve the age requirements. In this job climate I would need to get another job, that paid more, for me to be financially whole. So yes it s—s, but for me it was strictly a financial decision given my personal financial situation. I could not afford to lose future pension and benefits. All of this was confirmed by the VWO and my financial advisor. I just hope anyone younger than 53 understands this before they sign and take it.

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Post ID: @kuk+15o1a9TP

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