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Marine and Shipbuilders Local 506 Pension Plan
Founded in 1975, the Marine & Shipbuilders Local 506 Pension Plan serves union members at Vancouver Shipyards, now a Seaspan company building Canada's...
Marine and Shipbuilders Local 506 Pension Plan
Founded in 1975, the Marine & Shipbuilders Local 506 Pension Plan serves union members at Vancouver Shipyards, now a Seaspan company building Canada's next-generation naval and coast guard vessels. Contributions flow from Seaspan on behalf of over 1,200 marine tradespeople, making the plan a cornerstone retirement vehicle for British Columbia's shipbuilding workforce. The plan deploys capital through two Concert vehicles: Concert Properties and Concert Infrastructure Fund. Concert Properties develops, owns, and manages multi-family residential, commercial, and industrial real estate across British Columbia, Alberta, Ontario, and Quebec. Its portfolio includes rental apartments, condominiums, senior living communities, and office properties. Concert Infrastructure Fund holds public-private partnership assets — schools, hospitals, courthouses, and transit projects — across Canada. As a PRI signatory since 2021 through its Concert Infrastructure stake, the plan incorporates ESG factors into infrastructure decisions. The plan operates with a trustee board drawn from union and employer representatives, following the Canadian jointly trusteed pension model. Its Concert ownership structure — 19 union and management pension funds holding exclusive equity — functions as a built-in co-investment club, pooling assets for scaled real estate and infrastructure exposure that no single plan could access independently. Philanthropic efforts flow through Concert Communities Works, a charitable initiative linked to the real estate portfolio. Unlike pension plans that diversify across dozens of external managers, this plan concentrates its deployment into an in-house-aligned real asset platform. The Concert co-ownership model gives the plan direct governance influence over its largest holdings, a structure more commonly associated with family offices or direct institutional investors than with mid-sized Canadian trade-union pension funds.
General information
Firm type
Pension Fund
Year founded
1975
Location
Region
North America
Country
Canada
City
Burnaby
Corporate office
Burnaby, BC, Canada
Sector focus
Frequently asked questions
Who runs investment decisions for the plan?
The plan operates under a jointly trusteed board with representatives appointed by Marine & Shipbuilders Local 506 and Seaspan. Investment decisions flow primarily through the plan's stake in Concert Properties and Concert Infrastructure Fund, each governed by their own professional management teams and boards that include pension fund representatives.
How does the plan invest its assets?
Investment deployment concentrates in two Concert vehicles. Concert Properties holds a diversified Canadian real estate portfolio spanning multi-family residential, commercial, and industrial assets. Concert Infrastructure Fund invests in public-private partnership projects — schools, hospitals, transit, and government facilities — under long-term concession agreements with provincial and federal counterparties.
What is Concert Properties, and how is the plan connected?
Concert Properties is a privately held Canadian real estate corporation exclusively owned by 19 union and management pension funds, including Local 506's plan. This ownership structure gives the plan direct equity exposure to Concert's development, property management, and investment activities rather than through a third-party fund manager.
Does the plan commit to external funds or only its Concert platform?
Public disclosures indicate deployment primarily through Concert Properties and Concert Infrastructure Fund. The plan has not publicly reported commitments to external private equity, venture capital, or hedge fund vehicles, reflecting a concentrated real-asset strategy aligned with the jointly trusteed pension model common among Canadian building-trades plans.
How is the underlying wealth and contribution base structured?
Contributions come from Seaspan's Vancouver Shipyards on behalf of union members under collective bargaining agreements. The plan is a defined benefit structure providing retirement income to approximately 1,200 active and retired marine tradespeople. Contribution rates and benefit formulas are set through union-employer negotiations.
What geographic exposure does the plan maintain?
Concert Properties operates across British Columbia, Alberta, Ontario, and Quebec, giving the plan exposure to Canada's four largest real estate markets. Concert Infrastructure Fund holds assets in multiple provinces. No direct international holdings have been publicly disclosed.
Does the plan incorporate ESG into investment decisions?
Yes, through its stake in Concert Infrastructure, which has been a signatory to the Principles for Responsible Investment since 2021. Concert Properties also maintains sustainability commitments including green building certifications across new developments, though ESG considerations in the real estate portfolio are not publicly detailed at the individual asset level.
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