May I purchase past service benefits to increase my retirement income?
No. The Plan does not allow the purchase of past service.
Do I have to stop working to start receiving my retirement pension when I reach the age of 65?
No. You can start receiving your pension while continuing to work with your employer if you request it from the administrator. Note that you will have to pay employee contributions until the last day of the month during which you turn 65.
Once retired, what happens if I go back to work for a participating employer?
If at the time of retirement, the option of a lump-sum payment was offered to you and you opted for it instead of a pension, you would be able to join the Pension Plan again if you are under the age of 65 and you meet the eligibility criteria again before the age of 65.
If, however, you benefited from a retirement pension, your pension will continue to be paid to you while you are working. However, you will no longer make contributions nor accrue credited service. Therefore, your pension will not increase.
Will my pension reduce the government pension benefits to which I am entitled?
No. Your pension under the Plan has no bearing on the government pensions to which you may be entitled. For additional information, please refer to Appendix - Other sources of retirement income.
Will government pensions reduce my pension under the Plan once I receive them?
No. You can, however, choose to receive a temporary pension, which will increase your pension under the Plan until you reach age 65 and begin receiving government benefits. Your pension under the Plan will decrease after your 65th birthday.
When my retirement pension begins, how will I receive my Deposit notice (pay slips)?
You will receive your first Deposit notice by mail for the first payment of your pension and each time there is a change in your amount paid. Your Deposit notices will be available at all times on the My retirement website.
How will I receive my tax slips?
You will receive them by mail. They will also be available on the My retirement website.
If I opt for a postponed retirement (section 5.2), what adjustment will be applied to my pension?
If you are actively working when you turn 65 and you wish to continue working for a participating employer, you must choose between starting to receive your pension from the 1st day of the month following your 65th birthday or postponing this payment until a later date.
For example :
Suzanne has just turned 65 and has accumulated 15 years of credited service in the Plan. She has accrued a pension of $1,000 per month when she turned 65.
If she decides to continue working and not to immediately start receiving her pension, she will benefit from an upward adjustment due to postponement (i.e. payments will begin after age 65).
If she opts to start receiving her pension at age 67, her pension is estimated at $1,105.22 per month, an increase of $105.22 per month. This is equivalent to a total increase of 10.52%, or 5.26% per year of postponement (in this example, 2 years).
We remind you that this calculation is presented as an example only, since the interest rates prescribed by the Canadian Institute of Actuaries used to calculate the postponement vary from one month to the next. Historically, the annual increase provided by the postponement varies between 4% and 7%.
Note that if you stopped working before age 65, there is no advantage in postponing your retirement after age 65 since the amount will not be increased. You must work for a participating employer at age 65 and remain active in the plan after this date in order to see your benefit increased by the postponement.
If I terminated my employment, am I still entitled to the postponement of my pension?
No, the increase in pension provided for by the postponement only applies if you are actively working when you turn 65 and you continue working for an employer participating in the Plan.
Search Content
