Frequently Asked Questions
Early retirement is permitted at any time after age 55. Normal retirement is age 67. Pensions must start by the end of the year in which you turn 71.

Yes, all pensions are paid for the Member’s lifetime.

Joint and Survivor Pensions are paid to the Member for life and then to the Member’s named Spouse for their lifetime if he or she is still living.

Joint and Survivor Pensions: Please note this refers to your Spouse at the time of your retirement.

– Joint and Survivor 60%: your pension is payable for as long as you live. If you die before your Spouse, 60% of your monthly benefit will be paid to your Spouse for his or her lifetime.

– Joint and Survivor 80%: your pension is payable for as long as you live. If you die before your Spouse, 80% of your monthly benefit will be paid to your Spouse for his or her lifetime.

– Joint and Survivor 100%: your pension is payable for as long as you live. If you die before your Spouse, 100% of your monthly benefit will be paid to your Spouse for his or her lifetime.

Remember, if you have a Spouse, you must choose one of the Joint and Survivor Options unless your Spouse signs an agreement waiving (giving up) his or her entitlement to the continuation of at least 60% of your pension after your death. If your Spouse waives entitlement to a Joint and Survivor pension, you may select a Life Only, Guaranteed 5 Year or Guaranteed 10 Year pension.

If you elect a Joint and Survivor option and your Spouse dies before your monthly pension payments start, this option is automatically cancelled. You may elect another option but not later than one month before your pension payments begin.

If your Spouse dies after your pension starts the amount of your own pension is not affected and after your death no further pension benefits are payable.

No. Joint and Survivor pensions are paid to the Spouse on record at the time of the Member’s retirement. The pension calculated uses the Member’s date of birth and the Spouse’s date of birth.

Yes, effective December 2, 2011, Active Members must cease employment before commencing their pension payments from the Plan.

Yes. However, the provisions of the Income Tax Act Regulations do not allow a Member to receive pension payments and accrue a pension benefit from the Plan at the same time.

Please contact our office for further information.

It is recommended that all Members consult an independent financial advisor in determining their financial needs. Consideration of a RRSP, TFSA, and other savings is important in your overall financial plan. The amount you can contribute to your Registered Retirement Savings Plan (RRSP) is affected by this Plan. – See page 23

Your participation in the Plan is not interrupted and the service and pension you have earned is kept on account for you.

You will receive an annual pension statement each year from the Plan giving a summary of your earned pension under the Plan. Statements are sent out before the end of June each year so it is important to keep the Plan updated with your current contact information.

The Plan is currently referred to as a “Negotiated Cost Target Benefit Plan” and qualifies as a “Collectively Bargained Multi-Employer Plan” under The Income Tax Act and Pension Standards Regulations. It is very important for you to understand that if the Plan is not sufficiently funded, the Employers are not responsible for providing additional funding. Should the Plan’s funding level not meet the requirements of government legislation, the benefit provided to the Members may have to be adjusted to comply with legislation.

For example, if the funding level is not adequate, benefits may have to be decreased. In the same way if the funding level shows a surplus (beyond that required by government legislation), the Trustees may be authorized to increase benefits.

The Plan’s Trustees consult with professional advisors and government agencies to ensure the Plan is in compliance with regulatory standards.

In calculating the Plan’s funded status, actuaries compare assets and liabilities. The Employers’ contributions and investment income make up the Plan’s assets. This Plan’s assets are invested conservatively in pooled Canadian Equities, Global Equities, Fixed Income Securities and Real Estate.

Liabilities represent the future pension payments of both Active and Retired Members. Both interest rates and the average age of the Membership are factors used by actuaries in determining liabilities.