Retirement

How your Pension Benefits are Determined

The amount of your Pension benefits is determined by the amount of all contributions you and your employer made for you, plus investment returns on those contributions. A further benefit may be included if you earned a minimum target benefit.

Please see “Calculating Your Pension” under the Retirement section of the Pension Plan booklet for further details.

Each year you will receive a statement of your benefits under the plan provided that you keep your address up to date with the Administrator. You should review this statement to verify that your employer has made contributions that are correct based on your hours of work.

When You are Eligible to Start Your Pension

You may start pension payments from the plan any time after age 55. Canadian tax law states you must start a pension by the end of the calendar year in which you turn 71.

Depending on how old you are and your status in the Plan when you start your pension, your benefits may be reduced.

Please see the Early Retirement section of the Pension Plan booklet for further details.

How to Apply for Your Pension

You must apply in writing to begin receiving your pension. If you do not apply for your pension when eligible, you will not receive back payments.

To give yourself enough time to review the optional forms of pension and complete the necessary forms, you must contact the Administrator at least three months in advance of your retirement date to ensure that you receive your pension on your chosen date of retirement. The Administrator will then provide you with a package outlining your options and including all forms that you must complete.

Your retirement benefits will start on the first day of the next month after:

• the Administrator has received your complete application and all requested documents,
• your hours of work in the relevant periods have been confirmed, and
• your pension has been calculated.