Termination of Employment Before Retirement:
What happens to my pension funds if I stop working for a contributing employer?
You have a choice. You may
(a) leave your contributions in the Plan and receive a pension at age 55 or transfer at any time prior to the end of the calendar year in which you reach age 71 (a "deferred pension"), or
(b) transfer the accumulated value of your contributions to a locked-in RRSP or, under certain statutory conditions, to another pension plan or to purchase a deferred life annuity or a Life Income Fund.
How long do I have to wait to access my pension funds?
You will be deemed to be terminated from the Plan when you have not worked for a contributing employer for 6 months.
What happens to my voluntary contributions?
As long as they remain in the Plan, they will continue to accrue interest. If you wish to withdraw from your voluntary account, you may do so at any time. Should you withdraw from your voluntary account more than once, you will incur an administration fee on each subsequent withdrawal.
Disability Before Retirement:
What happens to my pension should I become disabled?
The Pension Plan allows for disability benefits to the vested members in the Plan.
Should you become totally and permanently disabled (certified by a physician) you can elect to retire immediately by way of an annuity or Life Income Fund, which will provide you with pension income for life.
Shortened Life Expectancy
To qualify for the Shortened Life Expectancy option, a physician must certify that a member has a mental or physical condition that is likely to considerably shorten his or her life expectancy (1-2 years).
Please contact the Administrator for further information on this option.