Your normal retirement date under the Plan is the first day of the month coinciding with or immediately following your 65th birthday. However, there are some additional possibilities and considerations:
Your pension benefits are generally "locked-in" and can't be withdrawn as cash. They must provide retirement income instead. There are some exceptions for small pensions, which depend on provincial rules. For example:
Upon your death, your Spouse/Common-Law Partner or your designated beneficiary(ies) would be entitled to your death benefit equal to the higher of the commuted value of your pension or 100% of your contributions.
If you pass away as a Plan member, your spouse or beneficiary will get a death benefit equal to the higher of the commuted value of your pension or 100% of your contributions.
You may retire at any time following your 55th birthday. Upon retirement, you will receive a pension (lifetime income) based on your accrued pension benefit The a monthly pension will be payable for your lifetime. There are options available that may include a payment to your spouse for their lifetime, if applicable.
Your benefit in the CWA/ITU Pension Plan (Canada) is immediately vested (see what vested means). If you leave your position with your Participating Employer, you will receive the total pension no matter how long you were in the Pension Plan.
The Board of Pension Trustees, in close collaboration with their professional consultants, is responsible for determining the investment direction of the Plan assets.
If your employment terminates for any reason other than retirement or death, you will be entitled to your total pension benefit credit.
Your beneficiary, the person you choose to receive your pension death benefit, plays a crucial role in your pension plan. Under pension legislation:
If you retire early (from age 55), your monthly pension will be reduced to account for longer payouts.
The Pension Plan administrator collects personal information about you on behalf of the CWA/ITU Pension Plan (Canada) and their service providers. The information collected is needed to administer the Plan properly and to comply with applicable laws. These tasks may include:
As an Active Plan member, you are not permitted to withdraw your vested pension account until your termination or retirement from your employment.
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