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.
Your benefit is locked-in (see what lock-in means), except for certain circumstances. If your Plan membership terminates, your pension benefit is vested and locked in. If applicable (under the age of 55), you may transfer your commuted value of your pension to:
Depending on your age and the amount of your pension benefit, you may also be entitled to choose a lump sum cash payment of your locked-in (see what 'locked-in' means here) commuted value of your pension per the applicable provincial pension legislation. The calculation to determine whether the commuted value of your pension is locked-in is set by the applicable provincial pension legislation.
Your pension benefits are generally "locked-in" and can't be withdrawn as cash.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:
As an Active Plan member, you are not permitted to withdraw your vested pension account until your termination or retirement from your employment.
