FAQ – Local 18 Pension Plan

Frequently Asked Questions

How do I apply for my Pension?

When your retirement date approaches, you are required to notify the Plan Administration Office.

The Plan Administration Office will also attempt to contact you at age 63 to inform you of your entitlement to an unreduced pension. Upon request, you will be sent a Retirement Application along with an Election Form. If you wish to retire, please complete the Retirement Application. If the Plan Administration Office does not receive your completed Retirement Application, the Plan will deem that you are postponing your retirement.

What if I stop contributing to the Pension Plan?

If you did not meet the membership and/or vesting requirements of the Pension Plan, you will not receive any pension benefit from the Plan.

If you did meet the requirements, you are entitled to a pension benefit. At termination, the Plan Administration Office will send you a Termination Option Statement outlining your options. If you are over 53, you can commence your pension at any time in line with early retirement provisions. If under 53, you may have the option to transfer your pension’s commuted value to another plan, a Locked-In Retirement account, or purchase a life annuity.

Can I contribute to the Pension Plan myself?

Local 18 Pension Plan does not permit personal contributions. Contributions are made only by eligible employers on the member’s behalf.

How do I find out what my Pension is worth?

Annual Pension Information statements are sent each February, detailing your hours and providing a retirement estimate at age 63. Cash value prior to retirement is unavailable, except under termination options.

If the Pension contribution rate is $6.95 per hour, why am I only receiving a benefit rate of $.80 per hour at retirement?

The $6.95 hourly contribution is made once per hour earned, whereas the $0.80 benefit is paid annually. Investment earnings contribute to this difference.

I am retired and need more income tax taken from my monthly pension. How can I set that up?

Contact the Plan Administration Office and receive a CRA TD1 Form. You can specify the additional amount for tax deduction. The form will be effective upon receipt of your signature.

I haven't had a Pension Plan contribution in 2 years. What happens to my Pension?

After 24 months without a contribution, your pension is inactive due to a Break in Service. Any later hours remitted will start a new pension. A Termination Option Statement will outline your options.

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