FAQ's

Locked-in means that the funds have to be used for retirement income and typically cannot be accessed until you retire.

The pension plan operates like the Canada Pension Plan (CPP) in that your pension is determined by a formula that considers the amount of contributions remitted on your behalf as well as the number of hours you have worked each year and the years that you worked.  

Spouse refers to with of two person who,

• are married to each other or
• are not married to each other and are living in a conjugal relationship, or
  • continuously for a period of not less than three years, or
  • in a relationships of some permanence
  

Please contact the Plan administrator for additional spousal information.

As part of the collective agreement, your employer must contribute to the pension plan. You are not permitted to make additional contributions to the plan.

You cannot use your pension benefits as collateral for a loan.

There are certain situations where you may be able to receive your locked-in benefit as a lump sum cash payment. These situations are the following:

• If your employment terminates, you retire or die and your benefit is less than 20% of the Year’s Maximum Pensionable Earnings for the calendar year in the event occurred, you may be eligible to receive your pension as a lump sum cash payment or the funds may be transferred to a registered retirement savings plan (RRSP); or
• If you have been declared a non-resident of Canada for the purpose of the Income Tax Act, a locked-in benefit may be paid as a lump sum cash payment with specific documents of non-residency. If you have a spouse, your spouse will need to waive their rights to any entitlement to the pension funds by completing a waiver form as legislated.

No. Your required employer and employee contributions made to the plan will remain in the plan until your employment terminates, you die, retire or the plan terminates.

If you have a benefit in the Pension Plan, you will receive a statement each year showing the activity of your account. You can also contact the Ellement Consulting Group team.

If you are experiencing a marriage or relationship breakdown, your pension benefit may be affected.  You may wish to contact a lawyer to discuss how your pension benefit may be affected. You should contact the Plan administrator to discuss additional paperwork that may be required to deal with your pension benefit as a result of a marriage or relationship breakdown.

After 24 months of no contributions to the plan you will be terminated from the plan. You will be provided with options regarding your account balance with the Pension Plan.