Maximum Pension

The total annual pension payable from the Plan upon retirement, death or termination of employment cannot exceed the lesser of:

• 2% of the average of the best three consecutive years of total compensation paid to the member by the Company, multiplied by total credited service; and
• $3,092.22 or such other maximum permitted under the Income Tax Act, multiplied by the member’s total credited service.
  
  The maximum pension is determined at the date of pension commencement. 

Death Benefits

Pre-retirement:

• If a member dies prior to retirement, the death benefit payable will be equal to the Commuted Value of his accrued pension plus a refund of any Excess Contributions. A subsidized death benefit may be available to the member’s surviving spouse.

Post-retirement:

• The normal form of payment for a member who does not have a spouse at retirement is a lifetime pension guaranteed 5 years. The normal form of payment for a member who does have a spouse at retirement is a joint and 60% survivor pension guaranteed 5 years. However, the member may elect to receive an optional form of pension on an actuarial equivalent basis.

Termination Benefits

A deferred lifetime pension equal to the accrued pension, adjusted to reflect any excess contributions.

Deferred pensions are payable commencing at age 65, however; a member may elect to receive an actuarially reduced pension as early as age 55. In lieu of a deferred pension, a member may transfer the commuted value of the pension into another retirement vehicle in accordance with the applicable provincial legislation