Pensioners > Pensioner Handbook > Your pension payments

Your pension payments

The Plan's normal retirement age - the age at which it is assumed, for calculation purposes, that you will retire - is 65. Plan Members can, however, retire as early as age 50, if they have acquired 20 years of Pensionable Service. The Plan does not specify a mandatory retirement age, but by age 71, Members must by law stop contributing to the Plan and start collecting their pension, even if they are still working.

Your pension payments begin in the month following your retirement, providing all of the necessary forms and documents are accurately completed and promptly submitted. Benefit payments are made by convenient direct deposit into your bank account on the first banking day of each month, for that month. You will receive your pension for the rest of your life and your Spouse, Children or Beneficiary may also be eligible to receive Survivor benefits upon your death. Your pension may increase each year due to indexation, which helps protect your pension from the effects of inflation.

The pension you receive was calculated using the Pensionable Service you accumulated during your College career as well as the Pensionable Earnings you acquired in the 60 consecutive months when your earnings were highest. The formula used takes into consideration the Canada Pension Plan (CPP) benefit you earned during your years in the CAAT Pension Plan. If you retired early, your monthly payment also includes a Bridge Benefit that you will collect until you turn 65, at which point it will stop.

October 2005